File your S-Corporation taxes with clarity and confidence.
Here’s everything you need to file your S-Corp taxes right the first time.
Get StartedFile your S-Corporation taxes with clarity and confidence.
Here’s everything you need to file your S-Corp taxes right the first time.
Get Started
What it means to file as an S-Corporation
An S-Corporation is a separate tax entity that also functions as a pass-through business, which makes its tax rules different from both sole proprietors and C-Corps.
Filing S-Corp taxes for the first time comes with a few rules that are important to get right. These affect your payroll, deductions, and how much tax you ultimately pay.
Pay Yourself a Reasonable Salary
If you work in the business, you must pay yourself wages through payroll, with taxes withheld and a W-2 issued.
Understand Wages vs. Distributions
Your salary is taxed through payroll, while additional profit distributions aren’t subject to self-employment tax.
Issue Schedule K-1s
You must provide a Schedule K-1 to each shareholder showing their share of the business’s profits or losses.
Track Shareholder Basis
Your basis affects whether you can deduct losses and whether distributions are taxable.
Keep Accurate Records
Strong recordkeeping is essential for payroll, distributions, owner contributions, and ownership percentages.
Key tax forms for S-Corporations
The tax filing deadline for S-Corps is on March 15, or September 15 with a filed business tax extension.
Reports your corporation's income, deductions, and credits.
Issued for owner salaries and employee wages.
Shareholders report their K-1 income here.
Shows each shareholder's share of income, losses, and distributions.
S-Corp election form (must already be accepted for 2025 filing).
What you need
Have these records ready before you file. These records help complete Form 1120-S and accurately generate each shareholder's K-1.
Download Free P&L Template
Common deductions
Lower your S-Corp's taxable income by claiming eligible deductions.
Owner and employee wages (including employer payroll taxes)
Start-up and organizational costs (for your first year)
Office supplies and equipment
Software subscriptions and tools
Advertising and website costs
Rent, utilities, and insurance
Contract labor and subcontractors
Depreciation and amortization
Professional services (legal, accounting, payroll)
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Start filing with confidence
Total Your Income and Expenses
Use your P&L, payroll records, and shareholder info to prepare your return.
Enter Your Business Details
Enter your corporation's details into TaxAct.
Claim Every Deduction You Qualify For
Confirm reasonable compensation and review your deductions.
Generate K-1s
Generate accurate K-1s for each shareholder.
Preview Your Tax Results
Preview your results — understand how your S-Corp income flows to your personal return.
File with Confidence
File your return with confidence and distribute K-1s on time.
Let a tax expert do your taxes, from start to file.
From docs to done, our 100% U.S.-based, credentialed tax experts handle your S-Corporation taxes, so you don’t have to.
