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I run a small corporation, do I have to file a corporate tax return?
Wiki User
∙ 13y ago
Corporations must file Federal tax returns every year, regardless of income or loss. The same is true in most states.
Wiki User
∙ 13y ago
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What taxes does a distributor pay?
A distributor will pay taxes as would any other business. They would file the return based on the type of business they are legally. If a sole proprietorship, they would file a 1040 with a Schedule C for the business section. If a C Corporation, they would file a 1120 Corporate return. If a Subchapter S corporation, they will file 1120S. A partnership will file a form 1065 return. Their income is calculated as income minus cost of good sold minus expense will equal income.
Is an LLC required to file tax return if no income?
In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
Do i need to file a Florida state income tax return?
Florida does not have an individual state income tax. They do have a corporate income tax.
What tax form should an LLC owned by a husband and wife file to report income and expenses?
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
Do you have to file a separate federal or state tax return for an LLC?
It depends on how you have elected your LLC to be taxed. An LLC does not have its own tax return per se; it is taxed as either a sole proprietor, a partnership, or a corporation. If you have not made any election on how you want the LLC to be taxed, there are default rules: A Single-Member LLC (one owner): by default, is taxed as a sole proprietorship. In this case, the LLC would not have its own tax return -- its income and expenses would be reported on Schedule C of the owner's individual tax return (Form 1040). A Multi-Member LLC (more than one owner): by default, is taxed as a partnership. If this is the case, the LLC will file Form 1065 Partnership tax return. If the LLC does not want to fall into one of these two default classifications, they can also elect to be taxed as a corporation by filing Form 8832 "Entity Classification Election" with the IRS. If the LLC does this, they will file a corporate income tax return, Form 1120. The LLC can also elect to be taxed as a Subchapter-S Corporation by filing Form 2553 "Election by a Small Business Corporation" with the IRS. If the LLC does this, they will file an S-Corporation tax return, Form 1120-S. Most states do not require you to make an election on how you will be taxed, they simply say that they will follow whatever election that you make with the IRS. So, the first step is to determine which form you are required to file with the IRS and then you should do the same with the State. If you have not already done so, it would probably be wise for you to sit down with an Attorney or Accountant who can explain the pros and cons of each of these choices. Each tax structure has subtle differences and one may be preferable for you over the others.
Corporation had no income do you have to file corporate taxes?
Yes
What taxes does a distributor pay?
A distributor will pay taxes as would any other business. They would file the return based on the type of business they are legally. If a sole proprietorship, they would file a 1040 with a Schedule C for the business section. If a C Corporation, they would file a 1120 Corporate return. If a Subchapter S corporation, they will file 1120S. A partnership will file a form 1065 return. Their income is calculated as income minus cost of good sold minus expense will equal income.
Can non attorney officer of corporation file an answer on behalf of corporation?
Yes. The "officers" of a corporate entity are authorized to 'speak' for the corportation whether they are an attorney or not.
How do you find the owner of a car dealership?
Check with the State Corporation commission. Every corporation must file names of the corporate officers, and their registered agent. This is public information.
What disadvantage of organizing as a small corporation?
If you are referring to a sub-chapter S corporation, the major disadvantage is in the amount of paperwork it takes to start. You must create all normal corporate documents (articles of incorporation, shareholder files, etc. - but examples are available online) and that the company must file a separate tax return. You must also file with the state and IRS. In most states you must have three officers. The advantages are that owners are protected in the case of a lawsuit and (if you will believe this...) people are generally more comfortable working with a corporation than a partnership or sole owner.
Do corporate earnings have tax returns?
Corporate earnings don't have tax returns. But corporation that earn (and even those that lose money) do have to file tax returns to report their earnings (or losses).
Is an LLC required to file tax return if no income?
In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
Does being incorporated cost more in taxes?
The answer is 'it depends.' If the corporation was established in one of the few states that has no corporate income tax, the answer is most likely 'no.' Even if your business is internet commerce, the US Supreme Court has ruled that states can not force you to pay their sales tax on sales into their state. If on the other hand you incorporate in a state with corporate income taxes, you will have to file a corporate income tax return and may or may not pay corporate taxes.
What is the corporate telephone number for home outfitters corporation in Canada?
I would like the number for the head office of Home Outfitters Canada to file a complaint.
What Are The Corporate Tax Filing Needs In Delaware To Have An Exempt Corporation?
Generally, non-profit organizations who are identified by the government like a 501(c) (3) non-profit organization don't have to file a Delaware corporate tax return. Please visit Section 1902(b), Title 30, Delaware Code, for any detailed listing of exempt companies.
Do i need to file a Florida state income tax return?
Florida does not have an individual state income tax. They do have a corporate income tax.
How do you file a homeowners association tax return when there is no form?
Your association is probably a corporation of some kind: non-profit, for example. Your taxes are filed as a corporation, if you are one, under the proper designation for the type of corporation you are. Your association's attorney can help you discover what type you are, in your governing documents, or on file with the local hall of records.
