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What would you need to keep track of and have to file S Corp taxes?

In order to operate your business as an S corp, you must satisfy some requirements first. In particular, your company must:

  • Be a domestic corporation
  • Have appropriate shareholders, such as individuals, certain trusts, and estates. However, partnerships, corporations or non-resident alien shareholders may not be shareholders.
  • Have no more than 100 shareholders
  • Have only one class of stock
  • Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

If you satisfy these requirements, then you can file Form 2553 to elect S corporation treatment by the IRS. Note that the form must be signed by all the shareholders.

When it comes time to filing your taxes check out this chart from the IRS website. As you can see, tax season can be overwhelming for s-corp owners.

Want some help? Check out LawTrades. We’re a startup that helps other bootstrapped startups find solid, affordable legal advice from top notch attorneys.

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