In the progressively complex world of taxation, we have the skills and experience to guarantee you obtain the maximum tax benefit allowable within the parameter of tax laws and regulations. However, having a good tax software by itself, will not give you advice customized to your particular situation or provide you with sufficient audit support, if needed; therefore, you will need a specialized tax professional, knowledgeable in the new tax legislation and law.
At EJ Tax & Immigration Services, we assist you to prepare all applicable IRS Forms such as Form-1040, Form-1120, Form-1120-S, and Form-1065. Additionally, our company help you to file any schedules associated to any forms based on the individual and business incorporation formation.
Individual Tax Preparation FORM-1040
If you are a LLC or you hired yourself as an employee of your corporation and gave yourself a salary (W-2), that personal income must be listed on your Form-1040. The Form-1040 is your personal Income Tax Return. Some corporations are considered "pass-through" entities in which profit and loss "pass through" the business and to the member or owner of the company. The member or owners of the company are then required to list the income, profit and losses on their personal income tax return.
S-Corporation Tax Preparation FORM-1120S
An S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax on it. Therefore, the S corporation still has a responsibility to file an informational income tax return each year as well as a range of other IRS forms that relate to various other taxes it withholds from the wages it pays to employees.
Corporation Tax Preparation
Form 1120 is your annual corporate tax return. Form 1120 also includes Schedule C. Form 1120 requires basic information about the corporation, such as the employer Identification number, a list of any deductions and compensation to your officers or board of directors. Form 1120 also includes lists of other schedules that may or may not apply to your business. For example, Schedule A includes the cost of goods sold, and Schedule K lists information about your corporation, such as your accounting and business type.
Partnership Tax Preparation FORM-1065
For businesses that operate as partnerships, for example, Limited Liability Partnership it’s the partners who are responsible for paying taxes on the business’ income, not the business. Partnerships, according to the IRS, do not pay taxes on their income. However, each partner is responsible for filing an individual tax return reporting their share of income, losses, deductions and credits that the business reported on the informational 1065 tax form.