Filed 1040 in all prior years, This Year Need to file as an S-Corp, How to?

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Scottie
Scottie Member Posts: 4 Level 2

Don't know If I need to start a new account to began filing as an S-corp. Yew/No How so? What do I do to get started?

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  • RyanZ
    RyanZ FreeTaxUSA Agent Posts: 70
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    Hello Scottie, and welcome to the FreeTaxUSA Community!

    FreeTaxUSA only prepares the personal 1040 tax return, so you will need to use another service to prepare the business form 1120-S tax return. The completed business return will generate a form K-1 which you will then enter into the FreeTaxUSA software.

    Please refer to the IRS letter acknowledging acceptance of your S-Corporation election for additional information regarding the due date, which is most likely March 15, 2024 (business return are due 1 month before the personal returns). I recommend that you file an "extension to file" for your business return, to avoid the failure to file penalty.