I’m getting ready to do my corporate taxes now. I’ve never done it before and I wonder just how different the experience will be from filing personal taxes. I suppose I’ll have to pay the taxes instead of getting some back, but beyond that I don’t know. This is a new experience for me.

I’ve been keeping decent records, and have kept all relevant paperwork, regardless of how insignificant it might seem. Who knows? Something insignificant might come in handy.

Since I barely made any money, and don’t have any complex deductions or depreciations, I think I’ll just use the online Turbo Tax product for small corporations. It looks like it will work and be cheaper than going to an actual accountant. So, I’ve got to do that for the Federal and the State taxes, and I also have to pay a franchise fee to the State. I’m not really sure what that’s about, to be honest. I knew about it, but didn’t know if it applied to every company or under what conditions the tax would become due.

It looks like it’s for everyone across the board, and is calculated as a percentage of gross income or something. I only remember that if that percentage amount is below $150, I still have to pay $150. For a company as small as mine, that’s a lot.