U.S. Income Tax Service     [Tax FAQ]

 

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Filing requirements for LLC (Limited Liability Company)

 

The Internal Revenue Code does not recognize an LLC as a classification for federal tax purposes. An LLC business entity must file as a corporation, partnership or sole proprietorship tax return. The code treats LLCs by default as a pass-through entity, meaning the LLC does not pay taxes on the net income they generate; instead they pass the taxable income through to its members who then pay the applicable federal and state taxes on their share of the LLC’s taxable income.

 

LLC can be either multi-member (with two or more members) or a single member LLC (SMLLC)

 

Taxation of a Multi-member (with two or more members)

A multi-member LLC can be either a partnership or a corporation, including an S corporation. To be treated as a corporation, an LLC has to file Form 8832, Entity Classification Election (PDF), and elect to be taxed as a corporation. A multi-member LLC that does not so elect will be classified by federal law as a partnership. Multi-member LLC must file form 1165 to report its gross income and all deductible expenses and provide form K1 to each of its member to report the member's share of the LLC taxable income or loss. The LLC must also report its balance sheet including cash balance, receivables, inventories, fixed and other assets, accounts payables, all other current and long term liabilities and its equity.

 

Taxation of a Single-member (with one member)

A single member LLC is a disregarded entity. The member of the LLC must file IRS form 1040 (if a US resident) or IRS form 1040NR (if a non US resident) with all its applicable schedules and statements. Income connected with US trade (and deductible expenses) of the LLC should be reported on Schedule C of form 1040 / 1040NR as business income. Income not connected with US trade, should reported on form 1040NR with full disclosure of the US tax treaty relied upon for any tax exemption.

 

Filing requirements for a Non US Resident

A non US resident doing business in the US, will be taxed and have the same filing requirement as a Single member LLC, mainly because the LLC is a disregarded entity and the tax filing burden falls on the LLC member. Non US resident must file IRS form IRS form 1040NR with all its applicable schedules and statements. Income connected with US trade (and deductible expenses) should be reported on Schedule C of form 1040NR as business income. Income not connected with US trade, should reported on form 1040NR with full disclosure of the US tax treaty relied upon for any tax exemption.

 

 

State Filing requirements for an LLC or Non US Resident

Each US state has its own set of tax and incorporation laws, thus each state has a different tax filing requirements. Nine states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. The states of New Hampshire and Tennessee tax their residents only on income earned through interest and dividends.

 

Franchise tax Filing requirements for an LLC or Non US Resident

Franchise tax is a tax charged by some US states to corporations and LLCs with a nexus (aka a filing obligation) with those states. The common feature of a state's franchise tax is that it is not based on income. Rather, the typical franchise tax calculation centers around the "net worth" of the taxpayer. Typically, the number of shares they issue or, in some cases, the amount of their assets is used to make this determination. The purpose of the tax is to raise revenue for the state. The state of Delaware has a significant franchise tax, while other states, such as Nevada, have none at all or a smaller one. On the other hand, states with higher corporate income taxes usually have low franchise taxes and vice versa. Thus in the case of Delaware, it has no corporate income tax for companies that are listed as operating in the state, but a substantial tax applies to those that do business outside of the state.

 

 

LLC Single Member

LLC Multi Member

Foreign Individual

Foreign Corporation

Federal Tax

Return

State Tax

Return

Ownership

Office holder

Lodgment

Federal Tax

Return

State Tax

Return

Ownership

Office holder

Lodgment

Federal Tax

Return

State Tax

Return

Ownership

Office holder

Lodgment

Federal Tax

Return

State Tax

Return

Ownership

Office holder

Lodgment

California

1040NR and all applicable statements and schedules

CA form 568 and all applicable statements and schedules

You must pay an annual LLC tax to California's Franchise Tax Board (FTB) within 3-1/2 months of formation. That tax is currently $800 per year. After the year of formation, the tax is due by April 15 each year, assuming your LLC has a calendar tax year. This tax must be sent to the Franchise Tax Board with FTB Form 3522, Limited Liability Company Tax Voucher.In addition, if your LLC's net annual income exceeds $250,000, you may be required to pay an additional "fee" with your annual tax return, Form 568, Limited Liability Company Return of Income. Like individual tax returns, your LLC tax return is due by April 15 of each year (assuming a calendar tax year).

