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Tax Deduction Consulting: Corporate Tax Deductions Windham ME

The Corporation has several advantages over other forms of business. These advantages have most to do with liability protection to the owners. The Corporation isolates the business and its affairs from the personal affairs of the actual owners, who are the shareholders.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(207) 828-4829
694 Forest Ave
Portland, ME
 
H & R Block
(207) 773-0221
252 Saint John St
Portland, ME
 
Brown Barry J
(207) 879-7000
22 Free St Ste 301
Portland, ME
 
H&R Block
(207) 541-1981
629 FOREST AVE
PORTLAND, ME

Data Provided by:
Austin Associates PA CPA
(207) 892-6642
183 Us Route 1
Portland, ME
 
Scott Associates
(207) 772-0441
12 Revere St
Portland, ME
 
Johnson Virginia M
(207) 772-2322
686 Brighton Ave
Portland, ME
 
David Thomas & Assoc
(207) 871-0123
477 Congress St Ste 1005
Portland, ME
 
Hutnak Stephen A LLC
(207) 772-1600
100 Middle St Ste 401
Portland, ME
 
Data Provided by:

Tax Deduction Consulting: Corporate Tax Deductions

Check List of Corporate Tax Deductions

A Corporation is the only type of business entity in the United States that is required to pay "income tax" on its profits. That is why corporate tax deductions are so important.

The Corporation has several advantages over other forms of business. These advantages have most to do with liability protection to the owners. The Corporation isolates the business and its affairs from the personal affairs of the actual owners, who are the shareholders. This means that the Corporation must pay its own "income taxes." In the case of other business structures such as sole proprietorships, LLCs, and partnerships, the tax obligation is passed on to the owners directly. They then pay the income tax on the profits as part of their own personal income taxes.

Since the Corporation is treated much like an individual for the purpose of taxation, it is essential to make sure that only the fair and legal amount of tax is being paid. It may be nice to the ego of the managers to inflate the profit figures by ignoring some legitimate business expenses, but it is not wise from a taxation point of view to miss any deductions. So, what are legitimate business expenses?

Actually, any expense that is in anyway related to the goal of producing a profit can be deducted as a legitimate cost of doing business expense. This would include the pay and benefits of any and all employees. Even if the employees are substantial stockholders, they are still paid a salary and this salary is the basis for their own personal income tax. To the Corporation, this is just a deductible expense. The cost of benefits is included also as a deduction.

A checklist of Corporate Tax deductions would include virtually everything that is related to doing business. This is why proper accounting procedures are of paramount importance to any Corporation regardless of its size. Many small business owners are drawn to the idea of Incorporation for the liability protection an...

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