- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
So a C corporation is taxed twice on profit?
Posted on 11/10/14 at 4:55 pm
Posted on 11/10/14 at 4:55 pm
I never knew this. I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
Seriously frick the Government. You're talking about taxing double..they'll end up getting over half of our profit when it's all set and done.
Seriously frick the Government. You're talking about taxing double..they'll end up getting over half of our profit when it's all set and done.
12
Posted on 11/10/14 at 4:56 pm to deltaland
Corporate taxes are paid, then the profits on dividends are taxed as income, if I remember right.
Posted on 11/10/14 at 4:56 pm to deltaland
How did you get a 2mill investment and not know this?
Posted on 11/10/14 at 4:59 pm to deltaland
quote:
I never knew this. I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
Pretty basic stuff, very common knowledge. That's why people set up LLC's, S Corps or LPs. The idea is that the C Corp as an entity is taxed on its income. Then when it distributes to its shareholders that is income to them individually and they're taxed. Next time consult with an attorney or accountant before setting up your entity.
Posted on 11/10/14 at 4:59 pm to deltaland
quote:
Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
But, Warren Buffett's secretary!!!!!
Posted on 11/10/14 at 5:27 pm to deltaland
If you meet the qualifications for an S-corporation you can make the election using Form 2553. If you can make the election within the first two months plus 15 days of the corporation's existence then you will have no worries about C corp issues. If not, then you can make the election during the by March 15, 2015 to have it be effective for the 2015 calendar year. Any C corp tax attributes should be insignificant.
Posted on 11/10/14 at 5:32 pm to deltaland
quote:The government does this with every investment profit I make.
You're talking about taxing double..
Posted on 11/10/14 at 6:09 pm to deltaland
quote:you have a corporate tax filing due in November? What's your year end?
I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...
SPOILER ALERT: I don't believe you.
Posted on 11/10/14 at 6:15 pm to deltaland
quote:
I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
White people's problems
Posted on 11/10/14 at 6:58 pm to deltaland
quote:
I never knew this. I just set up a C corp and am about to receive a 2mil investment to get it going. Needed to do a tax filing...I didn't realize with a C corp they tax the profit of the corporation, and then tax the dividends distributed to shareholders.
After reading, you better ditch your financial guy.
This post was edited on 11/10/14 at 7:06 pm
Posted on 11/10/14 at 8:52 pm to deltaland
Yep.. corporations don't pay taxes... 
The socialists beat this drum constantly and there is not a shred of truth to it.
The socialists beat this drum constantly and there is not a shred of truth to it. Posted on 11/10/14 at 9:41 pm to deltaland
quote:it isn't the government's fault you are a complete idiot who can't handle his own finances.
Seriously frick the Government.
Posted on 11/11/14 at 7:38 am to deltaland
Re-structure as an S Corp. Income flows through the corporation to the owner and is taxed the individual rate.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News