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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. 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, let's look at the beginning here. You just need to go over the basic info. Part A wants to know your election effective date. This will probably be January 1st of the year you made the election. So, let's assume it was for this year. Alright, so Line B wants to know your business activity code. This is just a code that describes what you do in your business. You can find these online if you search for tax code or business activity codes. It'll be a list for you to choose from. There are tons and tons of them, so you'll have to sort through and find yours. If you're using tax software, it's probably going to give you a choice of them. For now, it's a six-digit code. We're just going to use the one for other business, which is 999999. Alright, so now they want to know the name of your business. So, let's just use mine as an example. 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 and the same. That's okay. So, fill in your basic information there. Next, they want your employer identification number. This is not your social security number. This is a separate tax ID number that you have for your business, and you have to have one of these to be an S corporation. So,...