Definition: This is the concept that if you have a corporation, you might have to pay taxes twice. The corporation first has to pay a corporate tax, and then you would have to pay an income tax on what you pay yourself.
TeenAnalyst Advice: This is one of the downsides to having a corporation as opposed to any other business entity. Nobody likes paying taxes...let alone paying taxes twice!
There are also many other advantages for having a corporation, which you can find in our "business" section of this website.