123UStaxes.com

Income Taxes: Individual
Individual (Not Self-Employed) •PDF• •Print• •E-mail•
Services - Income Taxes

Individual Income Taxes (Not-Self Employed)

Summary of Individual Income Taxes (Not Self-Employed)

For individual taxpayers, we prepare income tax returns. For federal income taxes, if you are not self-employed, you will file some version of the IRS Form 1040 series (IRS Forms: 1040EZ, 1040A, 1040, or 1040NPR) without a Schedule C. For the tax year, certain tax activities and events in your life will dictate one of the above IRS 1040 form series to file. We prepare indvidual income tax returns for corporate executives with complicated tax lives who are legally trying to pay the less amount of taxes possible to working high school students trying to get back the income taxes withheld from them.

•Last Updated on ••Wednesday•, 11 •February• 2009 20:32••
•Read more...•
 
Individual (Self-Employed) •PDF• •Print• •E-mail•
Services - Income Taxes

Individual Income Taxes (Self Employed)

Summary of Individual Income Taxes (Self-Employed)

For entrepreneurs without business entities and sole proprietors ("self-employed"), we prepare income tax returns addressing your special needs and concerns. A self-employed taxpayer will file an individual income tax return using IRS Form 1040 as any other individual taxpayer. However, self-employed taxpayers will report their business income on Schedule C. Below, we discuss some of the assistance we offer self-employed individuals with meeting their income tax requirements.

Income Tax Services for Self-Employed Individuals

For self-employed taxpayers, we can make your tax life easier in the following areas:

  • We can assist you with organizing tax related information.
  • We can do your bookkeeping.
  • We can assist you with preparing your income tax returns.
  • We can help you figure out your estimated income tax payments.
  • We can assist you in analyzing the tax consequences of your various business options such as should you lease or buy, etc.
  • We can help you make the move to a formal business entity seperate from you.

Self-Employed Tax Thoughts

As a self-employed taxpayer, there are many of your expenditures that you can writeoff as a tax deduction against your business gross receipts (income). It is important for you to keep all of your receipts, bank statements, credit card statements, even the ones that you considered to be personal in nature. We or a professional tax preparer of your choice can use these to identify with you many tax beneficial expenses. In most cases, good bookkeeping whether once for the year at tax time or throughout the year tends to lead to lower taxes for you as a self-employed person.
 
Partnership •PDF• •Print• •E-mail•
Services - Income Taxes

Partnership Income Tax Services

Summary of Partnership Services

We provide income tax return preparation and tax planning for the various types of partnerships and individual partners. From a legal view, there are basically four types of partnerships: general partnership ("GP"), limited partnership ("LP"), limited liability partnership ("LLP"), and limited liability limited partnership ("LLLP"). However, from a income tax perspective, there is basically one type of partnership in terms of tax treatment at the entity level. All partnerships are considered flow-though entities and are required to file a partnership income tax return (IRS Form 1065). The partnershp income flows from the partnership level to each of the partners via a Schedule K-1 ("K-1"). Then, each partner reports his/her share of income received from the partnership on his/her income tax return. Partnership income at the partner's level may received different tax treatment depending on factors such as the partner's basis, partnership profit or loss, general partner versus limited partner, active partner versus passive partner. We assist partnerships and their partners to plan for favorable tax treatment and with filing their partnershi income tax returns. We discuss below some of our partnership income tax services.

Ways We Help Partnership with Income Taxes

We provide the following income tax servcies to partnerships and their partners:

  • We assist in the structuring and formation of partnerships.
  • We train owners and partners in the operation of partnerships.
  • We provide bookkeeping servcies to the partnership.
  • We assist with tracking and keeping up with partners' basis in the partnership.
  • We assist with determining the tax consequences of partnership distributions.
  • We assist with partners entering and leaving the partnership.
  • We prepare partnership income tax returns.
  • We issued Schedule K-1 ("K-1") partners in the partnership.
  • We assist the individual partners with preparing their income tax returns.
  • We assist with dissolving and winding up a partnership.
  • >We provide tax planning to partnerships and partners.

Samples of Partnerships That We Have Assisted

We have assisted in forming, preparing partnership income tax returns, and tax planning for diversified mix of partnerships.

Some examples of partnerships that we have assisted are presented below:

  • Real Estate Partnerships We prepared income tax returns with real estate partnership with real estate projects valued at approximately $80 million dollars.
  • Partnership With Foriegn (NonResident Alien) Partners We have prepared partnerhip income tax returns for partnership with forgien partners. We assisted the partners from obtaining Taxpayers Idenfication Numbers ("TIN")to devising a strategy for the partnership's individual forgeing partners not having to obtain US TIN's in the future and being subject to US reporting requirements.
  • Large Multi-Partner Partneships We have prepared partnership income tax returns for partnerships with hundreds of partners. The pile of Schedules K-1's resembled volumes of books.
  • Multi-Teir Partnership / Entity Structure We have prepared partnership income tax returns with several related partnerships owning one another and an intricate combination of nonrelated partners.

Regardless of your partnership size ("small and simple" or "large and complex"), we expertise to assist you with your partnership tax needs.

For prices for our partnership income tax servcie, please visit our price section.
 
FLP (Family Limited Partnerships) Income Tax Services •PDF• •Print• •E-mail•
Services - Income Taxes

FLP (Family Limited Partnerships) Income Tax Services

Summary of FLP Income Taxes

We assist partners of Family Limited Partnerships ("FLPs") meet their tax filing requirements. FLPs are pretty much the same as Limitied Partnerships with most (if not all) of the partners being family members. FLPs can afford several benefits to families, if structured and maintained properly. Some of the key benefits are in the areas of income taxes, gift taxes, and estate taxes. We are experienced in the formation, use, and taxation of FLPs.

Assisting Family Limited Partnerships

For income tax purposes, FLPs are treated as any other partnership. As such, FLPs are required to file a partnership income tax return (IRS Form 1065). However, with many FLPs, the family partners are generally relaxed about strictly following the IRS' requirements for partnerships and tend to make many mistakes. Some of these the mistakes can jeopardize the potential benefits of FLP and expose the family to considerable taxes, interest, and penalities. We help families to understand their responsibilities in running and maintaining their FLP. We assist the family members and FLP partners in the following ways:

  • We assist in the structuring and formation of family limited partnerships.
  • We train owners and partners in the operation and use of family limited partnerships.
  • We provide bookkeeping services to family limited partnerships.
  • We assist with tracking and keeping up with partners' basis in the partnersip.
  • We assist with partners entering and leaving the family limited partnership.
  • We prepare FLP income tax returns.
  • We issue Schedule K-1's (K-1's) to partners in the family limited partnership.
  • We assist the individual partners with preparing their individual income tax returns.
  • We assist with dissolving and winding up a family limited partnerships.
  • We provide tax planning to FLPs and its partners.
  • For parents and grandparents who are passing on an assets or business, we assist the child heir(s) in making financial decision regarding the FLP's holdings.
  • We work with and assist the family attorney in accomplishing specific objectives with the FLP.

For prices for our family limited partnership income tax servcies, please visit our price section.
 
•More Articles...•


•Page• 1 •of• 2
You are here  : Home Services Income Taxes Individual
Do you have tax liens? Are you facing a possible tax levy? We can help make your tax problems go away. Let us know your situation.