S-Corp Tax Preparation in Las Vegas

By the iQTAXX tax team, 6360 S Rainbow Blvd, Suite 101, Las Vegas

Updated October 28, 2026. Deadlines and rules checked against the IRS Instructions for Form 1120-S, Form 2553 and Form 7004.

Quick answer: An S corporation files Form 1120-S each year, due March 15 for calendar-year companies (March 15, 2027 for the 2026 tax year, or September 15, 2027 with an extension). Each owner gets a Schedule K-1 and reports their share on their personal return. The main reason to be an S-corp is to cut self-employment tax: you pay yourself a reasonable salary through payroll and take the rest as distributions. In our example with $100,000 of profit and a $55,000 salary, the payroll tax difference is about $5,700 a year before extra costs; your own result depends on your numbers. Nevada has no state income tax, so there is no state S-corp return. iQTAXX prepares 1120-S returns, K-1s, and the owners' personal returns at our Las Vegas office. Call 702.871.7884.

Get an S-corp quote: call 702.871.7884 or contact us.

Key facts (updated October 26, 2026)

• Form 1120-S for the 2026 tax year is due March 15, 2027 (September 15, 2027 with a Form 7004 extension) (IRS, Instructions for Form 1120-S)
• Each S-corp shareholder gets a Schedule K-1 for their personal return (IRS, Instructions for Form 1120-S)
• An S-corp owner who works in the business must be paid a reasonable salary before taking distributions (IRS, "S corporation compensation and medical insurance issues")
• Nevada has no state income tax and no state S-corp income tax return (Nevada Department of Taxation)
• iQTAXX, 6360 S Rainbow Blvd, Suite 101, Las Vegas, NV 89118 · 702.871.7884 · open year-round · 4.7 stars from about 149 Google reviews (October 2026)

4.7 stars from about 149 Google reviews (October 2026) · 6360 S Rainbow Blvd, Suite 101, Las Vegas, NV 89118 · Open year-round

What we do for S-corps

• Form 1120-S and a Schedule K-1 for every shareholder
• Your personal return (Form 1040) with the K-1, so both returns match
• S-corp election (Form 2553) for an LLC or corporation, including help with late elections
• Reasonable salary review, so your payroll fits the work you do
• Shareholder basis tracking (Form 7203), needed when you take losses, distributions, or loans
• Extensions (Form 7004) when your books aren't ready by March 15
• Year-round help with estimated taxes and payroll questions. We don't run payroll in-house; we refer payroll to an outside accountant.

Starting a company first? See our Nevada LLC and incorporation page.

Does an S-corp lower your tax? Example numbers

These figures compare self-employment tax on a sole proprietor or single-member LLC with payroll tax on an S-corp salary. They use 2026 rates: 15.3% up to the $184,500 Social Security wage base (Social Security Administration), and 2.9% Medicare above it.

• Business profit: $60,000; Self-employment tax as a sole owner: $8,478; S-corp salary (example): $35,000; Payroll tax on the salary: $5,355; Yearly difference: $3,123
• Business profit: $100,000; Self-employment tax as a sole owner: $14,130; S-corp salary (example): $55,000; Payroll tax on the salary: $8,415; Yearly difference: $5,715
• Business profit: $150,000; Self-employment tax as a sole owner: $21,194; S-corp salary (example): $80,000; Payroll tax on the salary: $12,240; Yearly difference: $8,954
• Business profit: $250,000; Self-employment tax as a sole owner: $29,573; S-corp salary (example): $120,000; Payroll tax on the salary: $18,360; Yearly difference: $11,213

Example figures. Salaries must be reasonable for your work, not picked to save tax. The table leaves out income tax effects, the 0.9% additional Medicare tax, and the qualified business income deduction, which can all change the result.

Then subtract the extra costs of an S-corp:

• Payroll service or payroll filings (Forms 941, 940, W-2)
• Nevada payroll costs: unemployment insurance through the Nevada Employment Security Division, and the Modified Business Tax (1.17% for most general businesses on wages above the first $50,000 a quarter; every employer files the return, even when nothing is due)
• More bookkeeping, because business and personal money must stay separate

Our rule of thumb: below about $40,000 to $50,000 of steady yearly profit, the extra costs often eat most of the difference. Above that, it is worth running your numbers with us.

