|   Incorporation   |   Accounting   |   Tax   |   EXPAT TAX     |   Payroll    |   Business Management   |   Business Broker   |  

 
 
 

U.S. Income Tax Frequently Asked Questions

  

Filing Requirements

Which tax returns do I have to file?

Filing requirements for LLC (Limited Liability Company)

Filing Requirements for Multi-member LLC  

Filing requirements for S Corporations

Filing requirements for C Corporation

 

U.S. Tax Brackets and Tax Rates

What are the U.S. federal income tax rates for 2010?

 

Preparing Your Tax Return

How does preparing my taxes work?

Should I e-file my Tax Return?

Is your service available in all 50 states?

Why are your fees more competitive?

 

IRS or State Audit

You offer is unique and complete tax service. What does it include?

 

Tax Guides

LLC Tax Guide    

S. Corporation Tax Guide    

C. Corporation Tax Guide

  


 
Which tax returns do I have to file?

If you are an individual, you will have to file wither a U.S. individual tax return (form 1040) or Non-Resident tax return (form 1040NR). For a business, Each entity type has its own filing requirements. Normally business return must be filed by March 15 of each year for the previous tax year, unless you file for extension and then you can file by October, 15 of each year for the previous year. Below you will find specific filing requirements for each legal structure.

 

Top

  


  

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) 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.  

 

Top

  


  

Filing Requirements for Multi-member LLC

A must file Multi-member LLC 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.

 

Top

  


  

Filing requirements for S Corporations

S Corporations benefits from a special tax efficient treatment given to it by Internal Revenue Service (IRS) code. A corporation can eliminate the disadvantage of double taxation of general corporate profits and shareholder dividends by obtaining S Corporation status with the IRS. Shareholders then report their portion of the S. Corporation's taxable income on their personal tax returns. To elect S. Corporation status a general corporation or LLC must file form 2553 in a timely manner signed by all shareholders of the corporation. S. Corporation must file form 1120S 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 S. Corporation 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.

  

Top

  


  

Filing requirements for C Corporation

C Corporation is a separate legal structure from its shareholders and shields personal assets of those shareholders from judgments against the business. The Internal Revenue Service (IRS) refers to general corporations as "C" Corporations. General Corporations are taxed on their profits using the IRS corporate tax rates and additionally any dividend paid to the shareholders is taxable by them. This tax structure also known as "double taxation."  C. Corporation must file form 1120 to report its gross income, deductible expenses and net income or loss. The corporation 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.

  

Top

  


  

What are the U.S. federal income tax rates for 2010?

The rates start with 10% and go up to 35%. Your filing status (Single, Married, Married filing Separate Return, Head of Household and Qualified Widower) will determine the set of tax brackets that applies to you. For detailed lists of tax brackets please click here

  

Top

  


  

How does preparing my taxes work?

Tax Usa unique tax preparation process eliminates your tax hassles by having a tax professional prepare your U.S. tax return for you. This is not software - an real tax professional will discuss your tax situation with you and prepare your return for you on-line all from the convenience of your home or office. We offer Electronic Filing option with which you can receive your actual refund in your bank account in as little as 8 days. Start now by completing our simple interview form which minutes (100% secured) and your dedicated Tax Usa professional will do the rest.

  

Top

  


  

Should I e-file my Tax Return?

hen you choose to E-FILE your tax return, you electronically submit it through a network of Electronic Return Originators (EROs) approved by the Internal Revenue Service. Electronic filing provides the fastest and most dependable way of filing, whether you are due a refund or have a balance due. Usually within 48 hours, your return is accepted and you receive a written confirmation of that, relayed via your ERO. Tax Usa Inc., is an authorized E-file provider and allowed by the IRS (Internal Revenue Service) to e-file our clients tax returns. The ERO must provide the taxpayers with a Form 8879 - Declaration for Electronic Filing, which must be signed before the return is transmitted to the Internal Revenue Service. If you owe taxes and choose to e-file your tax return, you can pay the balance as follows: 1. By check. The ERO will give you Form 1040V, which you mail in with your check by the tax deadline. 2. By direct debit. You can request that the funds be electronically debited to your checking account on the tax deadline, or any earlier day you choose. Your account information must be part of your tax filing. 3. You can arrange for credit card payment via the IRS credit card payment system, which will charge a fee for that service. Call 1-888-2PAYTAX for information.

  

Top

   


   

Is your service available in all 50 states?

Yes. As we work with our clients online, on the phone, by fax and face-to-face, we are accessible to clients anywhere in the US and actually anywhere in the world.

  

Top

  


  

Why are your fees more competitive?

Because we use state-of-the-art technology, we are extremely efficient and it allows us to "pay it forward" by providing our clients high-quality service with fair pricing.

  

Top

  


  

You offer unique and complete tax service. What does it include?

