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    mimi1945's Avatar
    mimi1945 Posts: 1, Reputation: 1
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    #1

    Mar 5, 2010, 08:06 PM
    Do I file an s-corp return if I had no income
    I have had the same accountant for 20 years and now he is to busy to do my taxes. I went on line and did my personal by Tax Act, but I just can't figure out how to do my s-Corp taxes, as I did not have any income on my business last year, do I just put zeros for everything, including the depreciation schedule ?

    Anna M.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 5, 2010, 08:34 PM

    Yes you must file Form 1120S and K-1 on or before March 15, 2010. Else you will pay about $80 for each director as late filing fee.
    Also you must pay franchise tax-- most of the states have minimum franchise tax even if you have no income.
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