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What Do you Know About Tax Planning for Your Business
The least information you know about your business formation and tax filings can become a major problem. This is why, the staff at SBC Solutions LLC strive to provide the basic knowledge needed for starting their business. Whether it is a LLC or a Corporation you need to know the about the information you are about to read.
Default Classifications: is neither a S-Corp or C-Corp. So the starting point of your business is to determine your classification.
Pass-through taxation: A business that does not pay income tax of its own. Its income, losses, credits, and deductions “pass-through” to each business owner's personal tax return, where its profits are taxed according to each owner's individual income tax rate. (S-Corp)
Double taxation: A business that is registered as a C corp or elect to be treated as such is taxed twice on business profits. The corporation first pays taxes on its profits, but then stockholders must pay personal income taxes on the dividends paid from the company's profits.
This is just a few things you need to know when planning your business tax preparation processing.