C corporation is a legal structure that a business is incorporated in order to limit its owner(s)' legal and financial liabilities. C corporation is legally considered separate entity from its owner(s). In C corporation, income is taxed at the corporate level seperately from its owner(s) and is taxed again when it is distributed to its owner(s).
Generally, C corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A newly form C corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. A C corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. C corporation may file the Form 7004 with the Internal Revenue Service (IRS) by the regular due date of the return to request a 6-month extension of time to file.
As of 2010[update], the IRS lists the following tax rate schedule for "most C corporations", except "qualified personal service corporations" and certain other cases:
Over But Not Over Tax Due