An S corporation (S corp) is a type of corporation designed to avoid the double taxation that regular corporations or C corporations (C corps) pay. Tax authorities typically treat anincorporatedbusiness as a C corp and tax it at both the corporate level on income and at the shareholder level...
A tax return is a form filed with a tax authority that reports a taxpayer's income, expenses, and other pertinent information. It allows ataxpayerto calculate their tax liability so they may either schedule a payment or request a refund. You should keep tax returns for at least three years...
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It's always disappointing when your tax return is rejected, but it doesn't have to be scary. This video address some of the common mistakes that cause rejections and what you can do about it.
What Is an S Corp? An S corp (or S corporation) is a business structure that is permitted under the tax code to pass its taxable income, credits, deductions, and losses directly to its shareholders. That gives the S corp certain advantages over the more common C corp. ...
For small-business owners, preparing an income tax return is far from simple, which can increase the chances of making a mistake. Here are six steps that small-business pros say you can take to cope with that hair-on-fire feeling of discovering an error after you’ve filed — plus how ...
An S corporation is an optimal classification for small businesses that have low startup costs and are looking to remain small. Here's what else you need to know.
An S-corp is not a business entity type but a tax election that LLCs or corporations can make with the IRS. An S-corp’s income taxes flow through to its owners. For example, if Bob’s gift shop elects S-corp taxation he would file Form 1120-S as an information tax return. He...
Income Tax Return for an S Corporation. Employment tax forms Form 941: The Employer’s Quarterly Federal Tax Return, Form 941, is used to report federal income taxes withheld from employees’ wages as well as the employer’s share of Social Security and Medicare taxes. Form 940: The ...
A C Corporation is one of several ways to legally recognize a business for tax, regulatory and official reasons. See if starting a C Corp is right for you.