S CD-401S Web Corporation Tax Return 2007 Submit forms in the following order: CD-V, NC-478V, CD-479-2025

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The minimum franchise tax is $200. For S-Corporations: The tax rate for an S-Corporation is $200 for the first one million ($1,000,000) of the corporations tax base and $1.50 per $1,000 of its tax base that exceeds one million dollars ($1,000,000).
Forming an S corporation is straightforward. First, you start a business as a corporation by filing articles of incorporation with the Corporations Division of the North Carolina Secretary of States Office. Next, to elect S corporation status, all shareholders in your company must sign and file Form 2553 with the IRS.
Examples of S Corp tax savings You need to earn at least $40,000 in profit for an S Corp to make sense, though. Otherwise, the costs of forming and running it exceeds the benefits of an S Corp. Here are some charts that show the tax savings for businesses with $40,000, $80,000, and $100,000 in profit.
What is NC CD 401S? A taxpayer that receives an automatic extension to file a federal corporate income tax return will be granted an automatic state extension to file the N.C. S-Corporation tax return, Form CD-401S.
Each year, you must report your interest income to the IRS, whether or not your CD has reached maturity. You can do this by filling out a 1099-INT form. You will be responsible for paying taxes on those funds. Thus, taxes can reduce your return on investment and should be a consideration when opening an account.

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What is the CD-V and Why Should You Use It? If you are filing a North Carolina C-Corporation tax return (CD-405) or S-Corporation tax return (CD-401S) for the current tax year and you owe additional tax, you can pay the balance due on Form CD-V using the Departments online filing and payment system.
While its possible to file articles of incorporation and go through the S corporation election process on your own, S corp requirements are strict and complex. Its recommended you consult an attorney or tax professional.