Hey there, Jim Hart here from Hakon Law. Today I want to talk to you about the differences between an LLC and an S corporation for tax purposes. At what point should you start to transition into an S corporation? It's definitely not the route that everyone needs to go, but it is an option for you if you're making a considerable amount of money from your business each month. My goal here is to help you understand these somewhat complex legal terms in a way that pretty much anybody can understand. That's the whole goal of everything I do here at Hawthorn. Alright, so before we go any further, I just want to ask you to subscribe to the channel if you haven't already subscribed. Make sure you leave a comment below if you like what I'm talking about here today. And as always, hit the little bell. There's a little bell theme after this subscribe button that'll notify you whenever I post new videos. Usually, I'm posting about one to two videos a week, usually one at the beginning of the week and usually one somewhere around Friday, like today. Alright, so let's get into today's video. So, an LLC. I've talked about what an LLC is. I've talked about how to start an LLC in prior videos. I'll try and leave a link to that up there in the little...you know. You all know the benefits of starting an LLC. But at what point should you start to think about forming an S corporation? An S corporation. A lot of people think that an LLC is one thing and an S corporation is something completely different. That's only partially true. An S corporation is actually a taxing status. So when you say you want to become an S corporation, what...
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S corp taxes for dummies Form: What You Should Know
Corporate Tax Guide, 5th ed. Form 1120-S is not a tax return and the tax information on Form 1120-S is not available from official channels such as the IRS. You cannot call the Taxpayer Advocate Service (ETA) at to find out if you are an S corporation. You must file the annual tax return with the federal IRS. Form 1120-S Mar 26, 2025 — Tax Form 1010. Form 1010 is required by federal law to report income and profits of an S corporation or a domestic partnership. Form 1120-S: Everything You Need to Know Use this guide on filing an S corporation or partnership tax return to become professional taxpayers in just 5 minutes. Form 1010 Feb 26, 2025 — The S corporation or partnership income and deductions are taxed at the shareholder level. If one of the partners is a single person, the partnership income and deductions is taxed to him. If one or more partners are married and filing separately, the partnership income and deductions are taxed at the level of the sole shareholder of the partnership, if any. Married taxpayers filing jointly and individual shareholders are taxed at the level of the shareholder's spouse and each other person (including married taxpayers). Corporate tax rules also apply to S corporations and partnerships and apply to partners in each of these types of businesses. The following information includes information on how tax rules apply with both tax laws, the S corporation and partnership tax laws. The S corporation or partnership tax return provides information regarding the taxes the corporation or partnership must pay to the IRS. S Corporation Tax Return Mar 27, 2025 — The S corporation income tax return is the primary tax return for owners of S corporations. The S corporation income tax return Form 1120-S: Everything You Need to Know S Corporation Income Tax Return Mar 27, 2025 — As long as you are an owner in a pass-through business, you must file an S corporation income tax return. C-corporation Tax Return Mar 27, 2025 — Corporations are taxed as partnerships or S corporations. In most cases, a C-corporation tax return provides the best way to figure out where your business profits, losses, and tax payments go. Form 1120-G Mar 27, 2025 — Form 1120-G: Everything You Need to Know This form must be filed by the shareholder of an S corporation or partnership.
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