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Form Steps to Complete 2553 IRS Escondido California: What You Should Know

About the Tax Benefits of an S-corporation — Fund era An S-corporation is a type of corporation that can incorporate and transact business through certain limited partnerships (LPs) and limited liability companies (LCS). Businesses formed under the structure of an S-corporation are taxed as partnerships when they do trade or business through their business entities and as corporations when they do not. Learn More on the Tax Benefits of an S-Corporation — Fund era About an S-Corporation's Taxation by an Individual — Fund Era An individual can be taxed as an S-corporation when a business entity (the S-corp) is acquired by him or her, if the S-corporation was formed “without regard to” or at the direction of a related S-corporation (if the S-corporation is not an S-corp). Learn More on the Taxation of S-Corporation by Individuals — Fund Era For example, if a man and his wife form an S-corporation under the rules of section 1561, they are taxed at the applicable tax rates of shareholders of the related S-Corporation for the period when the S-corporation did not exist (or would have failed if it was formed without regard to or at the direction of the other S-Corporation), or if the S-corporation was formed as an S-corporation with regard to a related S-Corporation that existed at the time the S-corp was formed. Why Does my Business Not Have to be an S-Corporation for Tax Benefits? — Fund era Businesses formed under an S-corp structure may not have to be taxed as an S-corp, at least not at the time that the business is organized, because: 1) an S-corp is subject to the corporate income tax at the corporate level. 2) A limited liability company is subject only to its own separate tax of 10% on its net income, which for most S-corporations is a tax rate much less than the tax rate imposed by the federal government.

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