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Like many business owners, you may have structured your business as an S corporation because of the tax benefits it offers. An S corporation provides the same limited liability as a traditional C corporation, but it generally avoids the double taxation associated with a C corporation. You and the other shareholders (if any) pay income taxes on corporate income directly.
Once you have an S election in place, it's important to make sure you avoid taking any action that would put the election in jeopardy. Your corporation's failure to meet certain tax law requirements on an ongoing basis could result in the IRS's termination of its S corporation status.
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Organize records for tax return benefits Now that the page has turned on another calendar year, the tax return season is fast approaching.