Corporate Income Tax

Income Tax Filing for Your Corporation

A regular corporation (C Corp) pays income tax on its profit at the 15% tax rate and it escalates from there. The shareholder(s) can make an election to be taxed as an S Corporation, thereby passing the corporate net income or loss through to the individual shareholders' personal income tax return. This may or may not be beneficial to the shareholders depending on a number of factors. If the corporation has losses in the early part of its existence, it may benefit the shareholders to offset these losses against other income, a benefit of an S Corp. If the C Corp tax rate is less than the individual tax rate and the corporation chooses to retain its earnings in the corporation, it may be more beneficial to be a C Corp. However, shareholders of an S Corp may be able to avoid double taxation (that a C Corp may incur) on an eventual sale of its corporate assets. There are many more considerations when deciding whether a corporation should elect S Corp status. Contact the Hall CPA Group and we can help you make the best decision for your particular circumstances.

Searching for this service? How about some of these?
Tax Audits

A tax audit can be a major challenge without the help of an experienced accounting professional. Our firm has decades of experience with tax audits.
Learn More

Sales Tax

Collecting and paying sales and use tax can be more problematic than it seems. Overpay and lose profits. Underpay and you could face an audit.
Learn More

Bookkeeping

Save time and money by outsourcing your bookkeeping to a certified QuickBooks® Pro Advisor, and streamline it further with online banking.
Learn More

Payroll Processing

Payroll tax filing is a important part of your business' operational process. The Hall CPA Group can help you with your payroll processing needs. Call today.
Learn More

Advisory Services

What's your five year plan? Are you ready to bring your business to the next level? We can help implement a growth plan that fits your goals.
Learn More

Affordable Care Act

Is your business in compliance with Obamacare? Do you need health coverage for your employees? We've have you covered with both.
Learn More