C corporations require more formalities than other forms of business and are subject to double taxation. However, if you’re able to sell your shares of stock to raise a substantial amount of money, this may be the right form of business for you. 

The Basics

  1. Registering with the IRS
  2. The forms of business recommended by SaafenetC corporaations
  3. Selecting a fiscal year
  4. Accounting periods and methods
  5. Be certain you have a business the IRS won’t declare a hobby
  6. If you plan to operate in a foreign state be certain to select the right one
  7. Documenting operating revenues and expenses
  8. What types of expenses are deductible for your business
  9. documenting mileage expense
  10. Non deductible expenses

Advanced topics

Start up issues

  1. If you plan to purchase a business, don’t inherit undisclosed tax liabilities
  2. The office in home deduction if you formed your business as a Sub chapter “C” corporation.

Tax Credits

  1. Avoid Tax credits that may be disallowed by the IRS
  2. Get a tax credit for using plug-in electric vehicles

Payroll

  1. Using the “Work Opportunities tax Credit”

Year End Filing

  1. Be certain you use the right tax preparer if you won’t be filing on your own
  2. Once you make a profit avoid abusive tax shelters

Retirement

  1. Setting up a 401 K plan when you’re operating alone