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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15029
Experience:  15years with H & R Block. Divisional leader, Instructor
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If i paid taxes in a c corp last year based on $11,529 net

Customer Question

If i paid taxes in a c corp last year based on $11,529 net income how do
i subtract that amount when computing this years taxes since I don t want to pay taxes on the amount twice?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello,You should not have to subtract the net income form the previous year because like an individual the C corp pays tax on income for the specific year. In other words the 1120 form starts with the Gross income for the specific year not what the bank statement reflects. It is the income that was earned in the current year that is taxed.The Gross receipts or sales for the year of filing are used.