P>What is the S Corp or S corporation tax return? What is form 1120s Amanda here from the business finance coach and in this video I'm going to go through form 1120s with you, and I'll also show you how to file an extension now I do not recommend completing this form yourself, but it's worth understanding it if you have an S corp just like most tax returns to the top you have the business information and business numbers with an S corp you will use an employer identification number as the business's number just like when you're self-employed you can use your social security number but if you have employees you need an EIN number with an S corp the business number is the and, so you have to get Na on even if you don't have employees and then this is all the standard information that's on all the tax returns you have your income section then you have your expense section and these expense categories are very standard for the S corp like they are for all business returns including the self-employed Schedule C one thing to keep in mind is that compensation of officers includes the owner so if you're an owner of an LLC and you work in your business, and you formed an S corp you have to pay yourself as an employee and that compensation that you pay yourself is actually deducted for business income which is calculated down here ordinary business income from the S Corp and then any other employee benefits and that sort of thing in taxes are deducted here as well down here you'll have passive income if any, and you can make you can make estimated tax payments you don't actually pay tax generally on ordinary business...
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