S corporations are flow through entities for U.S. federal and state income tax purposes. So, the entity itself is not subject to income taxes. The net earnings will flow through to your Form 1040 and you pay federal and state taxes at the shareholder level. S corporations are required to file Form 1120-S on an annual basis. Each shareholder in the S corporation is provided a Schedule K-1 which shows their allocable share of income and cash distributions during the year. The S corporation returns are due by March 15th, but you may file for an extension if you need to more time to gather information and complete the return.