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What Happens if a Business Doesn’t File Taxes?

xendoo

Your tax status – Tax-exempt organizations and non-profits have different filing deadlines than for-profit businesses. The type of return you’re filing – Different returns, including IRS Form 1120 for corporation income tax, have different deadlines.

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Tax Benefits & Differences: Sole Proprietor vs. LLC vs. S-Corp vs. C-Corp | Which Business Entity is Best?

LyfeAccounting

The exact tax you pay on that will depend on the tax bracket your total personal income falls in. Double taxation is where the company itself is taxed on all of its profits, before payments to owners are made. And then the owners are taxed on payments they receive from the corporation. State income tax.

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