Question

Never filed 1120s before, ready to file- need help!!

Forum|Forum|6 years ago
May 12, 2020
1 reply
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Hello,

I am in my second year with my S corp. It's a side hustle and I bring in very little money and don't pay any of it to myself. I had a preparer help me last year but cannot get a hold of him so went to file myself. I have the documents ready but am NOT confident at all that I did it correctly. I did my personal filing through TurboTax for the first time this year and then went fine, but now I am super confused and dont know what to do. Please help!!

TurboTax Business Windows

A

AmeliesUncle

From your description of the business, it REALLY should NOT be a corporation. Is there a reason why you wanted it to be a corporation rather than a Sole Proprietorship?

I REALLY recommend having a GOOD tax professional do the corporation return (some who does lots of corporations), and analyze if the corporation is a good idea. Again, from your description, it doesn't sound like a good idea.

And the fact that you filed your personal tax return BEFORE the corporation shows that you don't know how things work. The corporation needs to be filed first, and that will affect your personal tax return. So you will need to amend your personal tax return. And I hope you filed an extension for the corporation, otherwise you already owe quite a bit in late penalties.