LyfeAccounting

MAY 18, 2021

Tax Mistake #7: Failing to be taxed as an S-Corporation. We actually have a post covering the ins and outs of S-Corporation taxes so be sure to check it out when you get a chance. But, electing to be taxed as an S-Corporation can literally save you thousands of dollars in taxes.

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LyfeAccounting

APRIL 22, 2021

In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government. But don’t feel too bad for them as the rate came out to an approximate tax rate of 1.2% – far below the 21% corporate tax rate. Myth #2: Small businesses can’t write off taxes like Amazon does.

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Ronika Khanna CPA,CA

JUNE 25, 2021

Alternatively, a customer or client might only do business with a corporation. tax optimization If your business is doing well, you might want to leave money in the corporation or have some flexibility in how you pay yourself i.e. salary vs dividends so that you can better optimize your taxes through tax deferral opportunities.

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Wellers Accounting

JUNE 21, 2023

Tom Walker answers the question, what is a director's loan account, explaining how they work, and the potential tax issues and risks involved.

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LyfeAccounting

NOVEMBER 4, 2020

C-corporations are required to pay corporate tax on the profits of the business. Currently, the corporate tax rate is 21%. Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Not to be confused with 1120S.

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LyfeAccounting

MAY 12, 2021

This income already includes the dividends and money you took out of the business. Then it’s taxed again on your personal return for any amount you took out of the business as a dividend, or in other words, a distribution. The current corporate tax rate is 21%, and the Federal deadline to file and pay is April 15th on Form 1120.

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LyfeAccounting

OCTOBER 29, 2020

Now in my opinion, business deductions are great because they help support the economy and reward business owners who take on all the risk. Corporate Tax Rates. Currently, under President Trump, the corporate tax rates which will be referred to as C corporations are taxed at a flat rate of 21%.

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