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MT online Form 1120-S: What You Should Know
How to File a Tax Return for a Corporation You can file your business taxes using any method to meet your obligations. Your state's filing requirements vary, but it is unlikely that any other state requires the use of an S corporation. For more information about filing the return, see Publication 519, U.S. Tax Guide for Small Business. Incorporation Requirements Filing Requirements S Corporation Requirements Section 501(c)(3) Tax Reducibility Schedule When operating in a State that does not have its own rules, you may elect to file on the Schedule S (Form 1120-S) and use a simplified tax form called the Schedule S-EZ. S-Corp Business Taxpayers Group S-Corp business taxpayers are small businesses with gross receipts of under 75,000, but more than 50 percent of its income is made up of dividends, interest, or royalties. S-Corporation business taxpayers may make the following claims based on the rules set forth in 26 U.S.C. § 6672(c): Section 1232 deduction (for business entities that meet the test for section 501(c)(3) income) In the case of an S corporation, the corporation may deduct the following expenses and expenses in excess of the expenses allowed by section 1201 and section 1232, and expenses for property used or consumed by the corporation: · Expenses for the payment of: business, employment, professional, and other services, interest, and professional license fees; research and development; building or renovation of real or personal property; mortgage, insurance, or other real estate brokerage fees; and other miscellaneous business expenses; · Property used or consumed by the corporation; including real or personal property owned by: the corporation; or a trade association, association, or other business entity affiliated with the corporation; and · Other miscellaneous business expenses. Additional limitations may apply to the allowance for such deductions.
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