How to manage filing the Income tax returns for different Corporations?

How to manage filing the Income tax returns for different Corporations?

Businesses established in the US must file a personal tax return "1040" of the shareholders and corporate income tax return. This rule applies to all individuals who are US citizens or non-citizens. In addition, the federal tax form and deadline will depend on the type of business in the US.

Filing an income tax return in USA is mandatory for anyone who has worked in the United States and received income from it. Taxes you pay in the summer in the United States are processed by the federal and state tax authorities, respectively. They approve the amount you will receive or owe. At the end of the year, the income you earn is recalculated in relation to the taxes paid, and in most cases it turns out that you paid more than you should have. The overpaid amount is returned to you by the tax office with a check in your name or directly to your US account. Keep in mind that not filing a tax return is a violation of federal law and can lead to problems with subsequent applications for a U.S. visa.

To be eligible for American law, you must file a tax return. You could do it yourself by preparing and sending a declaration to each of the tax offices on paper or using the services of an agency.

Enterprise S - Corporation

Business type only allows individuals who are US citizens to establish, so individuals who are not US citizens will not have their own tax form. Enterprises in the form of S - Corporations must submit a business tax return before March 15 every year. Then, each shareholder will receive to file with his 1040 personal income tax return (before April 15 every year). 

Note: Type of business S - Corporation is not subject to corporate income tax, instead the corporate tax obligation is transferred to each shareholder and each shareholder will be obliged to pay tax through individual tax returns.

Enterprise C - Corporation

Type of business C - Corporation filed corporate tax return Form 1120 before April 15 every year.

Note: The income of C - Corporation will be taxable, which means that the business will first be taxed on all profits it gets, then each shareholder must pay personal income tax for the income received in the case of an individual receiving dividends from corporate profits. If the dividend is divided, shareholders will receive Form 1099-DIV to prepare individual 1040 tax returns (before April 15 every year).

1 member limited liability company

One member limited liability company is not subject to corporate income tax. Business owners only need to add income to their 1040 individual tax return through Schedule C before April 15 each year. For noncitizens: 1 member limited liability companies that are not US citizens will file Form 5472 or 1120, note that Form 1040-NR (or Form 1040-NR-EZ) must be submitted.

To make it easier for you, the CFO services in USA offer you to calculate the exact amount of taxes you had to pay, to prepare a draft of your declaration, to send the declaration signed by you and to monitor its processing by the tax authorities and also help you in company registration in USA from India. If you have an account in the United States, you will receive your tax refunds directly there.