S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide

Are you an S Corp owner dreading the tax filing season? Fear not! "S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide" is here to rescue you from the clutches of tax anxiety. In this must-watch video, Jamie Trull, finance expert and CPA, demystifies the tax extension filing process for S Corps with precision and ease where you will learn to navigate the IRS Form 2553 and understand critical deadlines to keep your business on track. .
Highlights of this video include:
- A thorough breakdown of the 1120S form and its requirements
- Pro tips to avoid late filing penalties and stay compliant
- A walkthrough of the TaxAct platform for hassle-free e-filing
- Strategies for leveraging S Corp status for optimal tax benefits
Don't let tax season become a source of stress. With Jamie's expert guidance, you'll gain the confidence to handle your S Corp taxes like a seasoned professional. Plus, you'll find out how to avoid common pitfalls and ensure your business remains in good standing with the IRS.
Take Action Now:
Ready to conquer your S Corp tax filing? Click play and arm yourself with the knowledge you need. And don't forget to download our FREE S Corp Tax Compliance Checklist - your roadmap to a stress-free tax season. Get your checklist today and take the first step towards mastering your S Corp taxes! jamietrull.com/scorpchecklist
▶️ File your FREE S Corp extension
jamietrull.com/taxact
▶️ Form mentioned: IRS Form 7004
www.irs.gov/pub/irs-pdf/f7004...
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Most S Corp Tax Calculator Methods are Wrong [Do this instead]: jamietrull.com/2023/03/02/mos...
Quick Guide to Choosing the Right Business Structure for You: jamietrull.com/2023/02/20/bus...
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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.
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[@dr.k-Psych]

Thank you, Jaime!! You are a superwoman, a lifesaver, a kind human being, and everything that everyone else said!! Please give yourself a hug for us, and please dont go anywhere!!! XO

[@JamieTrull]

You are so kind!! I so appreciate your words ❤

[@shaquelapeavy9913]

A YEAR LATER AND ITS STILL WORKS! THANK YOU SO MUCH 💜 VERY HELPFUL

[@JamieTrull]

WOOHOO!!

[@acunamg4793]

a year later your video saves me, thank you thank you very much :))

[@JamieTrull]

Haha- what is funny is it saved me too- I rewatched it to remember how I did it last year!

[@acunamg4793]

Can you make a video on how to fill out the taxes in TaxAct?😊

[@stevehutchinson321]

Can't thank you enough for this, I have 2 S Corps and I know my accountant would never get to this in time.

[@JamieTrull]

It's why I do what I do!! Glad I could help!!

[@MonicaLWilliams]

Wow thank you so much!! I filed an extension for my friend using TaxAct and did the exact things you said and then I found your video!! I appreciate you so much and I am going to binge watch all your videos!! Blessings to you and your family!!

[@JamieTrull]

You're so welcome! I hope you'll find my other videos helpful as well 😊

[@houndstohorsespetcare2591]

Thank You! Jamie to the rescue again!!! I'm an S-Corp had the correct 7004 form, but unsure of how to CORRECT file an extension on my own. Thank you for the walk-thru using TaxAct. You are a life saver!!!

[@JamieTrull]

Yay!! So glad it was helpful!!!

[@JustinKey]

You are really doing the Lord's work! Thank you so much.

[@JamieTrull]

Glad I could help!!

[@shane4039]

So helpful! Thanks for saving the day!!

[@JamieTrull]

Just glad to be able to help!

[@JRemy617]

Great video Jamie !!! Fingers crossed that the extension is accepted. I am going to watch the rest of your scorp videos because I want to take more control of my business and avoid paying fees for tax filings through an accountant CPA as my business is small and not making a profit yet.

[@JamieTrull]

Thank you! I hope you'll find my other videos helpful 🤗

[@user-vv3rn5zh3g]

This was SO helpful!!

[@JamieTrull]

So glad you found it helpful!

[@claudiat9965]

Thank you, you saved me $80!

[@JamieTrull]

Happy to help!!! Now go have a nice steak dinner ;)

[@dr.sammadeira8836]

This was incredibly helpful! Thank you so much!

[@JamieTrull]

Glad it was helpful!

[@sires5125]

You are a life saver ..thank you

[@JamieTrull]

You betcha!!

[@vivianalam7088]

This was awesome!!!

