Tax

An S Corporation is a tax designation allowing businesses to avoid double taxation. Profits pass through to shareholders and are taxed at individual rates rather than corporate rates

Nonprofits must pay payroll taxes for employees, including Social Security and Medicare taxes. However, they may be exempt from certain federal unemployment taxes depending on their status.

Net tax refers to the amount remaining after all applicable taxes have been deducted from gross income or revenue. It represents the actual value of income, profits, or returns after accounting for tax obligations. In business contexts, net tax is crucial for understanding a company’s true financial position and available funds for reinvestment or distribution. For individuals, net tax is synonymous with take-home pay, representing the amount received after income tax and other deductions. The concept applies to various financial transactions, helping both businesses and individuals make more informed financial decisions

A 1095-C is a tax form that large employers (those with 50+ full-time employees) must provide to their workers and file with the IRS. This form reports information about the health insurance coverage your employer offered you during the tax year.

The 1095-C shows whether your employer offered you affordable health insurance that meets minimum coverage standards. It also indicates which months you were enrolled in employer-sponsored coverage, if any.

You’ll receive your 1095-C by March 31st following the tax year. You don’t need to attach this form to your tax return, but keep it for your records. The information helps you determine if you qualify for premium tax credits when filing your taxes.

If you didn’t receive health insurance through your employer, you might still get a 1095-C showing that coverage was offered but declined. This documentation protects you from potential penalties under the Affordable Care Act requirements.