Corporate tax Essay Samples and Topic Ideas

corporate tax. In summary, both the limited companies and the s corporations play a vital role in the financial market, and thus none of them can be overruled. For instance, they allow the protection of assets from the creditors. However, starting an S corporation is more advantageous due to its pros that have been...

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corporate tax rate is often lower than personal income tax. As for partnerships, they pay taxes at rates depending on their profits. Factors to consider when choosing a business entity Liability protection: this is an important advantage in operating a business. The liability protection varies but owners often look for entities that can help them protect their personal assets. For instance, an entrepreneur may form a business entity and borrow money from the bank. In this case, the entity will be liable for the debts and not the entrepreneur as an individual. The entity is also liable for other arising liabilities such as accidents. Business insurance is, therefore, a necessary...

corporate tax return. Conversely, Donna boutique will have to fulfill self-employment taxes on income that the business brings in. The boutique will also not be able to deduct fringe reimbursements such as the cost of availing life and death insurance benefits to workers. Since sole proprietors have no employer that will be withholding income taxes from their pay check, it will be the task of the boutique’s owner to set aside enough funds for paying taxes on any business income they make during the year. This will be done by estimating the tax amount their boutique business will owe yearly and making quarterly estimated income tax submissions to the IRS. Also, the boutique owner will be required to...