2011 form tc 20s-2025

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You may or may not have heard of the S Corp Salary 60/40 rule. The guideline encourages setting reasonable compensation between 60% and 40% of the businesss net profits. The IRS does not set this guideline. It should not be relied on as the only factor for deciding S corporation reasonable compensation.
A copy of the IRS letter of authorization, Notice of Acceptance as an S Corporation, must be at- tached to the S Corporation Franchise or Income Tax Return, TC-20S, when filing for the first time. and Tax Commission Master File Maintenance 210 N 1950 W Salt Lake City, UT 84134.
If you need to change or amend an accepted Utah State Income Tax Return for the current or previous Tax Year you need to complete Form TC-40. Form TC-40 is a Form used for the Tax Return and Tax Amendment. You can prepare a 2024 tax year Utah Tax Amendment on eFile.com, however you can not submit it electronically.
To form a Utah S corp, youll need to ensure your company has a Utah formal business structure (LLC or corporation), and then you can elect S corp tax designation. If youve already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
NumberOrdering NumberTax Type TC-20S TC-0020S Corporate Income TC-20S Instructions TC-0020S Instructions Corporate Income TC-40 Forms TC-0040 Individual Income TC-40 Instructions TC-0040 Instructions Individual Income46 more rows
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To give your business S Corp tax status, you complete Form 2553 with the Internal Revenue Service (IRS). If you start your business as a Utah LLC, you have to complete Form 8832 to elect corporation status before you can begin filing Form 2553 to elect S Corp status.
Typically, a self-employed individual should consider an S Corp when they hit around $60000 - $70000 in earnings, Below that level, the extra fees will offset any tax advantages, once youve paid yourself a reasonable salary.
Entrepreneurs must file form 2553 to select S corp status within 75 days of creating their LLC or C corporation. Utah requires that all C corporations pay a franchise tax, the form for which includes a $100 minimum privilege tax. S corporations are exempt from the latter tax.

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