Primer: Corporate Income Taxes South Carolina

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

Milligan Tax Service
864-269-9860
2706 Anderson Road
Greenville, SC
Gregory A Owens, CPA, Inc.
864-224-0771
2406 N. Main Street, Suite G
Anderson, SC
Coaching and Consulting Solutions
(803) 748-0309
1528 Blanding St
Columbia, SC
Dbe Technical Assistance Office
(803) 749-8321
Columbia, SC
McClain Group Llc
(843) 225-2840
705 Saint Andrews Blvd Ste B
Charleston, SC
Halcyon Supply
(803) 637-0622
456 Buncombe St
Edgefield, SC
Behavior Resources
(864) 271-2740
800 Washington St
Greenville, SC
Health & Safety Associates of Charleston Inc
(843) 795-5446
520 Folly Rd
Charleston, SC
Aspen Square Mgmt
(843) 235-0665
24 High Ridge Loop
Pawleys Island, SC
McKenzie Group the
(843) 795-9800
105 Wappoo Creek Dr Ste 3A
Charleston, SC



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

Milligan Tax Service

864-269-9860
2706 Anderson Road
Greenville, SC

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If you operate a sole proprietorship or partnership, you must pay city, state, and federal income tax just like anyone else and you are responsible for paying it directly to the government. Federal income taxes must be paid in estimated quarterly payments. These payments are due in four installments on: April 15, June 15, September 15, and January 15. These federal taxes will cover your self-employment tax which includes social security and Medicare. This self employment tax makes working for yourself expensive because when you had a boss, your employer paid for half your self-employment tax and you paid the other tax. You will now be responsible for all of it, although a portion of it is deductible.
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Small Business Tax Workshop
Dates: 11/5/2009 - 11/5/2009
Location: Greenville Technical College - Admissions Office, McAlister Square
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Dates: 10/23/2009 - 10/23/2009
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