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Corporate Tax Return
IRS DEADLINE:
March 15 |
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75 Days Only |
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You have 75 days from the date of your State Incorporation to become an IRS S-Corporation with its tax benefits...
or your business is automatically considered an IRS C-Corporation.
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Preparation |
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PAPERWORK: When you decide the correct corporate structure for your business, make sure the paper work is complete, timely and
accurate. Don't let Uncle Sam win here
BUSINESS VEHICLE: Should you lease or own a vehicle for your business? Should you deduct actual expense or the standard mileage allowance?
The answer varies dependent upon your circumstances and can make thousands of dollars difference in what can be deducted. Once more, if the
wrong decision was made you could be stuck with this bad decision in future years.
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CAUTION:
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A State Corporation Income Tax Return (1120) must be prepared until the state is notified on a subsequent return that your corporation is now an S-Corporation (a copy of the Federal S-Corp must be attached).
Your business could be subject to unnecessary
DOUBLE INCOME TAX, the first time (1) as income tax on corporate profits and the
second time (2) the remaining profits taxed on your personal return as dividends. States vary. Call an Enrolled Agent
for specific data.
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