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 accountant 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 accountants 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 tax advisors of Paramount Tax are ready to assist you. Contact us today to schedule a consultation.
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements. Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 tax advisors firm in America. So when you ask yourself, "Where can I find tax advisors services near me?"... think no further than Paramount Tax!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax a call or visit our tax and accounting firm for a free consultation.