LYCOS RETRIEVER 
S Corporation: Tax
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The idea that, for example, non-Nevadan businesses can use a Nevada corporation to avoid paying taxes to the state where the business is actually located is an entrepreneurial myth. Please read the Taxation of Corporation page’s discussion of how state’s tax corporations for more information.
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Corporation documents were written by Stephen L. Nelson, CPA. A CPA for twenty-plus years, Nelson holds an MBA in Finance from the University of Washington and an MS in Taxation from Golden Gate University. Nelson is the author of numerous best-selling books about accounting and finance including Quicken for Dummies (which sold more than 1,000,000 copes) and QuickBooks for Dummies (which sold more than 500,000 copies). taught LLC and S corporation taxation in the graduate tax school at Golden Gate University.
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The employment tax savings makes the S corporation attractive. But, you still have to deal with paying payroll taxes. The payroll tax is a pay-as-you-go tax that must be paid to the IRS regularly throughout the year--on time, or you will incur interest and penalties. When you incorporate with Click&Inc, you get a free month of payroll processing from ADP and a waiver of all set up fees. The few bucks a day this service will cost you is more than made up by having payroll taxes handled for you.
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Failure to meet these requirements will lead to the disallowance of tax deductions and the asset protection that the Corporation provides. With the Complete Paperwork Assistance program you can enjoy all the benefits a Corporation provides, without the hassles and headaches of doing all the paperwork yourself.
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When deciding to incorporate, many entrepreneurs wonder which is better, LLC or S corporation. When you’re weighing an S corporation versus an LLC, there are a number of factors you need to consider. Having a tax lawyer or accountant examine your situation and help you determine your needs is always advised.
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A C corporation stands alone for tax purposes. It must file tax returns and pay taxes on profits. Profits and losses are reported on the corporate tax return and do not pass through to shareholders. C corporations can elect any calendar month as the end of their fiscal year.
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