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| *Loan,banking and credit>>>income tax |
I have a corporation that does no business and there is no income coming from it at all, are there any taxes ? |
I have a corporation that does no business and there is no income coming from it at all, are there any taxes ? The purpose of a business/corp is to make money. No money, no taxes, therefore why are you a business entity? They'll want to know that. Depends on the state. In California, yes. It depends what state you're in. Here in Kansas, corporations are required to file a Kansas Annual Report every year to stay registered with the state. The fee is $55. Other states may have other forms that you're required to file as well. If you have no income though, you won't have to pay any income taxes. Yes. In many states there is a minimum corporate tax, (some states call it something like a "Franchise Tax", or "Corporation Tax" .) It is not based on sales or income, but merely a license fee to have a business within the state. Here is the law in my state (California), but it is similar to many other states: "Minimum Franchise Tax: Except for newly incorporated or qualified corporations, all corporations doing business in California are subject to an annual minimum tax franchise tax of $800. This is true even if the corporation is inactive or operates at a loss during the year, and regardless of whether or not it did business for a full 12 months." If you have any questions, contact a CPA (certified public accountant), who can give you details on corporate taxes in your state. |
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