Filing Taxes for S-Corps

Posted on

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income. To qualify for S corporation status, the corporation must meet the following requirements: be a domestic corporation, have only allowable shareholders, have no more than 100 shareholders, have one class of stock and not be an ineligible corporation. To become an S corporation, the corporation must submit Form 2553 to the IRS.

Start your Nevada LLC in 24 hours
guaranteed

You don’t need to live in Nevada to enjoy the best asset protection
and audit defense a Nevada LLC can provide.

For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729

Tags: Business Expenses, Corporation, Deductions, incorporation, IRS, LLC, Record Keeping, Recordkeeping, Small Business Taxes

    24 HOUR LLC GUARANTEE

    Speak With a
    Business Expert


    TrustPilot

    Nevada is the best state to incorporate, regardless of where you live.
    Nevada Edge
    GET YOUR FREE e-BOOK

    Download our free E-Book and find out why Nevada is the best place to start your business.

    Download Now

    Search

    Start your Nevada LLC in 24 hours guaranteed

    You don’t need to live in Nevada to enjoy the best asset protection and audit defense a Nevada LLC can provide.

    Categories

    Archives