"Incorporating
a business gives you an additional layer of protection against
liabilities and debts resulting from your business operations. It
also gives you an additional layer of taxes. You will pay taxes on
the profits that your business earns. Any salary the business pays
you or any distributions you take from the business are subject to
personal income tax as well. If you can meet the qualifications,
you might have your corporation treated as an S corporation by the
IRS. If approved, the IRS will not require you to pay the corporate
income tax, treating your business income as personal income and
taxing it at the personal income level."
So base on the quote above I have to pay tax for my business
profit and any salary I give myself also subjected to personal tax.
Therefore it mean I have to pay tax twice if I own the company. Can
anyone verify this