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Business taxes: Income tax for S corporations
 If
you elected to be an S corporation, you report income, deductions,
gains and other required information on Form
1120S.
An S corporation has to file a return by the 15th
day of the third month after the close of its tax year. If you don't
think you will make the deadline, file Form 7004 to request a six-month
extension. The extension excuses you temporarily from filing a return
only -- you still have to pay the tax due.
An S corporation should make estimated tax payments
as it receives income. Use Form 1120-W to figure each required installment
of estimated tax. Payments are due on April 15, June 15, Sept. 15
and Dec. 15 if using a calendar year; and on the 15th day of the
fourth, sixth, ninth and 12th months of the corporation's tax year.
How to file
In addition to the traditional snail mail, here are a few filing
options available for personal and business use:
- IRS e-file or electronic filing either through
an authorized e-file tax professional or through your own personal
computer.
- TeleFile with your home telephone.
- 1040PC computerized return, prepared at home and
sent in by mail.
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