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How to prepare Form 1120s
About Form 1120s
Form 1120s is a tax form used by S corporations to report their income, expenses, and other tax-related information to the Internal Revenue Service (IRS). S corporations are a specific type of business entity that pass through profit, losses, credits, and deductions to their shareholders, who then report those items on their individual tax returns. S corporations must file Form 1120s annually, providing details about their financial activities, including income from sales of products or services, interest, rent, and other sources. The form also includes sections for reporting salaries and wages paid to employees, as well as deductions and credits the corporation may be eligible for. In addition to the basic information, Form 1120s requires the S corporation to provide a schedule of shareholders, detailing their names, addresses, percentage of ownership, and other relevant information. This helps ensure accurate reporting and transparency in the distribution of profits and losses among shareholders. It is important to note that only S corporations are required to file Form 1120s. Other types of business entities, such as sole proprietorships, partnerships, and regular (C) corporations, have their own specific tax forms to report income and expenses.
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