Fillable Form 1120-S: 20XX U.S. Income Tax Return for

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Form 1120-S: 20XX U.S. Income Tax Return for

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Form 1120-S
20XX
U.S. Income Tax Return for an S Corporation
Department of the Treasury
Internal Revenue Service
▶
Do not file this form unless the corporation has filed or
is attaching Form 2553 to elect to be an S corporation.
▶
Go to www.irs.gov/Form1120S for instructions and the latest information.
For calendar year 20XX or tax year beginning , 20XX, ending , 20
TYPE
OR
PRINT
Name
Number, street, and room or suite no. If a P.O. box, see instructions.
City or town, state or province, country, and ZIP or foreign postal code
A S election effective date
B
Business activity code
number (see instructions)
C
Check if Sch. M-3 attached
D Employer identification number
E Date incorporated
F Total assets (see instructions)
$
G
Is the corporation electing to be an S corporation beginning with this tax year?
Yes No
If “Yes,” attach Form 2553 if not already filed
H
Check if:
(1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
(5)
S election termination or revocation
I
Enter the number of shareholders who were shareholders during any part of the tax year . . . . . . . .
▶
J
Check if corporation:
(1)
Aggregated activities for section 465 at-risk purposes
(2)
Grouped activities for section 469 passive activity purposes
Caution: Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information.
Income
1
a
Gross receipts or sales . . . . . . . . . . . . . . . . 1a
b
Returns and allowances . . . . . . . . . . . . . . . . 1b
c
Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . . 1c
2 Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . . . . 2
3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . 3
4 Net gain (loss) from Form 4797, line 17 (attach Form 4797) . . . . . . . . . . . . . 4
5 Other income (loss) (see instructions—attach statement) . . . . . . . . . . . . . . 5
6 Total income (loss). Add lines 3 through 5 . . . . . . . . . . . . . . . . .
▶
6
Deductions (see instructions for limitations)
7 Compensation of officers (see instructions—attach Form 1125-E) . . . . . . . . . . . 7
8 Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . . 8
9 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . 12
13 Interest (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . . . . . 14
15 Depletion (Do not deduct oil and gas depletion.) . . . . . . . . . . . . . . . . 15
16 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . . 17
18 Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . 18
19 Other deductions (attach statement) . . . . . . 19
20 Total deductions. Add lines 7 through 19 . . . . . . . . . . . . . . . . .
▶
20
21 Ordinary business income (loss). Subtract line 20 from line 6 . . . . . . . . . . . .
21
Tax and Payments
22 a Excess net passive income or LIFO recapture tax (see instructions) . . . 22a
b Tax from Schedule D (Form 1120-S) . . . . . . . . . . . . 22b
c Add lines 22a and 22b (see instructions for additional taxes) . . . . . . . . . . . . . 22c
23a 2020 estimated tax payments and 2019 overpayment credited to 2020 . 23a
b Tax deposited with Form 7004 . . . . . . . . . . . . . . 23b
c Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . 23c
d Reserved for future use . . . . . . . . . . . . . . . . 23d
e Add lines 23a through 23d . . . . . . . . . . . . . . . . . . . . . . . 23e
24 Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . .
▶
24
25 Amount owed. If line 23e is smaller than the total of lines 22c and 24, enter amount owed . . . 25
26 Overpayment. If line 23e is larger than the total of lines 22c and 24, enter amount overpaid . . . 26
27 Enter amount from line 26: Credited to 2021 estimated tax
▶
Refunded
▶
27
Sign
Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and
belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
▲
Signature of officer
Date
▲
Title
May the IRS discuss this return
with the preparer shown below?
See instructions.
Yes No
Paid
Preparer
Use Only
Print/Type preparer’s name Preparer’s signature Date
Check if
self-employed
PTIN
Firm’s name
▶
Firm’s address
▶
Firm’s EIN
▶
Phone no.
For Paperwork Reduction Act Notice, see separate instructions.
Form 1120-S
Strategy #1, Strategy #2
Strategy #3
Strategy #6
Strategy #4
Strategy #10