 

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

CA form 568 and all applicable statements and schedule s+ NRA State tax return for each member

You must pay an annual LLC tax to California's Franchise Tax Board (FTB) within 3-1/2 months of formation. That tax is currently $800 per year. After the year of formation, the tax is due by April 15 each year, assuming your LLC has a calendar tax year. This tax must be sent to the Franchise Tax Board with FTB Form 3522, Limited Liability Company Tax Voucher.In addition, if your LLC's net annual income exceeds $250,000, you may be required to pay an additional "fee" with your annual tax return, Form 568, Limited Liability Company Return of Income. Like individual tax returns, your LLC tax return is due by April 15 of each year (assuming a calendar tax year).

 

Same as SMLLC

NRA State tax return

Self-employment taxes. LLC members (owners) who are active in the business will probably have to pay self-employment taxes on their share of LLC profits -- just as partners in a partnership do. Fortunately, an LLC member can deduct, as a business expense, half of the self-employment taxes paid. (Members in manager-managed LLCs may not have to pay self-employment taxes if they are not active in the business; if you are in this situation, consult a tax adviser to see if you should pay self-employment taxes.)

1120F and all applicable schedules and statements

Corporate State tax return

You must pay an annual LLC tax to California's Franchise Tax Board (FTB) within 3-1/2 months of formation. That tax is currently $800 per year. After the year of formation, the tax is due by April 15 each year, assuming your LLC has a calendar tax year. This tax must be sent to the Franchise Tax Board with FTB Form 3522, Limited Liability Company Tax Voucher.In addition, if your LLC's net annual income exceeds $250,000, you may be required to pay an additional "fee" with your annual tax return, Form 568, Limited Liability Company Return of Income. Like individual tax returns, your LLC tax return is due by April 15 of each year (assuming a calendar tax year).

 

Florida

1040NR and all applicable statements and schedules

F-1065 and all applicable statements and schedules Florida law recognizes businesses operating as limited liability companies (LLCs). As an LLC, you will be treated, for Florida tax purposes, exactly like a corporation. This is the case regardless of your tax treatment for federal tax purposes. Florida imposes a franchise tax on foreign and domestic corporations for the privilege of doing business in Florida. As of January 1, 2010, the tax is imposed at the rate of 5.5 percent of net income for the year. The first $5,000 of net income for the year is exempt.

 

 

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

F-1065 and all applicable statements and schedules  + + NRA State tax return for each member. Florida law recognizes businesses operating as limited liability companies (LLCs). As an LLC, you will be treated, for Florida tax purposes, exactly like a corporation. This is the case regardless of your tax treatment for federal tax purposes. Florida imposes a franchise tax on foreign and domestic corporations for the privilege of doing business in Florida. As of January 1, 2010, the tax is imposed at the rate of 5.5 percent of net income for the year. The first $5,000 of net income for the year is exempt.

 

 

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Georgia

1040NR and all applicable statements and schedules

GA700 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

GA700 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Missouri

1040NR and all applicable statements and schedules

M01065 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

M01065 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Nevada

1040NR and all applicable statements and schedules

With income tax filing

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

With income tax filing

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

With income tax filing

With income tax filing

North Carolina

1040NR and all applicable statements and schedules

D-403 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

D-403 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Ohio

1040NR and all applicable statements and schedules

IT1140 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

T1140 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Tennessee

1040NR and all applicable statements and schedules

FAE170 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

FAE170 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

Texas

1040NR and all applicable statements and schedules

05-163 and all applicable statements and schedules

With income tax filing

1065 for the LLC + 1040NR and all applicable statements and schedules for each member

05-163 and all applicable statements and schedules + NRA State tax return for each member

With income tax filing

Same as SMLLC

NRA State tax return

With income tax filing

1120F and all applicable schedules and statements

Corporate State tax return

With income tax filing

 

 

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