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How much taxes will I have to pay if my Corp. bottom line on my Profit & Loss Statement is a positive $10,000?
I have a business in New Hampshire. I became a Corporate owner September of 2010. I ran a Profit and Loss Statement off my Quick books and the bottom line said about $10,000. How much will the taxes be on about $10,000?
2 Answers
- troLv 710 years agoFavorite Answer
the Corp's taxes will probably be $1500
the corp pays its own taxes, it is not your profit or loss, it is that of the corp.
- Wayne ZLv 710 years ago
S-Corp or C-Corp?
The profits from an S-Corp flow through to your personal return so, depending upon your other income, the answer could range from "very little" to "a lot".