We do offer unique and complete
Tax Professional Prepared Return service. With this option you will maximize your tax refund, and get the following free:

 

Audit Shield - Your ultimate audit protection  - IRS tax audits are triggered by errors, omissions, complex transactions and random selection. It often takes a tax professional to resolve an audit or tax inquiry. Protect yourself from the financial burden and emotional stress of a tax audit and inquiries from the IRS or state tax authorities. Audit Shield provides tax audit coverage for up to 2 years after filing your return. In you are audited or receive inquiry letters, our tax professionals will represent you and defend your IRS and/or state tax return. Audit Shield covers all Fees to defend your tax return with the IRS or with state tax authorities on your behalf. How It Works: After your tax return is completes you will be offered the option of adding Audit Shield Service Plan to your return. Should you choose the Audit Shield Service Plan option, you will be provided with a receipt that will serve as legal documentation that you have purchased Peace of Mind.  If you receive a notice from the IRS or are audited, Tax USA Inc. will provide you with an Enrolled Agent to represent you. You must notify Tax USA Inc. within 30 days of receipt of that notification. See our contact us page.

 

Top

  


  

 

 
Tax Calendar

Date

Description 

01.12.2011
Tip Earners - report tips to Employer on Form 4070 
01.15.2011
4th Estimated Payment Due
01.16.2011
Employers Make monthly Payroll tax deposit 
02.02.2011
Send W-2s/1099s to recipients 
02.02.2011
File Quarterly/Annual Payroll/Sales Tax Returns 
02.10.2011
Tip Earners - report tips to Employer on Form 4070 
02.17.2011
File new W-4 with Employer if you claimed exempt last year 
02.17.2011
Employers Make monthly Payroll tax deposit 
03.01.2011
File W-2's with Social Security Admin 
03.01.2011
File 1099's with IRS 
03.10.2011
Tip Earners - report tips to Employer on Form 4070 
03.16.2011
S-Corp Election Decision Due (if Applicable) 
03.16.2011
Corporate Returns or Extensions Due / Calendar Year Corps
03.16.2011
Employers Make monthly Payroll tax deposit 
04.12.2011
Tip Earners - report tips to Employer on Form 4070 
04.16.2011
Personal, Partnership Returns or Extensions are due 
04.16.2011
1st 2008 Estimated Payment Due
04.16.2011
Employers Make monthly Payroll tax deposit 
04.30.2011
Quarterly Payroll Taxes Due
04.30.2011
Quarterly Sales Taxes Due
06.12.2011
Tip Earners - report tips to Employer on Form 4070 
06.14.2011
Employers Make monthly Payroll tax deposit 
06.10.2011
Tip Earners - report tips to Employer on Form 4070 
06.16.2011
2nd 2008 Estimated Payment Due
06.16.2011
Employers Make monthly Payroll tax deposit 
06.16.2011
Personal Tax Returns Due for US Taxpayers overseas 
06.16.2011
or File extensions for US Taxpayers overseas Form 4868 
07.12.2011
Tip Earners - report tips to Employer on Form 4070 
07.16.2011
Partnership Returns Due
07.16.2011
Or File Partnership Extensions 
07.16.2011
Employers Make monthly Payroll tax deposit 
08.02.2011
2nd Quarter Payroll Taxes Due
08.02.2011
2nd Quarter Sales Taxes Due
08.10.2011
Tip Earners - report tips to Employer on Form 4070 
08.16.2011
Personal Returns or Extensions are due
08.16.2011
Employers Make monthly Payroll tax deposit 
09.10.2011
Tip Earners - report tips to Employer on Form 4070 
09.16.2011
Employers Make monthly Payroll tax deposit 
09.16.2011
Corporate Returns Due- FINAL DEADLINE
09.16.2011
3rd 2008 Estimated Payment Due
09.30.2011
Last day to establish SIMPLE plans  
10.10.2011
Tip Earners - report tips to Employer on Form 4070 
10.16.2011
Personal and Partnership Returns - FINAL DEADLINE
10.16.2011
Employers Make monthly Payroll tax deposit 
11.01.2011
3rd Quarter Payroll Taxes Due
11.01.2011
3rd Quarter Sales Taxes Due
11.10.2011
Tip Earners - report tips to Employer on Form 4070 
11.16.2011
Employers Make monthly Payroll tax deposit 
12.10.2011
Tip Earners - report tips to Employer on Form 4070 
12.16.2011
Employers Make monthly Payroll tax deposit 
12.31.2011
Last Day to Open KEOGH account for 2008 deposits  
01.12.2011
Tip Earners - report tips to Employer on Form 4070 
01.16.2011
4th Estimated Payment for 2008 Due
01.16.2011
Employers Make monthly Payroll tax deposit 
01.31.2011
Send W-2s/1099s to recipients 
01.31.2011
File Quarterly/Annual Payroll/Sales Tax Returns

 
 
 
 

Tax Usa Inc. | www.tax-usa.net | info@tax-usa.net

 
1