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I opened an S corp this past feb. I have not made any 941…

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I opened an S corp...
I opened an S corp this past feb.
I have not made any 941 deposits or anything since it as been the first year.
We grossed about 80k and i need to file my taxes.
Can i pay all whatever it is that i need to pay and show that i had a salary of 24, thousand USD and pay whatever corp taxes and fines now so i can issue myself a W2?
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/27/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,393
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Yes, if you are just now filing the 1120-S and your 1040, you simply need to prepare the W-2, use it and the 1120-S' K-1 to prepare your return.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Given that this is your first year in operation, if you simply prepare the returns and pay-in the FICA and your federal taxes, you'll be fine here.

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Going forward, you should really pay-in the 1/2 of SS & Medicare from the w-2 and the match that from the S-corp, pay in monthly, and do the quarterly returns (941).

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But given that 70% of all first year's are not profitable, it is not atypical that you didn't know until late how profitable you would be ... It's very possible that they will abate the underpayment penalty IF there is one when you do the return (for not having paid in the taxes along the way)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

...

That's the only way I'll be credited for the work here.

...

Thank you!

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,393
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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