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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1]
That vastly simplifies tax filing and helps S corporations avoid corporate taxes. In some cases, LLCs can elect to be taxed as S corporations, which can offer tax benefits. B corporation
After electing corporate tax status, an LLC may further elect to be treated as a regular C corporation (taxation of the entity's income prior to any dividends or distributions to the members and then taxation of the dividends or distributions once received as income by the members) or as an S corporation (entity level income and loss passes ...
Continue reading ->The post Should You Choose S Corp Tax Status for your LLC? appeared first on SmartAsset Blog. If you have a limited liability company (LLC), electing to tax it an S corporation ...
Another category of US taxpayers who benefit from check-the-box regulations consists of US flow-through entities (S corporations and partnerships) with foreign subsidiaries. If the foreign subsidiary is treated as a corporation, the taxes it pays to the foreign government do not create a foreign tax credit for the US owner under Section 902 ...
Decide if you will file as a sole proprietor, LLC, or corporation. ... 2025 – Taxes due for partnerships, multi-member LLCs, and S-corporations. April 15, 2025 – Taxes due for C-corporations.
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