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Primer: Corporate Income Taxes Minnesota

If you have chosen to incorporate your business, you must file and pay federal income taxes, and, in many cases, state and local income taxes as well.

Local Companies

Fox Tax, LLC
(612) 824-2829
503 First Ave. N.E
Minneapolis, MN

Liberty Tax Service
(612) 386-0247
16372 Kenrick Ave
Lakeville, MN

Steven H. Mangan, CPA
952-715-0206
8646 Eagle Creek Circle
Savage, MN

Holmberg & Associates
(320) 524-2456
9785 County 16 NW Rd
Brandon, MN

Anne Howden Consulting
(651) 699-1314
1209 Cleveland Ave
South Saint Paul, MN

Kdv-Kern Dewenter Viere
(320) 251-7010
220 Park Ave S
Saint Cloud, MN

Sargent Management Company
(612) 596-3260
601 Carlson Pkwy
Minneapolis, MN

Smith Barbara & Assoc
(612) 827-6364
Minneapolis, MN

Personnel Decisions International
(612) 339-0927
45 S 7th St Ste 2000
Minneapolis, MN

Business Advantedge Inc
(651) 439-0995
450 Main St N
Stillwater, MN

If you have chosen to incorporate your business, you must file and pay federal income taxes, and, in many cases, state and local income taxes as well.

If you are a C Corporation, you will pay income taxes on income left over after business expenses. These taxes are calculated on a sliding scale that usually increases as your income rises. You may also be liable for other taxes, such as personal-holding-company taxes and the accumulated-earnings tax. You should consult with your tax advisor to see exactly what corporate income taxes apply to your company.

If you are an S Corporation, your company, in most cases, will not pay direct taxes. Instead, the income or loss is passed on directly to the shareholders, who pay the tax at the personal rate. Be aware that some states do not recognize S corporation status and tax the company directly. No matter what kind of corporation you are, your federal corporate returns are due a month prior to personal income tax returns -- the fifteenth day of the third month after the company's fiscal year ends. So, if your year ends on December 31, your tax return is due March 15, instead of April 15. Corporate estimated taxes are due on the 15th day of the fourth, sixth, ninth, and twelfth month after the end of the fiscal year. For a year ending on December 31, that would be April 15, June 15, September 15, and December 15.

Featured Local Company

Fox Tax, LLC

6128242829
503 First Ave. N.E
Minneapolis, MN

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History