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Form Instructions 2553 for Austin Texas: What You Should Know
Form 2553 is filed with the IRS by either mailing or faxing Form 2553 or with counsel 2022. Counsel is responsible for getting Form 2553 in order for you to make a Qualifying Election. Counsel is also the official site for all the information on this document. If you have questions after your return is filed, you should consult your Counsel's site for further information on Form 2553. Benefits of making an election under Sec. 1362 of the Internal Revenue Code While corporations do not pay Federal income taxes, they are able to take advantage of various tax advantages that are afforded to small business corporations under Sec. 1362 of the Internal Revenue Code. These benefits include tax deferral, credits, and other tax benefits including: Tax deferred, tax credits, and special deduction items. For corporations, deferral of tax is important because companies must pay income and capital gains taxes on the profits that are earned. This income is deferred and taxed when the profits are re-earned. The benefits of an election under Sec. 1362 include deferral of taxes. This means the corporation will continue to defer taxes while the profits are earning. The amount of tax deferred is dependent on the type of income the corporation has and how long it has been in business. For more information on deferral of taxes sees Publication 541, U.S. Taxes on Small Business and Your Tax-Deductible Depreciation and Amortization, and Publication 535, U.S. Taxes on Unincorporated Businesses. For information on Federal tax credits, refer to the publication IT 2007-7, U.S. Income Tax Credits for Small Business. Tax savings for small businesses. When a corporation is able to defer taxes while having profits earned, it means the tax savings associated with those profits will go into the corporation's treasury. This means you will have more money to invest in new projects, expand and invest in new employees and equipment, all the while staying below the Federal statutory tax threshold and thereby, reducing the amount of tax that you pay to the Federal government. Tax savings are available until the corporation has 1,000,000 in adjusted gross income. Special deduction items. You cannot claim tax expenditures, such as deducting expenses you do not claim as income.
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