Reasonable salary: the rule the IRS checks

The IRS expects an S-corp owner who works in the business to take a salary that matches what the company would pay someone else to do the same job. If you take $0 salary and $150,000 in distributions, the IRS can treat the distributions as wages and charge the payroll tax, penalties, and interest. Things that support your number:

• What similar jobs pay in Las Vegas
• Your hours, duties, and experience
• What the business can actually afford
• Written notes on how you picked the salary

S-corp deadlines

• Deadline: January 31; What is due: W-2s to employees (including you) and Forms 1099-NEC to contractors
• Deadline: March 15; What is due: Form 1120-S and K-1s for calendar-year S-corps, or Form 7004 for a 6-month extension
• Deadline: March 15; What is due: Form 2553, if you want S-corp status for the current year (2 months and 15 days after the year starts)
• Deadline: April 15; What is due: Your personal Form 1040 with the K-1
• Deadline: Each quarter; What is due: Form 941 payroll returns and the Nevada payroll filings
• Deadline: September 15; What is due: Extended 1120-S

For the 2026 tax year, March 15, 2027 falls on a Monday. The IRS charges a late-filing penalty on Form 1120-S for each shareholder for each month it is late, up to 12 months, even when no tax is owed.

Missed the Form 2553 deadline? The IRS can grant relief for a late election under Revenue Procedure 2013-30 if you file within 3 years and 75 days of the date you wanted it to start, you have reasonable cause and acted quickly once you found the mistake, and every shareholder confirms they reported income as if the S election was in place. Past that window, relief can still be possible if the company and all shareholders already filed as an S corporation.

S-corp mistakes we fix most often

• No payroll at all. The owner took only distributions. This is the first thing the IRS looks for.
• Health insurance done wrong. For an owner with more than 2% of the company, health insurance premiums the company pays must be added to the owner's W-2 wages. Then the owner can usually deduct them on the personal return.
• Personal expenses paid by the company. Use an accountable plan to reimburse business mileage or a home office, with records, instead of paying personal bills from the business account.
• Distributions larger than basis. Taking out more than your basis can create taxable gain. That is why we track basis on Form 7203.
• Late 1120-S. The per-shareholder, per-month penalty adds up even when no tax is owed.
• K-1 left off the personal return, or entered with the wrong numbers.

Who can be an S-corp

• A U.S. corporation, or an LLC that elects to be taxed as a corporation
• No more than 100 shareholders
• Shareholders are individuals, certain trusts, or estates. No partnerships, corporations, or nonresident aliens.
• Only one class of stock

Nevada details

• No state income tax, so there is no Nevada S-corp return and no state tax on your K-1 income.
• Your Nevada LLC filings don't change when you elect S-corp tax status. That election is federal only. You still file your annual list and renew your state business license with the Nevada Secretary of State.
• Commerce Tax applies only if the business has more than $4,000,000 of Nevada gross revenue in a July-to-June year (Nevada Department of Taxation).
• Owners who live in California still pay California tax on their K-1 income, and a business that works in California may owe California franchise tax.
• City and county licenses. Las Vegas, Henderson, and unincorporated Clark County each issue their own business licenses.

What it costs

• Item: Owner's personal return with the K-1; Our fee: Quoted with your S-corp return
• Item: S-corp election (Form 2553); Our fee: Quoted when we review your entity

We give you a written quote before we start. The price depends on how clean your books are and how many shareholders you have.

What to bring

• Year-end profit and loss statement and balance sheet (QuickBooks or similar)
• Bank and credit card statements for the business
• Payroll reports: W-2s and the four quarterly Forms 941
• Last year's 1120-S and K-1s, and your IRS S-corp acceptance letter (CP261)
• Loans to or from the company, and any assets bought or sold
• Your shareholder basis records, if you have them

Who prepares your return

Your S-corp and personal returns are prepared by our tax team at our Las Vegas office. Charles "Chuck" Blackard holds the IRS Annual Filing Season Program Record of Completion. Krystal Spivey is our full-time tax professional. Krystal and Chuck both complete the IRS Annual Filing Season Program (AFSP) every year. We are tax preparers, not CPAs or enrolled agents. If you need audited financial statements or representation in an IRS collection case, we will tell you and help you find the right professional.

