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If I open a corporation how do I get taxed

Original Post

I am thinking of opening a corporation for my small business but I am not sure how the taxes work. If the corporation makes profit, I heard you have to pay 21% tax which is less than individual tax. Do I have to pay extra tax if I want to take the profit from the corp into my own account? If I have to pay double tax then it's not worth the hassle.

lothar
Mar 8, 2019 10:41 AM · 16,020 views
4 Replies
nayapidi Mar 8, 2019 11:46 AM
PM me
Anooj Mar 8, 2019 4:38 PM
Hi I am also interested in knowing the answer to this question. Nayapidi would you be kind enough to answer here so others can benefit too?
nayapidi Mar 8, 2019 4:58 PM
please PM me with details.
anon Mar 10, 2019 12:33 PM
You are taxed twice in C corp. First on c corp income then as dividend when you distribute the profit. The only way to take money out of C corp is either as a salary or dividend. C corp is not recommended for most small businesses.
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