Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-17-2008, 05:12 PM
Junior Member
 
Join Date: Mar 2008
Posts: 8
How does one pay for their Corporation tax liability?

I owe some corporation tax on my C Corporation, as I was not able to take all the profits in the form of a salary.

1. How do I pay for these taxes?

2. What address should I mail these payments to, my corporation is a regular C corporation based in California!

Thanks in advance!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-17-2008, 10:50 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
How does one pay for their Corporation tax liability?

The IRS requires that you pay the corporate tax liability using a Form 8109, known as the "Federal Tax Deposit Coupon." Usually, the IRS will have sent you a Form 8109 coupon book after you've applied for your Federal Employer Identification Number.

You basically fill out the respective section related to the Corporation tax liability on the Form 8109 coupon and take it to your local bank. Submit this coupon with all the required parts completely filled out with the Correct EIN#, Corporation Tax Year, Corporation Tax Amount, Business address and telephone number etc., and submit it with the correct payment to the bank.

The Bank will instantly debit your bank account in the amount of the Federal Tax Liability. Hence, there is no need to worry about any mailing of a check to a specific address. It is done instantly by the bank.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Will My NY State C-Corporation have to pay any minimum tax if there are no Profits? katlee C-Corporation 1 03-13-2008 10:16 PM
Will I be able to use my Rebate to offset my 2007 tax liability? pinky Miscellaneous 1 02-24-2008 10:59 PM
What options are available to a taxpayer when he cannot pay his tax liability? disa Estimated Taxes 1 08-22-2007 09:24 AM
Do i have to pay Estimated federal taxes for my S corporation? Dwhite S-Corporation 1 03-27-2007 09:37 AM
What are my options if I can't pay my 2006 tax liability? Melissa Miscellaneous 0 03-20-2007 06:05 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.