In US law, corporations are organizations authorized to act as a legal entity. US and state tax laws allow a special ‘S Corporation’ tax status that changes how corporate taxes are handled. The government taxes regular ‘C’ corporations directly on their profits, under corporation-specific laws. Individual income tax only applies to money that owners receive from the corporation, such as salaries and dividends. ‘S’ corporations do not pay taxes directly. Their profits or losses ‘pass through’ to the owners’ personal tax returns. This makes them similar to LLCs tax-wise. S status can be ‘elected’ by the shareholders, if the restrictions for S corp status are met. S corps can also un-elect S-corporation status, and revert to ordinary ‘C’ corporation taxes.
 

TitleTap

TitleTap

TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
TitleTap

Related Post

Probate Basics http://bucket.wistia.com/medias/ke316sz5ew?embedType=async&videoFoam=true&videoWidth=640 The legal distribution of assets and property left by someone who has died is called 'probate.' It is a process of law, involving government and courts, that ensures proper and legal distribution of th...
The 8 Best Websites for Attorneys Law firms frequently ask us for examples other attorney websites we’ve built. So this year we decided to highlight 8 of our most popular websites for attorneys, attorney-owned, or attorney-on-staff title insurance websites. How results were determined: Compliments Mobile-Friendliness ...
New Industry Compliant, Customizable Title Insurance Website Templates Announced Tampa, FL: TitleTap, leading provider of marketing solutions and website designs for title agents, announced 10 new customizable website templates specifically tuned for the land title industry. “Over the past 4 years we’ve learned which pages and features are most important for title companies -...
Don't Go At It Alone. Download The Free PDF!"10 Uncommon Questions to Ask Before Hiring a Web Designer"

All websites are not created equal! Download a free PDF with all of the questions you need answered BEFORE hiring a web designer.

Download Now