What types of taxes will my startup owe, and how can I file?
Corporations in the United States are subject to a number of different types of taxes from a variety of different levels of government, so filing corporate taxes can be extremely daunting—especially for first-time founders. The best way to ensure that your company is paying all required taxes and taking advantage of all available deductions is to work with a tax prep professional, but it’s advantageous to understand what types of taxes and deductions might apply to your situation.
Will I owe taxes in the State of Delaware?
Corporations incorporated in Delaware but not conducting business in Delaware are not subject to corporate income tax, but they do have to pay a Franchise Tax administered by the Delaware Department of State. You will have to file an Annual Franchise Tax Report and pay Franchise Tax by March 1st of each year.
What will my tax obligations be once I setup the business?
As with starting any business, you'll have to comply with U.S. tax law and other applicable laws. You'll also have to pay an annual Franchise Tax to the state of Delaware, which starts at $350.