How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15590
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

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: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years 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.