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Don't forget about state filings too! Your S-Corp likely needs to file a state return in addition to the federal 1120-S. Many states have different deadlines and requirements, and some have minimum franchise taxes even if you didn't make any profit. I learned this the hard way my first year and got hit with penalties.
Oh man, I completely forgot about state filings! I'm in California - do you know if they have different forms or deadlines than the federal?
California is actually one of the toughest states for S-corps. You need to file Form 100S, and they have an $800 minimum franchise tax that you have to pay even if your business lost money. The deadline typically matches the federal (March 15), but the penalties for late filing can be significant. You should also check if you need to file a Statement of Information with the Secretary of State (Form SI-200) - that's separate from tax filings but required for corporations, usually due annually.
One major thing nobody's mentioned yet - make sure you've been tracking and paying quarterly estimated taxes throughout the year. As an S-corp owner, the company's profits pass through to your personal return, but without withholding like a regular job. If this is your first year and you haven't been making estimated payments, you might get hit with underpayment penalties.
Is there any safe harbor provision for this? Like if it's your first year in business?
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A low-tech option that works for me: I have an accordion file with 12 sections (one for each month). As soon as I get home, I write the expense category on the receipt (meals, supplies, travel, etc) and drop it in the current month's section. At the end of each month, I enter them into a simple spreadsheet with columns for date, vendor, amount, category, and notes. Takes me about 15 minutes per month and then at tax time, I just sort the spreadsheet by category and I'm done! Been doing this for years and my accountant loves me for it.
Do you keep the physical receipts after entering them in your spreadsheet? I'm worried about receipts fading over time if I need them for an audit.
I keep the physical receipts for the current and previous tax year in labeled envelopes organized by category (business meals, supplies, travel, etc). After I file the second year's taxes, I usually shred the older ones except for major purchases or anything related to assets. The ink on thermal receipts definitely fades over time, which is another good reason to get the info into a spreadsheet while they're still readable. For really important receipts (expensive equipment, etc), I'll sometimes make a photocopy since those last longer than the originals.
Anyone have experience with NeatReceipts? My mom got me their scanner for Christmas but I haven't opened it yet. Worth using or should I return it and go with one of the apps people are mentioning?
I had one a few years ago. The hardware is fine, but their software was clunky and expensive when I used it. Most of the mobile apps today do the same thing with just your phone camera and have better features for categorizing. I'd personally return it and put the money toward a subscription to one of the apps others mentioned.
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Just wanted to add that the IRS actually addressed this exact situation in Publication 556. For extremely minor corrections that don't change your tax liability, they generally don't require an amendment. The key factor is whether the difference changes what you owe or get refunded. Keep both 1099 forms in your records for at least 3 years just in case, but honestly, for a few cents difference, even if you were audited (super unlikely), they'd just note it and move on. They're looking for significant discrepancies, not pennies.
Can you cite the specific section in Pub 556 that says this? I've read through it before and don't remember seeing anything about a minimum threshold for corrections.
You're right to ask for the specific reference - I should have been more precise. It's not explicitly stated as a threshold in Pub 556, but rather implied in their discussion of materiality in Section 4 where they discuss examination procedures. The more direct guidance actually comes from internal IRS procedural guidelines where they discuss "de minimis" errors. While they don't publish an exact dollar amount, in practice they rarely pursue differences that don't affect tax liability calculations or result in changes less than a dollar.
Does anyone know if there's a way to tell turbotax to just import the updated form without doing a whole amended return? Feels like there should be a simple fix option for this exact situation!
Unfortunately there's no "simple fix" option in TurboTax for this. Once you've filed, any changes require a formal amendment. That's why they make you wait until late March - they're setting up their amendment system for the new tax year.
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I think there's a simple explanation for all this. The IRS probably assumes everyone knows the formula is: 1. Subtract your MAGI from the phase-out ceiling 2. Divide by the phase-out range ($20,000) 3. Multiply by the maximum contribution For 2023: ($136,000 - your MAGI) ÷ $20,000 × $6,500 = your deduction For 2024: ($143,000 - your MAGI) ÷ $20,000 × $7,000 = your deduction That's why being $0.01 over the threshold with the old formula feels so harsh - because the old formula was simplifying this calculation for the specific $6,000 limit.
Thank you! This makes perfect sense and matches what I was expecting the formula would be! I've been driving myself crazy with spreadsheets trying to figure this out. So basically, the formula is proportional to where you fall in the phase-out range, and the multiplier changes based on the contribution limit. That would explain why the TIAA calculator was giving different results than my calculations using the 0.3 factor from 2022.
Exactly! The IRS documentation just hasn't caught up with the contribution limit increases. The key insight is that the phase-out is designed to be linear across the MAGI range, so you need to adjust the multiplier whenever the contribution limit changes. It's frustrating that they don't explain this clearly, but at least now you can plan appropriately for your 2023 and 2024 contributions. And remember this formula will likely change again whenever they next increase the contribution limits!
Has anyone noticed that the Retirement Savings Contributions Credit (Saver's Credit) also has updated income thresholds for 2023 and 2024? This can be relevant if you're in the phase-out range for IRA deductions, as you might still qualify for this credit depending on your income level. For 2023, the income limit for married filing jointly is $73,000, and for 2024 it's $76,500. Just something to consider as part of your overall retirement savings strategy if your MAGI is in that range.
Good point! Do you know if the Saver's Credit can be claimed for Roth IRA contributions? If I end up putting some money in Roth because I'm in the traditional IRA phase-out range, can I at least get the Saver's Credit for those contributions?
Chloe Delgado
I'm confused about one thing - if the IRS approves your late S-Corp election with a retroactive date, do you HAVE to amend your previous returns? Or is it optional? I filed my Form 2553 two months ago with a requested effective date of last January, but now I'm worried about having to redo all my taxes from last year.
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Emma Bianchi
•Yes, if the IRS approves your S-Corp election with a retroactive date, you are required to amend your previous returns to reflect the correct entity type. Your business would need to file Form 1120-S (the S-Corp return) instead of reporting the income on Schedule C of your personal return. This is because once elected, S-Corp status changes how your business income is taxed - part becomes salary subject to payroll taxes and part becomes distributions not subject to self-employment tax. The tax treatment is fundamentally different, so your previous filings would no longer be accurate under the new classification.
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Ava Harris
One thing nobody's mentioned yet - make sure your SMLLC actually qualifies for S-Corp status! You need to meet the requirements like having only allowable shareholders (individuals, certain trusts, estates), no more than 100 shareholders, only one class of stock, and not be an ineligible corporation. I've seen people go through this whole process only to find out their LLC wasn't eligible in the first place.
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Mia Green
•Thanks for bringing this up - I should have mentioned that part. It's a single-member LLC with just me as the only owner, and I'm a US citizen. No fancy stock structure or anything like that. So I think I'm good on the eligibility requirements. It's just the timing with the already-filed tax returns that was worrying me.
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