Understanding Corporate Tax Filing

A corporation is separate from its owners (shareholders) in terms of income taxes. As a separate entity, the corporation’s owners do not pay the taxes for the corporation. A corporation pays income tax by filing a corporate tax return on Form 1120 and paying the taxes as indicated by this return. Corporate income taxes are paid at the corporate income tax rate, not the personal tax rate. Now, were you aware of this? Maybe you were, and maybe you weren’t. This is why it is our duty to educate at E & Y Insurance Agency. For tax assistance and tax preparation, you have come to the right place!

Should you do your on corporate income tax return?

You may decide that you want to do your own corporate tax return, or you may want a tax professional to do it for you. If you want to use an experienced tax preparation expert, you can’t really go wrong. Corporate income taxes are complicated. There are many forms and schedules that must be completed, and all must be correct and complete. If you have already started doing your own corporate income tax return, but you’re struggling, start looking for a tax preparation expert to help you with your business taxes.

E & Y Insurance Agency serves Michigan!

If you reside in Michigan, and you are looking for assistance with corporate tax filing or income tax filing, then we encourage you to schedule an appointment with us today. We service residents form areas of Michigan like: Rochester Hills, Auburn Hills, Sterling Heights, Madison Heights, Pontiac, Troy, Royal Oak, Rochester, Birmingham, and many more!

We also understand that Michigan residents may be looking for insurance as well as tax assistance. That is why we currently offer products like: car insurance, business insurance, homeowners insurance, and commercial insurance. We are your one stop shop for professional services at E & Y Insurance Agency!

Click here to fill out our contact form and set up your tax preparation appointment today, or call us at 248-671-6860.