2021 Corporation Income Taxes

We can prepare forms; 1120, form 1120s, form 1065, form 1041, Estate Tax, Nonprofit Tax Returns, Gift Tax Return, or It Return. Call Today 818.841.0255!

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Pricing for 1040 Income Taxes

 

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Pricing for Business Income Taxes


BUSINESS TAXES     

  • 1120 –   S or C Corporations
  • 1065 – Partnerships and LLC
  • 1041 –   Fiduciary Tax
  • 1041 –   Estate Tax
  • 990 –    Exempt Org (Non-Profit)
  • 709 –    Gift Tax

We will prepare your IRS tax return for both State and Federal and e-file for you. Your return shall be prepared with the highest standards as for all of our clients.

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Form 1120

Form 1120 is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Domestic corporations use this form to report their income, gains, losses, deductions, credits, and figure their income tax liability.

Form 1120S

A tax document used to report the income, losses, and dividends of S corporation shareholders; it is an S corporation’s tax return. Form 1120S is part of the Schedule K-1 document. It is prepared for each individual shareholder and identifies the percentage of company shares owned by the individual for the tax year.

Form 1065

Form 1065 is a tax document used to report the profits, losses, and deductions of business partnerships. In addition to Form 1065, https://www.irs.gov/forms-pubs/about-schedule-8812-form-1040 partnerships must also submit Schedule K-1, a document prepared for each individual partner.

For businesses that operate as partnerships, it’s the partners who are responsible for paying taxes on the business’ income, not the business. Each partner is responsible for filing an individual tax return (1040) reporting his share of income, losses, deductions, and credits that the business reported on the informational 1065 tax return.

Form 1041

About Form 1041, U.S. Income Tax Return for Estates and Trusts. The fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate files this form to report: any income tax liability of the estate or trust.

Fiduciary Tax Information. A fiduciary is a person who holds the legal title to real or personal property for the use and benefit of another and includes a personal representative of a decedent’s estate or a trustee of a testamentary or inter vivos trust (“living trust”).

Estate Tax

Income Tax Return for Estates and Trusts is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities.

An estate or trust can generate income that must be reported on Form 1041, United States Income Tax Return for Estates and Trusts. However, if trust and estate beneficiaries are entitled to receive the income, the beneficiaries must pay the income tax rather than the trust or estate.

Nonprofit Tax Returns

Form 990 is a United States Internal Revenue Service form that provides the public with financial information about a nonprofit organization. It is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status.

Return of Organization Exempt from Income Tax, including recent updates, related forms, and instructions on how to file. Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file this form to provide the IRS with the information required.

Gift Tax Return

The simplest way to subsidize others is by using the annual exclusion, which allows you to give $15,000 in cash or other assets each year to each of as many individuals as you want. Spouses can combine their annual exclusions to give $30,000 to any person tax-free – a process called gift-splitting.

It is the person who gives the gift who is subject to the tax and has to report it to the IRS. The gift that you received is not considered income but could have some gift tax liability for the giver. Because this was a gift, it needs to be reported by the person giving the gift.

IRS 1040 Tax Return

  • Form IRS 1040
  • Schedules A, B, C, CEZ, D, E, F, H, J, R, SE
  • Form 8812 Child Tax Credit

We will prepare your IRS 1040 tax return for both State and Federal and e-file for you. Your return shall be prepared with the highest standards as for all of our clients.

 Are you thinking about hiring El Cid as an accountant or bookkeeper to prepare your Income Taxes?

  • Bookkeeping is a direct record of all your purchases and sales that your business conducts monthly. While accounting is a subjective look at what that data means for your business.
  • An accountant can be considered a bookkeeper, but a bookkeeper cannot be an accountant without proper certification.
  • To know whether you need a financial professional, assess the current financial position of your business. Compare what you want your business to grow financially and decide if you can manage that independently.
  • This article is for business owners deciding whether they need to hire an accountant or bookkeeper or business accountant bookkeeping.

Staying on top of your finances is vital for being a successful small business owner. Your financial data must be current and accurate. You have the tools you need to make sound business decisions and ensure healthy cash flow.

As your business grows to include more customers, vendors, and employees can get more challenging to keep track of your finances. This might be a good time to hire El Cid as your professional bookkeeper and accounting professional to do your bookkeeping services, data entry, and financial statements. Financial statements might include your Profit and Loss, Balance Sheet, Payroll Tax Reports, and Trial Balance.

