Which Form 1120 C Elect 2023-2024

Hi, Lee Phillips here. We want to talk about what I consider to be the biggest problem with a C-corporation and a small business. If I ever meet a small business owner and we end up having a conversation, one of the first questions I ask is, "Do you have an entity? What type of entity?" Responses vary, with some saying they have an LLC while others mention a C-corporation. The crucial question is always about the taxation - "How is it taxed?" More often than not, the answer is "taxed as a C-corporation under Chapter C of the IRS code." When I hear this, I can't help but express my concern. I wonder, "Who advised you to do that?" Many small business owners believe they can enjoy more benefits and have greater options by operating as a C-corporation. In my opinion, it's a very foolish decision to make. The sad reality is that a significant number of small businesses fail. They may not necessarily go bankrupt, but they often shut down because they're not generating profits. The problem lies in having a loss within a C-corporation. When that happens, it's gone, vanished into thin air. On the other hand, if a loss occurs in a pass-through entity like an S-corporation or a partnership, or even now an LLC taxed under subchapter S of the IRS code, the loss can be passed through to the little business owner, and they can deduct it from their taxes. Admittedly, there may be restrictions on how much they can write off, but at least they have the opportunity to carry it forward. Unfortunately, in a C-corporation, the loss is simply gone, without any chance of reclaiming it. This is the exact reason I closed my company. The C-corporation couldn't generate profits, and I couldn't figure out...