Hi, I started an S-Corp in 11-2006. We are not yet open for business and I still have my "day" job. Which tax forms do we need to fill-out for the corporationa and do I need to report the new business in my personal tax forms?
My CPA, Patrick can answer that for you.
Call him at 817.478.4470
He works with one man operations to fortune 500 companies.
Nuevolution is correct...you will need an 1120S form for an S corp. One thing to keep in mind is that your business start up costs may be deductible in the year the business was established. This may benefit your personal tax situation.
Going forward, you will file your 1120S and then schedule K`s (which are forms showing how the corporation income is distributed amongst its shareholders), which you will need for your personal taxes (1040). You will use the numbers on the schedule K to input in the 1040 as your income from the S corp.
Hope that helps!