A C Corporation is a legal structure for business that sets up a legal entity which is taxed separately from owners and shareholders. A common structure for many large corporations, a c corp has different advantages than that of an S corp or LLC.
Since a C corporation is considered a legal entity in and of itself, taxes must be paid on the income earned by the corporation. This can lead to the issue of double taxation for shareholders and owners, as they are also subject to taxation on their earnings from the C corporation. However, there are ways to minimize and even completely avoid double taxation. It's best to rely on the assistance of a professional bookkeeper and tax advisor when handling C corporation taxes in order to ensure your corporation and all shareholders are receiving maximum benefits.
Because there are various options for minimizing double taxation, the IRS carefully scrutinizes the financial operations of c corporations. Attempting to handle c corporation taxes on your own could put you at risk of suspicion by the IRS. The talented, professional bookkeepers of Paramount Tax can assist you in both tax preparation and planning your c corporation.
Don't wait until the last minute to pull your finances together for C corporation tax filing. Without the help of a professional, it can be a long and arduous process. The Addison / Dallas tax advisors of Paramount Tax are ready to assist you. Contact us today to schedule a consultation.
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