Filing Individual Tax Return
Filing individual tax return for your LLC is not an easy task. You need to prepare all the documents, your accounts and derive necessary information like the status of your LLC, profits, investments, etc. One thing to remember is there is no identification of LLC by the IRS. It will be taxed as a disregarded entity, S-corporation, or C-corporation. Are you confused? Not to worry, just book your appointment with us at EZCorporates we will resolve all your tax-related queries.
Filing an individual tax return can be a difficult task. You must know the tax laws and latest updates, with incomplete and inappropriate knowledge, you might face difficulties. So, let EZCorporates take care of all your tax filing needs.
Review the status: The process of tax filing starts with reviewing the status of your LLC.
- It is not a problem if you do not know under which status you paid the taxes last year. We will find out and start preparing your tax return in the proper and applicable format.
- Even if you want to change the status from one form to another, EZCorporates will help you with filing the papers for such an election.
To know more about the process, you can connect with the experts at EZCorporates as and when you wish.
Computation and tax planning: The process of computing the income as per the tax laws is not easy. EZCorporates is there to help you with this. We will compute your income which is liable to tax. Also, we will look for the deductions you are eligible to claim; it reduces your tax burden.
- When you subscribe to our services, we ensure that you get the benefit of all deductions available to you, along with the business expenses.
- Normally, everyone might not be aware of the various conditions for claiming expenses or deductions, but we will make sure that we don’t pay extra tax.
- By availing of the deductions, we will try to reduce your taxes legally.
Applicability of provisions: Since an LLC has to file its tax return either as a corporation, as a partnership, or as a sole proprietorship (single-member LLC), different provisions will be applicable for each type. And it is not a tough job to determine which one will be beneficial for you.
Once you connect with us, we will provide you the expert guidance on which of these will be beneficial for you.
Why EZCorporates?
We provide solutions to all your tax-related problems- be it return filing, tax planning, investment advisory, etc.
Save your tax: At EZCorporates, we work towards filing your tax returns and plan your taxes. Once you take our services, our experts will guide you on how to save your taxes legally.
Determining status and Form selection: Along with this, we take care of all the procedural parts like which form is to be filed, how the income has to be computed, filing due dates, payment reminders, etc.
Also, filing under different status is not the same. In case of being taxed as a partnership, each partner has to file his return.
Book an appointment with us via phone/email for filing returns of partners of the firm.
Calculation of total income: Which business expenses are to be allowed; what deductions are available to your business- we will look after all such aspects. Investment advise so that you become eligible to avail certain deductions.
Reminders and information: Once you subscribe to us, you will never miss any deadlines. We will make sure that everything is according to the laws and on time. Total income, taxes to be paid, and replies, if any, will always be discussed with you before filing.
FAQs
Is it mandatory to file a tax return?
Yes, for LLCs being taxed as corporations, it is mandatory to file tax returns, even if there is no income for the year. Subscribe to our services for a seamless filing process to avoid any mistakes in the return filing.
Does an LLC file a tax return as a corporation?
An LLC has an option to be taxed either as a partnership firm, S-corporation, or as a C-corporation. A single-member LLC has to file a tax return as an individual. EZCorporates will do the analysis and provide you an expert opinion about which status is better for you.
How can an LLC file a tax return as a partnership firm?
If an LLC chooses to be taxed as a partnership firm, each partner has to file his return and pay tax on his share of profit. LLC itself is not required to file the return.
What is the liability of the owner in a single-member LLC?
In the case of a one-member LLC, the owner himself is responsible for filing returns and paying the taxes. IRS disregards the LLC as a separate entity for tax purposes. As an individual, you will need to file the return, and for business income schedule C has to be filled.
To know more about schedule C for business income and deductions, you can contact us.