CORPORATE INCOME TAX PREPARATION

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Preparation of Income Tax Returns for a Corporation

 

When income taxes are filed for a Corporation the business may elect to be taxed as a C-Corp or an S-Corp.   Preparation of a Corporate income tax return can be a daunting task for owners of small-mid size businesses as the IRS is constantly changing and adding new tax laws and rules. Sheppard Law Offices provides a year-round tax service for our clients. Our tax professionals stay abreast of income tax provisions which impact your business and personal tax responsibility.

 

C Corporation

The term double-taxation when referring to a corporation refers to a C corporation not being a pass-through entity, and therefore taxes are paid on the net income of the corporation and the shareholders also pay tax on the distributions. There are certain advantages that may entice a business owner may elect to maintain a C status, however many small businesses choose to file an S election with the IRS in order to file income taxes as an S corporation and avoid double-taxation.

 

S Corporation

Profits are passed through in a S corporation, similar to a sole-proprietorship, LLC, or partnership. Therefore business profits or losses pass on to the owners of the S Corporation, who must report them on their personal income tax returns. An informational return reporting each owners share of the profits or losses must be filed if the S corporation has more than one owner.

 

 

 

 

As each small business owner faces unique situations, it is important to discuss your specific circumstances with an income tax preparer in order to maximize your deductions and minimize the amount you pay to the IRS. At Sheppard Law Offices we work with taxes year-round and therefore are available to assist our clients with business and personal income tax preparation, tax planning, as well as larger tax issues.

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Sheppard Law Offices

Law offices of Columbus, Ohio based Tax lawyer  Kenneth L. Sheppard, Jr. serving clients on a national and local scale. We serve clients throughout the United States and abroad in dealing with the IRS, State, and Local taxation authorities. We have Ohio tax law offices located in Columbus, Canton, Newark, and Mt. Vernon. We handle tax issues for clients located  throughout the country, including Ohio, North Carolina, California, Florida, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Texas, and Virginia.

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