Who Must File Ga Corporate Tax Return?

All corporations, including S corporations, conducting business in Georgia are required by state law to file a state corporate tax return. The deadline for filing the Georgia corporate tax return is on or before the 15th day of the third month after the end of the corporation’s fiscal year.

For the purposes of federal taxation, S corporations are pass-through businesses, which means that the company itself is not subject to income tax. Instead, the money is passed through to the shareholders, who are then in charge of declaring their individual tax returns for their portion of the income. Even if they don’t owe any state income tax, S businesses must nevertheless submit a Georgia corporate tax return.

You can use the Georgia Tax Center to online pay your taxes if your S corporation owes Georgia corporate income tax. Taxpayers can electronically submit and pay their state taxes using the Georgia Tax Center, an online gateway. You can also send a cheque or money order to the IRS to pay your taxes.

Can S Corp Have No Employees as a result? An S corporation can exist without any employees, yes. In fact, many small businesses that are set up as S corporations only have the founders themselves as employees. You must still submit a Georgia corporate tax return even if your S corporation has no employees.

The kind of business entity, the amount of income made, and the available deductions and credits are just a few of the variables that affect how much taxes a small business in Georgia must pay. Georgia generally imposes a state corporate income tax on small enterprises that is dependent on the corporation’s net income. The corporate income tax rate in Georgia is currently 5.75%. What Do S Corp vs C Corp Mean?

The way they are taxed is the primary distinction between a S corporation and a C corporation. Because C corporations are taxed separately, the corporation itself is responsible for paying taxes on its earnings. Any dividend payments made by a C corporation to its shareholders are subject to taxation as well. For the purposes of federal taxation, S corporations, on the other hand, are pass-through businesses, which implies that the corporation itself is not subject to tax on its income. Instead, the money is passed through to the shareholders, who are then in charge of declaring their individual tax returns for their portion of the income.