What is an S Corporation?
S corporations are a particular type of corporation that is not taxed at the corporation level. The election to be treated as an S corporation is typically made at the time the corporation is formed. They pass corporate income, losses, deductions and credits through to their shareholders for tax purposes, making them a pass-through entity. S corporation shareholders report the income and loss on their personal tax returns. They are assessed tax at their individual income tax rates, allowing the S corporation to avoid double taxation on corporate income.
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