What You Need to Know About Corporate Tax

If you own a business, then you need to be aware of corporate tax law because it applies to you and your business!

Simply put, corporate tax is the taxation that exists on any profits your business earns.  

How much tax you’ll have to pay is dependent on your profit level. However, some factors that go into determining your taxation include:

l  Cost of goods sold

l  General fees

l  Administrative fees

l  Depreciation

One thing you should keep in mind as you file your taxes, however, is that you yourself are not the corporation. You, as an individual, will still have to file your own taxes; corporate taxes are a whole different ballgame. However, that is not to say that your income tax and your profit corporate taxes aren’t related; obviously, the more you earn, the more you’ll have to pay in taxes.

In fact, earned profits are usually double taxed, which means the earning themselves are taxed as well as the shareholders. However, in some cases, such as when your business qualifies as an S corporation, are not subject to corporate taxes.

To ensure that you are not paying more taxes than you should, make sure you consult with a tax advisor who knows you are a business owner and acts accordingly. With the right help, you can find all the right loopholes to still pay your corporate taxes legally and benefit personally as much as possible.  #CorporateTax

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Do Some Good, Get a Break

Would you like to give your business a break on taxes this year? Well, one of the best ways to get a well-deserved deduction is to make a charitable contribution to a worthy cause. The IRS, however, recently released some helpful tips on how to make sure you actually get that deduction.

Retail Goodwill (Photo credit: StockMonkeys.com)

For starters, notice that we said “a worthy cause.” What we (and the IRS) mean is that you need to be donating to a true and legitimate charity. Keep in mind that your gifts to people, political causes, and politicians don’t count, at least not as tax deductions.

The IRS also reminds people to file Form 1040 and to then itemize their deductions; otherwise, that deduction you’re banking on isn’t going to happen!

If you’re having trouble figuring out how to get your deduction, don’t take risks that could cause you to miss out. Instead, let a qualified corporate tax accountant, which you can find at Susan S. Lewis Ltd. of Naperville, assist you!

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Corporate Tax Structure Isn’t Black and White

When it comes to corporate tax structure, you likely believe, like most other people, that there are very black and white rules and regulations that corporations must abide by, as well as clear definitions of right and wrong. The truth is, however, that many corporations, as recently revealed by corporate tax accountants from around the world, take advantage of the complex rules surrounding global tax systems to basically commit tax evasion legally.

Because many corporations are still following the rules…essentially…and because actually outing these companies and convicting them of wrongdoing would require long and expensive legal battles, the actions of these corporations often go undetected, keeping them from being subjected to the scrutiny and negative publicity they secretly deserve.

Fortunately, not all corporate tax accountant professionals give into the pressure and act in sneakily unscrupulous ways. No, some are truly ethical, and those are the kinds of accountants who work for Susan S. Lewis Ltd. of Naperville and who you can trust to work for you.

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Gender Bias at Abington Memorial Hospital?

Mary Grace DeSantis had served as the corporate accountant for Abington Memorial Hospital, based in Montgomery County, Pennsylvania for twelve years when she finally got fed up and left her job. Why would someone leave what sounds like a great position? Well, according to DeSantis, her supervisors refused to investigate her claims that she was being sexually harassed and treated poorly by an employee by the name of Judson Erick.  DeSantis claims that the poor treatment was in direct relation to the fact that she was female.

DeSantis is working with lawyer Gerald R. Clarke and has brought her allegations before the United States District Court of Philadelphia. Only time will tell what verdict is rendered in this case, but if DeSantis was actually mistreated, one can only hope she gets the justice she deserves.

Obviously, you don’t want to trust your finances to or do business with a company that mistreats its employees. At Susan S. Lewis, Ltd. of Naperville, you can rest assured that everyone on staff, from the most qualified corporate tax accountant to the receptionist, is treated fairly and equally and that you’ll receive that same great treatment as well.