[@minihoneybee]

Thanks so so much for saving me from last minute panicking ❤❤❤

[@JamieTrull]

SO happy I could help! 🤗

[@robertbales5135]

Thank you for the video

[@JamieTrull]

Thanks for watching!

[@JamieTrull]

FIle you free 1120S extension here: jamietrull.com/taxact

[@Andrewz9oh4]

Life saver!

[@bertan8510]

Thank you so much.

[@JamieTrull]

You're welcome!

[@KHIRALine]

THANK YOU SO MUCH FOR THIS!! Super helpful!

[@JamieTrull]

So glad you found it helpful! You just reminded me I need to file my own this year haha!

[@EdireDala]

Etopa suthe peple Goffa zone zalla Bane brache myname is Edre Dalla Banga​@@JamieTrull

[@youneszabihi]

thank you

[@JamieTrull]

You're very welcome!

[@user-pe4mj2hx4j]

Can you please do a step by step walkthrough using tax act after filing extension

[@JamieTrull]

great idea, I will add it to our video list for the future. Make sure you are subscribed so you don't miss out when its uploaded :)

[@companioncbd2753]

Thanks. Just tried to file and it say the date which is today, is after the deadline. So not sure what to do here? Thx!

[@kewlleleven9771]

Hello Jamie! Thank you so much for this outstanding video. Can I file my W2 and llc together. Or separately??

[@JamieTrull]

If you have an S-Corp, you'll file an 1120s (due today or you can extend) and then you'll still have a 1040 due on April 15th (which is where you'd enter your W-2 salary). You can also file an extension for that one through Taxact too.

[@EdireDala]

​@@JamieTrullok give me many My sister

[@flywithsamabi]

@@JamieTrull do you have a link to file the 1040 extension through Taxact ?

[@jessicaavalos2264]

Can you show me how to file a 1120s for the first year with no business activity please

[@righttolearnrighttolearn2668]

Hey mam i have some queries about "partnership financial account" how can solving my queries?....

[@nextari]

If you are an S-Corp what do you enter for "Withholding"? Employers share 7.62%? or total FICA 15.2%? And shouldn't you also include 940 payment in the tax amount in first line? Do you add the withholding + 940 payment together for "total tax" line 1?

[@ninnal9340]

Hi, For 1120 S extension, do we need to file extension with State? I’m in IL. Will there be any tax due a the state level for 1120 S extension? Thanks.

[@JamieTrull]

Generally it’s federal only, but your state may have specific S Corp tax requirements so I would check your states website!

[@velenciadavis2491]

Hello, What if you have already been paying yourself in your LLC with a w2 and want to make the scorp election, but you are paying yourself a high compensation?

[@JamieTrull]

If you are an LLC without an S election, you actually should be paying yourself only owners draws, not W-2. As an LLC you are considered only an owner, not employee.

[@marcosmcm86]

In case you are a non resident alien owner of a single member LLC (needs proforma 1120/5472) do you file an extention with form 7004 or 4868 or both?

[@JamieTrull]

Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!

[@vz8292]

Hello, as I’m going through e-file step, what do I put in “signing officer information “ ? Thank you

[@JamieTrull]

That would be your info

[@vz8292]

Thank you for your reply. It was actually rejected by IRS. So I’ve mailed it paper copy, In paper copy it should be just 1 paper (form 7004, with company info, that was generated by taxact)? Did I miss anything? Thank you

[@marcosmcm86]

As an alien operating my LLC from another country do I put in the LLC address or the Registered Agent address?

[@JamieTrull]

Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!

[@HildaRealtor]

They are trying to collect as much personal data as possible, asked so many unnecessary information. 👎 annoyed, I went to turbo tax instead, they only asked the basic and within 2 min my extension was done.

[@JamieTrull]

Feel free to use any software you want! I attempted this in Turbotax last year but didn't find it to be straightforward. That said, they may have made it easier which is great.

[@ricsalinas206]

it's only offering the personal extension not the 7004 for some reason

[@JamieTrull]

It depends on how you get to it - you need to log in under the S Corp return. It should work if you use my link, I just set it up to redirect to the S Corp return section: jamietrull.com/taxact

[@ricsalinas206]

@@JamieTrull amazing thank you. Do I need to file an extension for NY STate?

[@galo2202]

why is asking me for a signing officer information?

[@JamieTrull]

Thats info about the person signing the return (that would be you)