6. Self-Populating Monthly 1120-S Federal Tax Return

[M/S -6] does not contain any [yellow highlighted cells] formatted for entering [data] and is designed only for viewing information by utilizing the scroll bars.

The best first step to quickly gain a basic understanding and appreciation for the business purpose of [M/S -6] is to review the [2] images below.  The first image populated with the [simulated-business-data] contained in the Practice Software. 

The second is an image of how [M/S -6] appears before populating any [data] in the software.  Take note of the protected cell coordinates designed to display calculations or information appear as blank cells.  Displaying cell coordinates not requiring a calculation as a blank cell is a principle design structure throughout the software to by design limit the [number of numbers] displayed in each respective software segment.  For example; cell coordinates designed to display actual vs. forecast better or worse calculations will appear as blank cells when the software does not contain a future forecast.Model Segment 6 of 18 -FastBooks Solutions Microsoft Excel Service Business Accounting ModelLeft click on the image above to open an enlarged image in a new tab.

Click the link to open [M/S -6] in an Adobe PDF file:

Click the link to open [M/S -6] in an Excel file:Model Segment 6 of 18 -FastBooks Solutions Microsoft Excel Service Business Accounting ModelLeft click on the image above to open an enlarged image in a new tab.

Click the link to open [M/S -6] in an Adobe PDF file:

Click the link to open [M/S -6] in an Excel file:

The Excel file will open in a Protective View. The [Enable Editing Button] on the top row must be clicked first to save an Excel file on a device. The carefully structured screen and scrolling design of the software segments in FastBooks Solutions were all formatted for viewing in the Excel Auto Hide Ribbon screen viewing mode.   Click on the first icon on the right top corner of Excel to change the screen display view to this designed screen display option.

[M/S -6] The Monthly Self-Populating 1120-S Federal Tax Return

FastBooks Solutions Software automatically populates the 1120-S Federal Tax Return and updates the tax 1120-S Federal Tax Return after each month of business [data] is entered. The tax statement generated in software segment [6] will correspond to the year-to-date business income statement.  

To keep things very simple; the FastBooks Solutions Software utilizes the same line numbering and line descriptions as the I.R.S form 1120S Income Tax Return for an S-Corporation for the businesses [chart of accounts].   From a big picture perspective; this allows the business to classify expenses using the same expense account classification required by the I.R.S tax statement. FastBooks Solutions clients can customize their licensed copy of FastBooks Solutions Software to use Federal Tax Return 1120-S, 1120, or Schedule C, Form 1040.  Only the line numbers and line descriptions of the tax-deductible expense classifications which apply to a service based business are included in the chart of accounts software design structure.      

All [12] months in the calendar year must be entered the three [data] Input software segments to reflect the correct calculation of Ordinary business income (loss) in the federal tax statement.  Unlike many of the other software segments within FastBooks Solutions Software, the federal tax statements software segments were designed with the purpose to resemble either the actual I.R.S federal tax forms the 1120s, 1120 and 1040 Schedule C as close as possible.  Each federal tax software segment includes an URL link which downloads the actual respective federal tax form in a pdf format.  The Schedule C federal tax software segment also includes a second URL link for I.R.S form 1040.                   

All the downloaded pdf files are actual I.R.S. documents which can be used to file the businesses annual federal tax returns either by mail or electronically. The purpose of software segment -6 screen design was to offer a simple method to compare against the pdf tax statements which will be used as the actual document to file annual business taxes.         

The primary functionality feature of the federal tax [M/S -6] is to use the expense accounts included in the income statement in the model to automatically populate and update only the first page of the I.R.S federal tax statement each month. The other 2 to 5 pages included in the federal tax annual tax return forms are either informational or required detailed support for a line item on [page 1] of the federal tax form. Most of the information requested on pages 2 to 5 is not applicable to any service-based business. The intended scope of the federal tax software segments does not go beyond populating the federal tax form to represent the correct calculation of Ordinary business income (loss) on the first page of each respective tax statement.




















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