A corporation is separate from its owners (shareholders) in terms of income taxes. As a separate entity, the corporation's owners do not pay the taxes for the corporation. A corporation pays income tax by filing a corporate tax return on Form 1120 and paying the taxes as indicated by this return. Corporate income taxes are paid at the corporate income tax rate, not the personal tax rate. You may decide that you want to do your own corporate tax return, or you may want a tax professional to do it for you. If you want to use an experienced tax preparer. Corporate income taxes are complicated. As you will see, there are many forms and schedules that must be completed - and all must be correct and complete. The major tax software program companies have corporate tax returns you can use. If, after you read through this article, you are overwhelmed, start looking for a tax preparer to help you with your business taxes.