Strategy #5, Strategy #7, Strategy #8, Strategy #9
10 Tax Strategies for S
Corporations: What, How, Where
See Links Below
Tax Strategy
How it Works
Article with Live Link
Strategy #1
Reduce S corporation
Owner’s Wages
You can cut payroll taxes on the S
corporation owner’s salary by
thousands of dollars in many cases.
Too many owner/employees are
paying too high of a salary to
themselves, resulting in overpaying
payroll taxes by thousands of dollars.
How S Corporation Owners
Can Cut Taxes by Keeping a
Lid on Their Salaries
Strategy #2
Deduct S corporation
Owner’s Health
Insurance Premiums
The S corporation establishes the
health insurance plan for the owner.
The health insurance premiums are
then included on the owner’s W-2
taxable wages. Finally, as long as the
owner qualifies for the self-employed
health insurance deduction, this is
claimed on page 1 of the owner’s
1040.
Avoid This S Corporation
Health Insurance Deduction
Mistake
Strategy #3
Employ Your Child
The S corporation owner must pay
payroll taxes on the child’s wages, but
the savings come with the family’s
decrease in income taxes. Each child
can earn up to $12,950 in 2022
without paying any federal income
taxes.
Tax Reform Increases the Tax
Benefits of Employing Your
Child
Strategy #4
Sell Your Home to Your S
Corporation Before
Converting it to a Rental
Property
When a homeowner plans on
converting their personal residence
into a rental property, there are big
tax savings by first selling the home
to their S corporation.
The owner can avoid taxes on the
sale with the home-sale exclusion of
$250,000 gain ($500,000 if married).
Additionally, you increase the rental
property’s depreciable basis which
provides for greater depreciation
deductions for the property.
Shedding Doubts about
Selling Your Home to Your S
Corporation
Strategy #5
Reimbursement of Home
Office Expenses
When the S corporation owner uses a
home office, the corporation may
reimburse him or her for the
expenses. This is a deduction for the
corporation and tax-free income to
the owner. You may deduct this as
“Office Expenses” on the corporate
return.
Lock in the Home-Office
Deduction for Your Home
Office
Strategy #6
Rent Your Home to Your
S Corporation
An S corporation owner may rent
their entire home to the S
corporation for 14 days or less during
the year and get big tax deductions.
The corporation can deduct the rent
and the owner can realize this income
completely free of income tax.
Tax-Free Rental of Home to C
or S Corporation
Strategy #7
Reimbursement of
Depreciation Expenses
The S corporation can reimburse the
owner for depreciation expenses (as
well as Section 179 expenses) related
to business-use of a vehicle and home
office when the asset is used in the
business. This is a deduction for the
corporation and tax-free income for
the owner. You may deduct this as
“Reimbursement for Employee
Business Expenses”.
Reimburse Corporate Owner-
Employee for Depreciation
Strategy #8
Reimbursement of
Vehicle Expenses
There are major tax savings with the
heavy vehicle and home-office
combo. The heavy vehicle produces
quick deductions. The home office
that qualifies as a principal office
eliminates commuting miles, and
such an elimination can dramatically
increase the business-use percentage
of vehicles.
Heavy Vehicle + Deductible
Home Office = Major Tax
Savings
Strategy #9
Reimbursement of Travel
Expenses
When the S corporation owner incurs
travel expenses in connection with
work in the business, it’s imperative
the owner seek reimbursement from
the corporation. In order for the
corporation to deduct these
expenses, the owner must submit an
expense report and be reimbursed.
The Right Way to Ask Your S
Corporation for Travel
Reimbursements
Strategy #10
Cell Phone Expenses
When an S corporation provides an
employee with a smartphone or
similar telecommunications
equipment primarily for non-
compensatory business reasons, it is
considered a working condition fringe
benefit that is excludable from
income.
The corporation can reimburse the
employee for the full cost of the
phone expenses (including the
personal use) can deduct this amount
on the corporate tax return. The
reimbursement is tax-free income to
the employee.
Create Tax-Free Fringe
Benefit Deductions for Your
Smartphone
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Completed 17 January 2022

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