Businesses have different tax obligations, which include separate income tax and payroll tax deadlines. Filing and paying taxes by the S-Corp filing deadlines can help you avoid penalties and interest that can quickly add up. Learn more about the S-Corp
Once your corporation is formed, you also need to apply for an Employer Identification Number (EIN) from the IRS usingForm SS-4. The EIN is essentially a Social Security number for your business and is necessary for tax filing and reporting purposes. To formally elect S corporation status,...
Requires each shareholder to be a US Citizen or permanent resident alien with a valid United States Social Security Number Must have a tax year ending on December 31 S Corporation Advantages and Disadvantages Advantages: May decrease the self-employment tax burden on members of an LLC ...
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While S corporation classification does come with a number of benefits for some businesses, making this election might not be right for all business types. So, be sure to carefully weigh the various pros and cons before deciding how you want to move forward. Consult a tax professional about ...
on deposit accounts increased$339,000from the prior year. The increase was primarily related to an increase in the volume of overdraft transactions during 2024. Debit and credit card interchange income for 2024 increased$108,000from the prior year due to an increase in the numbe...
debt and liabilities; however, S corporations have pass-through taxation. S corps do not pay tax at the business level, they file an informational tax return but business income/loss is reported on the owners’ personal tax returns, and any tax due is paid at the individual income tax ...