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Printable Form Instructions 2553 Vallejo California: What You Should Know

Vallejo California. What Is an S Corporation? A corporation with a profit of not more than 1,000,000 for the tax year How Do I Apply for an S Corporation? How Many Corporations Are There? An S corporation will be a separate legal entity separate from your other business ventures to avoid any personal or shareholder taxes. What's the Difference Between an S Corporation and a Sole Proprietorship? An S corporation exists to carry on a family business, and is not a business entity. You may choose to be an S corporation even if you are not a member of your family. You can, however, choose to be an S corporation just for the purpose of managing your family business. What's an S Corporation Tax Status for You? An S corporation is legally different from a company, although both should be taxed similarly. An S corporation can be either: Sole proprietorship: You own the business and can pass all the profits and losses to your personal tax return. Shareholders: You have one or more shares (called voting shares) that you own. You are the sole shareholder in your business, and they are your personal representatives. Corporations are S corporations If you are a new S corporation registered in your state of incorporation, you are taxed for as long as your business exists. However, the profits you make after the date of the initial election can not be taxed to you. For More Information About S Corporations To find out more about S corporations — including more information on: What you must know about your corporation before you open it — so you know everything you need to know before running it; How to apply for your corporation — so you and your corporation know everything you need to know before running it; What happens if you file for an LLC instead of a corporation; Other resources: Find more S corporation resources here. I recently became the president of my new corporation. How should I fill out Schedule C? Schedule C Form 2553 is used by S corporations to report their earnings to the IRS. See the instructions on page 3 of this PDF document to modify the PDF form template or use the templates printed in your state to get a form that you can submit to the IRS. How long do you report earnings in my state? Your corporation must report your taxes for the year to the IRS no later than January 31 following the year in which your annual tax return is completed.

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