LyfeAccounting

JANUARY 30, 2021

But for now, we would recommend you have this done by March 1st, so your tax preparer has enough time to file your business taxes. That is because March 15th is the deadline for businesses who are incorporated as a partnership, LLC, or S Corporation to file their taxes. April 15, 2021.

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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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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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