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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.
Under U.S. tax law, companies are not required to pay U.S. tax on their foreign subsidiaries’ profits for many years, even indefinitely until the earnings are returned to U.S. Therefore, it was one of the main reasons that U.S. corporations paid low taxes, even though the corporate tax rate in the U.S. was one of the highest rates (35%) in ...
Continue reading ->The post Should You Choose S Corp Tax Status for your LLC? appeared first on SmartAsset Blog. If you have a limited liability company (LLC), electing to tax it an S corporation ...
A corporation wholly owned by U.S. citizens and resident individuals may elect for the corporation to be taxed similarly to partnerships as an S Corporation. Corporate income tax is based on taxable income, which is defined similarly to individual taxable income.
That vastly simplifies tax filing and helps S corporations avoid corporate taxes. In some cases, LLCs can elect to be taxed as S corporations, which can offer tax benefits. B corporation.
The Schedule K-1 Tax Form Explained - File IRS tax form Schedule K-1 to report your income from "Pass-through entities," such as S corporations, estates, and LLCs. Learn more about when and how to ...
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