Tax help for a c corp
Possible Duplicate: Tax services for an almost non-existant corp
Im a first time entrepreneur and need some help filing the tax return for my c corp as my budget is very limited for hiring an accountant. The company has made about $1000 in revenue (negative profit) last year.
Do you guys think I can just do the paperwork myself?
I know I need to file the IRS 1120 (looks complicated)
What about w-2?, 1099-DIV? (they should be all zeros)
any other forms?
1 Answer
The 1120 is fairly complicated. You would have had an easier time with an LLC.
However, you asked about W-2s, which are not something you file with your corporate taxes. (You actually file a W-3, along with copies of the W-2s you issued). You are supposed to send them to your employees that you paid via payroll this year. And if you had payroll, you should have been filing form 941s every quarter (not to mention the state and local payroll taxes).
And a 1099-DIV would be something you send to the people you paid dividends to. Did you do that?
In all honesty, you need an accountant, not random yahoos like me on the internet.
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No I haven't filed anything yet. Do I still need to do that even if the company has no profit? and thanks for your advice, it's been very helpful – Fred 12 years ago
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You should see a tax CPA asap. You have filings, most of which are late, and you will earn penalties the longer you go if you have any liabilities which haven't been paid. Your tax preparation bill will be about as much as your revenue, but consider it tuition for not having found out when you incorporated. – Bahri Gungor 12 years ago
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@fred Just for completeness, I use quickbooks assisted payroll which takes care of all the employee filings if you have payroll. And an accountant to file the taxes. Do you sell physical goods? Did you collect sales tax? – Michael Pryor 12 years ago
