Corporate Income Tax

Income Tax Filing for Your Corporation

A regular corporation (C Corp) pays income tax on its profit at the 15% tax rate and it escalates from there. The shareholder(s) can make an election to be taxed as an S Corporation, thereby passing the corporate net income or loss through to the individual shareholders' personal income tax return. This may or may not be beneficial to the shareholders depending on a number of factors. If the corporation has losses in the early part of its existence, it may benefit the shareholders to offset these losses against other income, a benefit of an S Corp. If the C Corp tax rate is less than the individual tax rate and the corporation chooses to retain its earnings in the corporation, it may be more beneficial to be a C Corp. However, shareholders of an S Corp may be able to avoid double taxation (that a C Corp may incur) on an eventual sale of its corporate assets. There are many more considerations when deciding whether a corporation should elect S Corp status. Contact the Hall CPA Group and we can help you make the best decision for your particular circumstances.

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