Teraoka

Best CPA/Accounting firm in Huntington Beach, CA Teraoka & Company, An Accountancy Corporation, has been performing tax, accounting and consulting services in Huntington Beach since 1982. Over the 30 years, the firm has established itself as a financial guide to the business community and to individual taxpayers. A 2015 recipient of an award for th... e Best Certified Public Accountant in Huntington Beach, the firm has developed business relationships in Orange County and beyond. The individual tax preparation roster includes clients in many other states and to some living abroad. When you walk in, you become the most important person in our office and you will receive timely and competent attention paid to your needs. Your business, tax or financial matters are given specific attention to fit your particular situation. Our goal is to communicate with you in a manner that leaves you well-informed and feeling confident in our services. Feel free to discuss your needs and objectives with us. Our motto is: We are here to help you. Just ask! A legal entity owned by shareholders. The Corporation itself and not the shareholders will be held liable for actions and debts the business incurs. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. Corporations are required to pay federal and state taxes. Corporations are usually taxed twice when the company makes a profit and to shareholders when distributed as dividends. The corporation does not get a tax deduction when it distributes dividends to shareholders. Shareholders cannot deduct any loss of the corporation. Who must file a tax return? All domestic corporations, including corporations in bankruptcy, must file an income tax return whether or not they have taxable income. Corporations must file Form 1120, unless they are required, exempt under section 501, or elect to file a special return. If an entity with more than one owner was formed as a Limited Liability Company (LLC), it is generally treated as a partnership ...Read More