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Taxation Rules For Business

A business man earns revenue but a part of his income is paid as tax. Variant businesses have different criteria for tax payments. Sole proprietorship requires lower rate of tax payment while partnership requisites business and personal tax to be paid. LLC, Cooperative, C Corporation and S Corporation also have their own tax rules.

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Taxation Rules For Business

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  1. Taxation Rules For Business

  2. Taxation Rules Taxation rules differ from business to business. Have a glance over some vital tax rules for variant business structures: Vertidigm.com

  3. Tax Rule For Sole Proprietorship • Owner has to pay business tax • Personal tax will not be filed • Lower tax rates are awarded • Tax is filed just once in a financial year • Self-employment tax to be paid Vertidigm.com

  4. Tax Rule For Partnership • Income of each partner is taxable • Business tax is to be filed separately • Personal tax on share of income or loss Vertidigm.com

  5. Tax Rule For Limited Liability Corporation • Personal returns of the partners are taxable • State Tax is an additional tax • No tax on surplus earning • Self-employment tax to be paid Vertidigm.com

  6. Tax Rule For C Corporation • Separate payment of federal tax, local tax and state tax • Income tax is calculated on profit earned • Corporate tax remains less than personal tax • Double tax is to be paid when: • Profit is earned by corporation • Dividend is distributed to shareholders Vertidigm.com

  7. Tax Rule For S Corporation • Tax treatment is similar to partnership and sole proprietorship • Tax on dividend earned by shareholders • Owners get income after paying dividend • That income is taxable but at lower rate • Tax can be saved a lot Vertidigm.com

  8. Thanks forWatching

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