Taxation

Tax forms we still need to file:

8832 form

C-corp Form 1120

IRS Publication 509 Tax Calendars

IRS publication 15

IRS Publication 334

21 percent tax c corp

C corp separate entity from its shareholders. company pays taxes on any income that’s left after expenses have been paid

The structure of a corporation-

Incorporators

Shareholders- elect directors,amend bylaws, approve the sale of all or substantially all of the corporate assets, approve mergers and re-oganiztions, amend the articles of incorporation, remove directors, dissolve the corporation

Officers- responsible for day to day operation of the corp

employees

Financing your corporation

For a few thousand bucks and a start up lawyer, you can set up shares for your corporation. You can then give shares as equity or sell these on platforms like Republic. Keep in mind you have to pay it back plus interest.

Compensating yourself

Many corporate owners prefer to pay themselves conservative salaries and then reward themselves with a year-end bonus if it makes sense economically

Salaries and bonuses are treated as business expenses of the corporation, which means that the corporation owes no tax on what it pays you (apart from witholding…