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Old 09-22-2015, 11:26 AM
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Paying taxes for previous years

Hello all. I am a small contractor and I do my own accounting and taxes. My business is a LLC, and I elected to be taxed as an S-Corp.

I realize now after that election I became an employee of my LLC. I have corrected my mistake by late filing and paying payroll taxes on Form 941. So I have paid, in 2015, payroll taxes for the years 2013 and 2014.

Do I need to amend the 1120S tax returns, specifically line 12, for the years 2013 and 2014?

Would it be acceptable to show all these taxes paid on 2015's 1120s line 12?

Thanks in advance for any advice. I really would like to avoid amending the previous returns.

Thanks!
Mike



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Old 09-23-2015, 02:12 PM
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Join Date: Oct 2010
Posts: 4,853
Quote:
Originally Posted by GB Contracting View Post
Hello all. I am a small contractor and I do my own accounting and taxes. My business is a LLC, and I elected to be taxed as an S-Corp.

I realize now after that election I became an employee of my LLC. I have corrected my mistake by late filing and paying payroll taxes on Form 941. So I have paid, in 2015, payroll taxes for the years 2013 and 2014.

Do I need to amend the 1120S tax returns, specifically line 12, for the years 2013 and 2014?

Would it be acceptable to show all these taxes paid on 2015's 1120s line 12?

Thanks in advance for any advice. I really would like to avoid amending the previous returns.

Thanks!
Mike
I realize now after that election I became an employee of my LLC. I have corrected my mistake by late filing and paying payroll taxes on Form 941. So I have paid, in 2015, payroll taxes for the years 2013 and 2014.=========>>>>>>.No I do not think so since
you have paid, in 2015, payroll taxes for the years 2013 and 2014.

Do I need to amend the 1120S tax returns, specifically line 12, for the years 2013 and 2014?========>>>>>>>>You’re your S corp that pays wages can and will deduct only the employer's share of the taxes,oasdi and hi taxes, I mean, not what the employee/shareholder.owner is responsible to pay. Your S corp can deduct payroll tax expenses on line 12 of Form 1120S, entitled "taxes and licenses. Only the employer portion of payroll taxes, not the employee portion, are deductible for the S corp.



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