Corporate Tax Career Guide and Counseling

Question: How do i get a job doing corporate tax returns? Hi, thank you for looking into my quesion, I recently finished my income tax course and have received my certification. I need some advice as to where to apply for a job? I also would like to get into doing corporate tax returns in the long run, any ideas?Thank you.

Answer: Study to become an enrolled agent?

Question: How do you know what the corporate tax rate is? I'm trying to figure out Costco's corporate tax rate for 2007. What is a corporate tax and how do you calculate the rate? Thank you!

Answer: As Costco is a fictional company, the rate would be lower than mainstream CT. Probably about 5%.

Question: How to make a balance between good cash flow and low corporate tax payment? I have a small company. My company pays income tax at 15%. I would like to minimize the amount of corporate income tax that my company is paying, by giving my employees more bonuses (thereby increasing expenses). I'd like to know if there's any rule of the thumb method that I can follow, to ensure that I'm not paying too much taxes. my company is a limited company. thanks alot.

Answer: How are you incorporated? Are you an S corp, C corp... LLC? There is no way to answer your question without knowing that. The type of company you have is what dictates how you are taxed and what you can write off. Make an investment in the future of your company: Purchase "Own Your Own Corporation" by Garrett Sutton. It is part of the "Rich Dad" series. If you don't have this info under your belt, you probably ARE paying too much in taxes by being set up improperly and by missing write-offs. You have to know HOW to do your taxes LEGALLY before you can get all the best bennefits.

Question: Who do you believe will pay a corporate tax? I have long believed that corporations should be virtually tax-free. Essentially all corporations pass along to the consumers of their products the costs of their operations. Taxes are also a part of a corporation's costs to operate. If the Democrats target corporations, and raise corporate taxes, I believe this is a tax on you and I. They'll just raise prices. In addition to this, I believe that the complexity of tax laws as well as thick beauracracy with regard to government oversight into corporations practices also makes it more popular to decide to outsource to other nations it's manufacturing operations, costing American jobs. What's your take on this issue? http://www.springboardblog.blogspot.com

Answer: No doubt about it. Not only do higher corp. taxes trigger higher consumer prices, higher corp. taxes also retard job growth. Take a look at those states with the lowest corp. taxes and compare rates of job growth. Take a look at countries with the lowest corp. tax rates and compare job growth. I've heard it said that Democrats love jobs, but hate employers.

Question: Can someone cite a source showing that Obama has proposed an increase in corporate tax rates? I can't seem to find the proposal that would require corporations to pay a higher rate of tax than they currently pay. He is proposing a modest tax increase on individuals earning more than $250,000/year. But as I read sections 1 and 11 of the Internal Revenue Code, corporations pay different tax rates from individuals. So where is Obama's corporate tax increase? Patricia, Obama is a Republican? Someone needs to write a memo to the Democratic National Committee to let them know this amazing fact.

Answer: My friend. This is why Americans are in such deep sh!t right now. It's all gut feeling and shooting from the hip. Who reads? Who does any math? You are asking about tax code? They do not understand even how credit works. Even on TV, news, shows, they say whatever about this. Taxable income? What is that? Now "spread the wealth", that they understand, sounds bad! Kill him!

Question: can anyone tell me what the relationship of corporate tax and personal tax? i would like to know the relationship and when can claim tax credit? is it when personal tax rate is lower than corporate tax rate? why?

Answer: There is no tax credit that works the way you describe. In the US a C corporation pays corporate taxes and can distribute dividends to the shareholders. Those dividends are taxable income to the shareholder on their personal return. If the corporation elects to be an S-corporation (they have to be eligible and get permission from the IRS), the S corporations income is reported on a form 1120S and passed through to the shareholders who then put the income items/expenses on their personal return.

Question: Why wouldn't corporations include corporate income tax expenses when pricing its products? In college I learned that businesses considered all expenses (i.e. wages, energy, rent, etc.) when determining how to price their products. I assumed taxes would also be considered, but most people I talk to seem to consider corporate taxes as taxes on "the rich". However, if corporations include tax expenses in the price of their products; wouldn't the middle-class and poor pay the majority of these taxes? If the middle-class and poor do bear the brunt of corporate taxes, isn't this a deceptive and hidden tax against them?

Answer: Yes it is. ALL costs are passed on to the consumer. There is no such thing as a free lunch. All monies spent on defense, airports, highways, hospitals etc. (EVERYTHING) is passed on to the individual workers or tax payers. Governments simply do the buying and redistribution of every-ones money. That is why governments should always be kept to a minimum size.

Question: What is the point of having corporate tax? It seems unfair to me to tax corporate income and then turn around and tax the dividends as income. It's double taxation and makes me wonder why any corporations stay in the US. If I owned a corporation I think I would just move the HQ to the Bahamas. Someone explain the logic. You can't form an LLC unless you have less than 100 shareholders and none of your shareholders can be foreigners.

Answer: It is government there is no logic

Question: Do I have to file a corporate tax return? Hi. I incorporated a new business in Ontario early November of this year. I'd like to know whether I have to file a corporate income tax return for this year? The fiscal year ends Dec 31. Thanks for your help.

Answer: Yes, you need to file the corporate tax return within 6 months after your chosen first fiscal year end of december 31. Find below are the references: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/c… http://www.gov.on.ca/GOPSP/en/graphics/2…

Question: Why does Obama want to raise corporate taxes when trend around the world is lower tax rates? "the trend abroad is lower corporate tax rates in virtually all developed nations. As a result, the United States now has the second-highest statutory tax rate among OECD member nations." Source: Comparing International Corporate Tax Rates: U.S. Corporate Tax Rate Increasingly Out of Line by Various Measures http://www.taxfoundation.org/publication…

Answer: He, like most liberals, don't learn lessons when they happen. Carters administration did not teach them anything. Taxing business is just a tax on consumers, laundered by business.