End of year - S corp
I had an accountant set up an S Corporation for my business I am starting, as of now I only had expanses (as it’s an online business and all I am doing is paying for developers to build the website).
Do I need to pay for an accountant to help me with the end of year filing or can I do it myself?
Is there anything else I need to do except from filing a Tax Return?
any help would be much appreciated
@GR-8 From my personal experience it’s not worth the 100-200 you think your’e sparing yourself.
An accountant will usually save you much more through teaching you how and what to file.
To be fair, you should check your accountant. However, since expenses are pass-through losses and float to your K1 if you have no income you could put it off. Keep in mind that means you will not be able to claim the loses which could offset other taxes due (until you do your taxes then you could claim them). It is best to file. Should you choose not to file, the IRS does require 1099’s be sent for any USA entity above 500$ in any given fiscal year and possibly foreign entities as well, and may deny any expense that you did not do this for. weather you file or not make sure you pay the annual fees on your S corp.
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