Your Tax Filing Checklist for Form 1120-S Corporation 2025 Taxes
Check every box before filing your Form 1120-S.
Are You Ready The Deadline is Near
Filing doesn’t have to be a hassle. With X.TAX 1120-S Corporation Tax Checklist, you can organize every detail, avoid costly mistakes, and save valuable time.
The Deadline to File Your 1120-S - Corporation
Tax Extension is MARCH 17, 2025
Basic Information
-
Verify Your Business Filing Type
Know your business return type as registered with the IRS (Forms 1065, 1120, or 1120S). Not sure? Call the IRS Business Help Line at 1-800-829-4933. -
Employer Identification Number (EIN)
Have your EIN ready. If you don’t have one, apply online at IRS.gov. -
State Reporting Details
Compile state and state ID numbers for each location where your business operates or has a tax obligation (nexus). -
Organizational Documents
Keep a copy of your articles of incorporation, bylaws, or operating agreement, including amendments. -
Previous Tax Returns
Locate and review last year’s federal, state, and local tax returns for reference -
Estimated Tax Payments
Record all estimated tax payments made, including amounts and dates for federal, state, and local taxes.
Shareholders Info
-
Shareholder Identification
Gather names, addresses, and SSNs/EINs of all shareholders. -
Stock Ownership Details
Document ownership percentages and profit-sharing arrangements. -
Financial Activities
Provide records for capital contributions, withdrawals, or loans involving shareholders. -
Compensation and Benefits
Include reports on shareholder compensation, medical or life insurance, and other benefits. -
Ownership Changes
Track and detail any ownership changes that occurred during the tax year.
Business and Financial Records
-
Trial Balance Report
Prepare a trial balance or year-end summary from your accounting software. -
Bank and Credit Card Records
Prepare statements to validate business expenses and interest payments for Form 1065. -
Payroll Reports
Compile payroll records, including issued W-2 and 1099 forms. -
Tax Payment Reports
Include federal tax payment records (Forms 940 and 941). -
State and Local Payroll Taxes
Detail state and local payroll taxes paid throughout the year. -
Multi-State Operations
Track revenue, payroll, and property details by state, if applicable. -
Inventory Records
Provide year-end inventory reports, including costs and quantities.
Documents Received
-
Income Reporting Forms
Gather all received forms such as:- 1099-NEC, 1099-K, 1099-DIV, and other relevant forms
-
Schedule K-1
Include K-1 schedules for any entities your business owns. -
Credit Certificates
Collect any federal or state-issued credit certificates.
Asset Records
-
Depreciation Schedules
Maintain schedules for existing assets, detailing cost, date in service, and depreciation. -
New Assets
Record details for new purchases, including cost, purchase date, and usage percentage. -
Asset Disposals
Provide records for asset sales or disposals, including proceeds and costs. -
Vehicle Records
Keep logs for mileage (business and total use) and expenses (fuel, maintenance, insurance).
