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I 100% own an S-Corporation in Georgia. Do I need to file

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I 100% own an S-Corporation...
I 100% own an S-Corporation in Georgia.

Do I need to file a corporate tax return or does all the information just flow through to my Schedule C on my 1040 such that I don't need to file anything except for my 1040?
Submitted: 6 years ago.Category: Tax
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Answered in 5 minutes by:
8/1/2011
Tax Professional: Stephen G., Sr Income Tax Expert replied 6 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,244
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

No. You need to file form 1120-S. The k-1(and instructions) will indicate where the flow-through items go on your personal returns.

Stephen E. Grizey :

It won't be on Schedule C; the flow-through income will appear on Schedule E.

Customer:

oh, ok. I also have a P.C. Do I need to file a separate return for that?

Stephen E. Grizey :

A separate professional corporation?

Customer:

Yes

Stephen E. Grizey :

Yes. You'll need another return for that entity.

Stephen G.
Stephen G., Sr Income Tax Expert
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Satisfied Customers: 7,244
Experience: Extensive Experience with Tax, Financial & Estate Issues
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