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Question

can I file my business tax returns for s-corp that was just formed in Nov 2024 on personal tax return rather than filing a business return?

Forum|Forum|1 year ago
March 6, 2025
1 reply
0 views

The business had minimal sales but start up expenses. Prefer to file as part of personal tax return if possible.

Even though you started the business in late 2024, you will need to file both Business 1120-S and Individual Return. S-Corps have an obligation to file an annual return 1120-S, and report any earnings or losses. Since an S-Corp is a pass-through entity and doesn't pay income tax at the company level, it will generate a K-1. You will need this K-1 to complete your personal tax return.

See the link below for additional information regarding the filling requirement of your S-Corp

S-Corp Filling Requirement