Has your S Corporation or Partnership filed for an extension?
Deadline to file, September 15th is approaching. It’s essential to get your paperwork done to avoid potential penalties and interest.
Everything you need to know:
Filing forms:
Make sure to file Form 1120S for S corporations or Form 1065 for partnerships, along with any required schedules.
- Form 1120S for S corporations, which reports income, deductions, and credits for the corporation.
- Form 1065 for Partnerships, which is used to report the partnership's income, deductions, gains, and losses.
Get organized:
Collect all necessary documents to ensure a complete and accurate return.
- Income statements: Collect all revenue and income statements to report your earnings accurately.
- Expense reports: Document all expenses to ensure you maximize your deductions.
- Supporting schedules: Include any additional schedules required, such as K-1 forms for partners or shareholders.
Beware of penalties:
Late filings can result in penalties
- $210 per month for S corporations
- $200 per month for Partnerships for every month delayed.