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Article: Taxes: learn the basics of federal and state taxation.(Business Toolbox)
- Article from:
- Florida Trend
- Article date:
- June 1, 2008
CopyrightCOPYRIGHT 2008 Trend Magazines, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Federal
* Federal Corporate Income Tax
Due: March 15 (if the business's fiscal-year corresponds to the calendar year)
C-Corporations pay income tax using federal form 1120. A limited liability company classified as a corporation for federal tax purposes must file a federal corporate income tax form.
An S-Corporation generally is not liable for federal income tax, but it must file a federal form 1120S annually and pay tax on certain investment income and capital gains. Returns are due by the 15th day of the third month after the close of the corporation's fiscal year.
* Federal Employment Tax
(Income, Medicare and ...