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Video instructions and help with filling out and completing 1120 s 2016

Hey what's up guys this is Josh with CPA on fire and today we're going to look at how to fill out form 1120s which is the tax return for S corporations okay so the only people that would be using this form are people who have made an election to be taxed as an S corporation so we'll look at the beginning here you just go over the basic info part a wants to know your s lection effective date this will probably be January 1st of whatever year you made the election okay so let's assume that it was for this year all right so one 114 Part B wants to know your business activity code and this is just a code that describes what you do in your business you can find these online if you google tax code or a business activity codes it'll be a list from there for you there's tons and tons of them so you'll have to sort through and find yours ID you're using tax software it's probably going to give you a choice of them so for now it's a six digit code we're just going to use the one for other business which is nine nine nine nine nine nine all right so you come up here they want to know the name of your business so we'll just use mine as an example all right and they want to know your address this is the address of the business not your personal address for a lot of you that will be one in the same that's okay okay so 123 extra city or town okay so all basic information there box D here that's your employer identification number now this is not your social security number this is a separate tax ID number that you have for your business and you have to have one of these to be an S corporation so if you never got one you're probably not an S corporation it'll be a seven or a nine digit number two digits a dash and then seven more okay so you know what that number is the date incorporated so this is when you became either a corporation or an LLC okay so you had to do that before you became an S corporation you can find that in your articles of organization or whatever you use to set up your operation or LLC so we'll just assume that it was on the same day 14 total assets don't worry about this line for now um you'll you'll find out if you need to do that or not we'll talk about that here shortly okay so we go down to box G here or line G is a corporation electing to be an S corporation beginning with this tax year so if this is your first time filing in 1120 s and you never filed the form 2553 that you were supposed to file click yes okay otherwise click no line H check if one it's your final return so that would be if this is if you if your business was going out of business this was the last year that you had to file a tax return you're going to click that click box - if you had a name change during the current year 3 if you had an address change for if this is an amended return so if you ready filed your return you're just making changes to it now and 5 if the S selection termination or revocation okay so this is your last you're just filing as an S...