S-corp tax FAQs

When is the S-corp tax return due?Form 1120-S is due on the 15th day of the third month after the tax year ends, which is March 15 for calendar-year companies. For the 2026 tax year, that is March 15, 2027. Form 7004 gives you a 6-month extension to September 15, 2027.

How much can an S-corp save me in Las Vegas?It depends on your profit and salary. With $100,000 of profit and a $55,000 reasonable salary, the payroll tax difference is about $5,700 a year before extra costs like payroll service and a separate return. Below about $40,000 to $50,000 of steady profit, the savings are often small.

What is a reasonable salary for an S-corp owner?It is what the company would pay someone else to do your job, based on your duties, hours, and local pay. The IRS can treat distributions as wages if your salary is too low. Write down how you chose the number.

Do I pay Nevada state tax on S-corp income?No. Nevada has no personal or corporate income tax, so there is no Nevada S-corp return. A business with more than $4,000,000 of Nevada gross revenue may owe the Nevada Commerce Tax, and employers pay Nevada payroll taxes.

Can my LLC be taxed as an S-corp?Yes. An eligible LLC can file Form 2553 to be taxed as an S corporation. It stays an LLC under Nevada law, so your state filings don't change. To start in the current year, file within 2 months and 15 days of the year's start.

What if I missed the S-corp election deadline?The IRS can grant relief for a late election under Revenue Procedure 2013-30 if you file within 3 years and 75 days of the date you wanted it to start, you have reasonable cause and acted quickly once you found the mistake, and every shareholder confirms they reported income as if the S election was in place. Past that window, relief can still be possible if the company and all shareholders already filed as an S corporation. We can prepare the late election with your return.

Do I need a CPA for an S-corp return?No. Any paid preparer with a valid PTIN can prepare Form 1120-S. You need a CPA for audited or reviewed financial statements, and a CPA, enrolled agent, or attorney for IRS collection cases or appeals.

Who can help with an S corp election in Las Vegas?An S corp election accountant or tax preparer files Form 2553 with the IRS for you. iQTAXX prepares Form 2553 at our Las Vegas office and checks that you qualify first. For a calendar-year company, the election is due by March 15 to start that year, which is 2 months and 15 days after the year begins.

What should I look for in the best CPA for S corporations in Las Vegas?Look for someone who prepares Form 1120-S every year, sets a reasonable salary with you in writing, tracks your shareholder basis, and gives a written price before starting. Our fees depend on the forms your return needs. Call 702-871-7884 for a quote.

Nevada LLC vs S corp taxes for a Las Vegas business owner: what is the difference?A Nevada LLC is a state legal entity, and an S corp is a federal tax election. A single-owner LLC is taxed like a sole proprietor by default and pays self-employment tax on all profit. If the LLC elects S-corp status, you pay yourself a reasonable salary and only that salary carries payroll tax. Nevada has no state income tax either way.

Related iQTAXX guides

• Business tax return preparation
• Real estate investor tax in Las Vegas
• Cost segregation in Las Vegas: 2026 rules
• how our Las Vegas tax preparation fees are determined

Talk to iQTAXX

Bring your profit and loss statement and last year's returns, and we'll show you what an S-corp would mean for your numbers before you decide.

iQTAXX · 6360 S Rainbow Blvd, Suite 101, Las Vegas, NV 89118 · 702.871.7884 · Contact us

Tax-season hours: Monday to Friday 9 AM to 7 PM, Saturday 9 AM to 5 PM, closed Sunday. Off-season hours: Monday to Friday 9 AM to 5 PM. Closed federal holidays except Columbus Day, and closed Nevada Day. Walk-ins and same-day clients are welcome; call ahead at 702-871-7884 to check availability. We speak English, Armenian, and Russian.

Related: Business tax preparation · Nevada LLC and incorporation · Tax planning · Real estate investor tax · IRS notice help · how our Las Vegas tax preparation fees are determined

Example figures are for illustration, not results for any client. This page is general information, not tax advice. Sources: IRS Instructions for Form 1120-S, Instructions for Form 7004 and Instructions for Form 2553; Revenue Procedure 2013-30; Social Security Administration 2026 wage base ($184,500); Nevada Department of Taxation Commerce Tax and Modified Business Tax pages. Checked October 17, 2026.