Advanced Tax Strategy
S-Corp Tax Return Preparation
& Strategy (Form 1120-S)
The S-Corporation is one of the most powerful tax-saving tools for small business owners. We help you maximize its potential while staying compliant.
Unlock the Full Power of Your S-Corp
Filing Form 1120-S is more than just data entry. It requires a delicate balance between paying yourself a "Reasonable Salary" (subject to payroll taxes) and taking "Shareholder Distributions" (tax-free from payroll taxes).
Many accountants get this wrong. They either set the salary too low (triggering IRS audits) or too high (wasting your tax savings). At Novicta Tax, we use data-driven analysis to find your audit-proof sweet spot.
Our S-Corp Services:
- Form 1120-S Filing: Accurate preparation of the federal corporate return.
- Schedule K-1 Generation: Timely delivery of K-1s so shareholders can file their personal returns.
- Reasonable Compensation Analysis: We help you determine the correct W-2 salary to satisfy the IRS.
- California Form 100S: Handling the 1.5% state tax on net income.
Common S-Corp Mistakes We Fix
- Mistake #1: Zero Salary Taking 100% of profit as distributions. This is an automatic red flag for the IRS.
- Mistake #2: Missed Basis Tracking Failing to track stock and debt basis, which can make your tax-free distributions taxable.
- Mistake #3: Late Election Missing the March 15th deadline to file Form 2553. We can often fix this with "Late Election Relief."
Maximize Your S-Corp Savings
Don't leave money on the table or risk an audit. Get expert S-Corp preparation and strategy.
Schedule Your S-Corp Review