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Video instructions and help with filling out and completing When 1041 Schedule Instructions

Instructions and Help about When 1041 Schedule Instructions

Hey what's up guys this is Josh with CPA on fire and today we're going to look at how to fill out form 1120s which is the tax return for S corporations okay so the only people that would be using this form are people who have made an election to be taxed as an S corporation so we'll look at the beginning here you just go over the basic info part a wants to know your s lection effective date this will probably be January 1st of whatever year you made the election okay so let's assume that it was for this year all right so one 114 Part B wants to know your business activity code and this is just a code that describes what you do in your business you can find these online if you google tax code or a business activity codes it'll be a list from there for you there's tons and tons of them so you'll have to sort through and find yours ID you're using tax software it's probably going to give you a choice of them so for now it's a six digit code we're just going to use the one for other business which is nine nine nine nine nine nine all right so you come up here they want to know the name of your business so we'll just use mine as an example all right and they want to know your address this is the address of the business not your personal address for a lot of you that will be one in the same that's okay okay so 123 extra city or town okay so all basic information there box D here that's your employer identification number now this is not your social security number this is...

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