![]() ![]() Intuit TurboTax Home and Business 2014 Federal Tax Return + Efile + Free. you need more help than can be provided by this forum. Intuit Turbotax 2020 Premier Investments Rental Property Federal Returns E-File. if not there's about a $200/month penalty per shareholder for late filing.īoth of you need an education about the functioning of an S-Corp and the laws affecting it. if not, then there are tax and legal issues.īy the way, did you file an extension for the S-Corp returns? they were originally due. some state laws would require both of you to be licensed realtors or there may be other restrictions. what your spouse did with his commissions also presents a significant tax issue. if the S-corporation performed the realty business in its name that's ok if state law allows this. if you didn't the state can impose penalties. It will search for the deductions and credits you deserve, so youre confident youll get your maximum refund. another issue, as employees the S-Corp may be required to carry workers' compensation insurance. Get your taxes done right with TurboTax 2020. if you have a state income tax, it too could impose similar penalties. ![]() the IRS could impute salaries that should have been taken and then subject you, your spouse and the S-Corp to significant taxes, penalties and interest for failure to pay salaries, failure to file payroll tax returns, failure to file W-2s, failure to withhold and remit payroll taxes. the failure of you and your spouse to take a salary for your services to the S-Corp (but see later about the realty business) is a serious tax problem. If you can't locate it, here's how to search for the download: TurboTax federal programs (Basic, Deluxe, etc.): Search your PC for wturbotax and look for the filename extension. I understand by 9/15 I need to file S-Corp tax and by 10/15 I need to file our joint personal taxes 1040.Ĭan someone help me please what Turbo tax software I need and how to file s-corp taxes by 9/15 to avoid the penalty? Then how do I file my personal tax based on the W2 I had from half of 2020.Īlso, could someone also tell me how to save more taxes by pass-thru income from S-Corp? I mean does it help save more taxes by withdrawing a higher amount as a salary per month for me and my wife as an employee of the S-Corp or salary should be kept to the minimum amount to save higher taxes? Which method is the best to save more taxes?Ĭonsult with a tax pro immediately. We recommend downloading your TurboTax for Windows software to your desktop or the Downloads folder so you can find it easily. We have not been drawing real salaries for both me and my wife, just withdrawing the minimum (10K per month) amount to pay mortgage and bills and I haven't been filling quarterly business S-Corp taxes. My wife is a realtor and I asked her to use the same S-Corp for his real estate business to pass thru his brokerage commission. I started doing IT Consulting in Sep 2020 thru the newly formed S-Corp. I need help with finishing my 2020 taxes. Results Old Version TurboTax Business 2020 Desktop Tax Software, Federal Return Only + Federal E-file PC Download by Intuit 1,370 PC Download 14999 Available now. ClearTax handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Business and Profession. ![]()
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