C-Corp Double Taxation Explained
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- Äas pĆidĂĄn 19. 11. 2023
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to resolve IRS tax issues, streamline accounting, and minimize tax for business owners.
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
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I'm in situation where I have a C-Corp and the profits have been sitting idle for 5 years. I have $60,000 in the corporation because at the time, I was going to pay it out as salary, but an opportunity came along where could make more money going back to full-time work for an employer. The profits left over after paying tax on it, just sat there. Now, I want to close the corporation, but I want to take those profits out via a dividend over 2 years to pay as little personal tax on it as possible. I'm assuming I just need to file a 1099-DIV and the corporation pays nothing and I'll only have to pay 15% tax on the portion of the dividend that pushes my taxable income above $47,025. Am I correct on this? If so, when am I able to pay out those dividends to not cause an issue with the IRS? If I'm wrong, could you please explain my options? Thanks.
Thanks Jasmine! Great content
First off, this is great info.