A C Corporation is a type of corporation that is taxed separately from its owners under Subchapter C of the Internal Revenue Code. This structure allows the corporation to retain earnings and provides liability protection for its shareholders.
An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) requirements allowing the company's income, losses, deductions, and credits to be passed through to shareholders for federal tax purposes.
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.
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