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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
U.S. corporate income tax return form 1120. [80] Corporations subject to U.S. tax must file federal and state income tax returns. [81] Different tax returns are required at the federal and some state levels for different types of corporations or corporations engaged in specialized businesses.
Partnerships and S corporations can request a six-month extension to file, but this does not extend the time to pay any tax due. April 15, 2021 Deadline for filing and paying corporate income taxes.
Any Medicare wages from an S corporation in which you are a more than 2% shareholder Carefully maintaining your records during the year will help make it easier when you file your taxes.
The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations. The tax rate varies from country to country and is usually calculated as a percentage of the corporation's net income or capital. Corporate tax rates may also differ for domestic and foreign corporations.
But corporations are already finding new ways to get around that agreement; a development that will end up reducing the amount of corporate taxes countries can collect by about half of what was ...
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