![]() S corporations don’t pay any corporate tax. Some small businesses are able to avoid double taxation by choosing to be taxed as S corporations. ![]() This taxation of dividends at both the corporate and individual levels is sometimes referred to as “double taxation.” When you form a corporation, your business is automatically treated as a C corporation for federal income tax purposes.Ī C corporation is a traditional corporation that pays corporate income tax on its profits, with its shareholders paying tax on the salary and dividends they receive. Here are six steps to getting your taxes filed: 1. ![]() Before you start making decisions and preparing your taxes, you should familiarize yourself with the basics of filing corporate income taxes.
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