Tax Preparation

Service Description

Individual, Business Tax (Sch. 'C') and Corporation Taxes We prepared and e-file both Federal and State tax returns of the following: Individual Tax Return form 1040 and Schedule C “C” Corporations’ Tax Return Form 1120 “S” Corporations’ Tax Return Form 1120S Partnership Tax Return form 1065 Individual Tax Return Form 1040 Most peoples in the U.S need to file Form 1040 whether they are Independent Contractors, Employees, freelancer, work someone else, getting rental or investment income. They need to file form 1040.The tax rates applies according to their income, filing status and Dependents. "C" Corporations' Tax Return Form 1120 A Corporation is a separate tax-paying entity who pay Corporation’s tax on its income after offsetting income with losses, deductions and credits. The Shareholders then pay personal taxes on dividend. The last date for filing tax return is April 15 if opted out Calendar year. However, all other will file their tax returns with in 2 and half month of Registration date of the following year. "S" Corporations' Tax Return Form 1120S An S corporation is not taxed at the corporate level. S corporation pass through items of income, loss, deduction or credit to its shareholders who report those items on their personal returns. They pass through items are reported in total on the Form 1120S, Schedule K, and each shareholder; pro rate share of the pass-through items is reported in on schedule K-1. Partnership Tax Returns Form 1065 By default the LLC has option to file the following Income Tax Forms Individual Tax Return form 1040 and Schedule C Individual partnership Tax Return form 1065 Or Form 1120 if the LLC has opted to be taxed as Corporation. How a limited liability company pays income tax depends on whether the LLC has one member or more than one member. Single-Member LLC Income Tax A single member LLC is taxed as a sole proprietorship. That is, the information about the LLC`s income and expenses, and its net income, is prepared using Schedule C. The net income from the Schedule C is brought over to Line 12 of the owners’ personal tax return (Form 1040 or other). Multiple-Member LLC Tax An LLC which has more than one member is pays income tax as a partnership. The partnership itself does not pay taxes directly to the IRS; the individual partners pay tax based on their share of ownership in the partnership. The partnership files an information return with the IRS on Form 1065. Then a Schedule K-1 is prepared for each partner