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Should You Hire a Corporate Tax Accountant

As a business owner, you may be wondering whether or not you actually need to hire a Naperville corporate tax accountant. After all, you may think, you’ve handled your own taxes for years, so why wouldn’t you be able to handle your business’s taxes. The truth is, however, that corporate taxes are a lot more complex and demanding than personal taxes and unless you have professional accounting experience yourself, they are probably going to prove quite challenging to you. It’s really in your best interest to hire a good, qualified accountant whom you can count on to process your taxes as efficiently as possible.

Contrary to popular belief, hiring a Naperville corporate tax accountant doesn’t have to cost a fortune. In fact, doing so can actually end up saving you money in the long run. A skilled accountant knows the tricks of the trade and can use his or her knowledge to find out about tax credits or tax breaks that can save you money. If you know how to file correctly, you can literally get breaks on just about everything, from office supplies to the costs associated with entertaining clients. Miss out on these tax breaks, however, and end up paying way too much for your taxes.

Most importantly of all, a good accountant, like those at Susan S. Lewis, Ltd. can reduce stress. Your life is already busy enough, and there’s no reason to add to that stress with the hassle of taxes. Let someone else—someone who knows what he or she is doing—take care of the hard work for you and relax knowing that your taxes will be filed and sent off without a hitch.

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Why Businesses Rely on Corporate Tax Accountants

Staying on top of a company's finances is a big job. Whether we're talking about a small businesses, or the largest corporations, all of these businesses need to have an experienced professional to take care of tax concerns. The most sought after financial professional for these types of business roles would be a Naperville Corporate Tax Accountant.

What are the duties of these financial professionals?

For starters, it's important to realize that a Naperville Corporate Tax Accountant does a whole lot more than simply taking care of the business' books. Yes, book keeping is a big part of corporate tax work, but it's not the be-all-end-all that businesses hire the best corporate accountants for.

Analyzing & Reporting

Every year businesses strive to do better on their taxes than they did the year before. That means that they need someone who can perform high level tax analysis and reporting. Let's face it, every company knows that next year's budget depends on the analysis from the previous year. So many corporate tax accountants lend their expertise toward taking care of doing the right kind of tax analysis to help plan for the next year's budget.

Some companies have large financial departments and even have accountants on staff. While others may not have any financial professionals on the payroll. Both types of businesses, however, can benefit from bringing in a professional. The experts know how to not only help with business bookkeeping, but how to analyze a company's finances and tax data to minimize taxation and avoid painful tax audits. To get the best results when the time comes for a business to pay taxes, Naperville companies know that they can depend on the corporate tax experts here at Lewis CPA.

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Taking Care of Business Taxes

When you own your own business, tax time can be one of the worst times of the year. There's just so much to keep up with. You have to get all of your financial records in order and then try to figure out all the forms that you need to submit. Of course, tax time doesn't have to be this difficult. If you have a company operating out of the Naperville area, you owe it to your business' success to work with a Naperville Corporate Tax Accountant from Susan S. Lewis Ltd. They are the area's most knowledgeable experts when it comes to helping businesses with their pressing tax filing needs.

When you are responsible for the taxes of a corporation things get really complicated. As you know the tax laws related to large businesses are always changing, which makes filing taxes difficult, if not impossible for most people. Fortunately, though, the Naperville Corporate Tax Accountant experts at Susan Lewis Ltd have the skill set to help organized all o
f your corporate tax records. They can also help your company to navigate the confusing corporate tax laws; potentially saving your company quite a bit of money.

It's best to plan ahead and anticipate the confusion and stress that accompany tax season. Instead of going it alone, or leaving your corporate tax filing to people who don't understand all the intricacies of the Naperville corporate tax laws, get the help of the best Naperville Corporate Tax Accountant professionals at Susan Lewis Ltd. With their help you can focus your attention on other, more pressing business concerns and leave the tax filing to the people who are recognized as the experts in corporate taxes.

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