When the bookkeeping, accounting, and tax returns are too much to handle by yourself, it’s time to hire El Cid.

 

IRS 1040 Tax Return

  • Form IRS 1040
  • Schedules A, B, C, CEZ, D, E, F, H, J, R, SE
  • Form 8812 Child Tax Credit

We will prepare your IRS 1040 tax return for both State and Federal and e-file for you. Your return shall be prepared with the highest standards as for all of our clients.

Schedule A (Form 1040), Itemized Deductions

Information about Schedule A (Form 1040), Itemized Deductions, including recent updates, related forms, and instructions on filing. Filers use Schedule A (Form 1040) to report itemized deductions.

Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends

Form 1040 Schedule B is used by filers to report interest and ordinary dividend income. Information about Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends, including recent updates, related forms, and instructions on filing. Use Schedule B to report your taxable interest or ordinary dividends.

Schedule C Form 1040, Profit Loss from Business

Schedule C (Form 1040) reports income or loss from a business operated or a profession practiced as a sole proprietor. Also, use Schedule C to report wages and expenses that occurred as a statutory employee. Publication 525 discusses many kinds of income (money, property, or services) and explains whether they are taxable or nontaxable. Use this schedule to report gain or loss from a business you operated or a profession you practiced as a sole proprietor.

Schedule C EZ (Form 1040), Net Profit from Business

Schedule C-EZ (Form 1040) is used instead of Schedule C by qualifying small businesses and statutory employees with $5,000 or fewer expenses.

If you operated a business or practiced a profession as a sole proprietorship or qualified joint venture, you can use this schedule. If you were a statutory employee and met all the requirements listed in Schedule C-EZ, Part I.

Schedule D (Form 1040), Capital Gains and Losses

Form 1040 Schedule D is used to report sales, exchanges, or specific involuntary conversions of capital assets, certain capital gain distributions, and non-business bad debts. The form includes the tax computation using maximum capital gain rates. Use this schedule to report the sale or exchange of capital assets, gains from involuntary conversions, distributions, and non-business bad debts.

Schedule E Form 1040

Information about Schedule E (Form 1040), Supplemental Income and Loss, including recent updates, related forms, and instructions on filing. Schedule E (Form 1040) is used by filers to report

Income from rental real estate

Royalties

Partnerships,

S corporations

Estates, trusts

Residual interests in real estate mortgage investment conduits (REMICs).

Schedule EIC (Form 1040A or 1040), Earned Income Credit

Schedule EIC (Form 1040) is used by filers who claim the earned income credit to give the IRS information about the qualifying child. After figuring out your earned income credit (EIC), use this schedule to provide the IRS with information about your qualifying child.

Schedule 8812 (Form 1040) is used by taxpayers to calculate and report the Child Tax Credit and the Additional Child Tax Credit.

Use Part I of this schedule to document any child for whom you entered an ITIN.

Suppose you checked the “if qualifying child for child tax credit” box is a resident of the United States. Your child also meets the substantial presence test. And is not otherwise treated as a nonresident alien. Use Parts II-IV of Schedule 8812 to figure the additional child tax credit.

Schedule F (Form 1040), Profit Loss from Farming

Information about Schedule F (Form 1040), Profit Loss from Farming, including recent updates, related forms, and instructions on filing. Use this schedule to report farm income and expenses.

Schedule H Form 1040

Household employers use schedule H (Form 1040) to report household employment taxes.

Every employer uses schedule A (Form 940) with four or more employees on at least one day of each of 20 calendar weeks. Also, in a calendar year, file a return on Form 940 for such a year. Schedule H is also used to report household employment taxes. If you paid cash wages to a household employee and the wages were subject to social security, Medicare, or FUTA taxes, or if you withheld federal income tax.

Schedule J Form 1040

Information about Schedule J (Form 1040), Income Averaging for Farmers and Fishermen, including recent updates, related forms, and instructions on filing. Use this schedule to elect to figure your income tax by averaging over the previous three years (base years)—all or part of your taxable income from your trade or business of farming or fishing.

Schedule R (Form 1040A or 1040), Credit for the Elderly or the Disabled

Information about Schedule R (Form 1040), Credit for the Elderly or the Disabled, including recent updates, related forms, and instructions on filing. Use this schedule to figure the credit for the elderly or the disabled.

Schedule SE Form 1040

Information about Schedule SE (Form 1040), Self-Employment Tax, including recent updates, related forms, and instructions on filing. Self-employed persons use schedule SE (Form 1040) to determine the self-employment tax on net earnings.