Tax Preparation Services in the United States
US federal and state tax compliance is among the most complex in the world, with the IRS administering hundreds of forms and thousands of pages of regulations.
US federal and state tax compliance is among the most complex in the world, with the IRS administering hundreds of forms and thousands of pages of regulations. Fintax Support Limited prepares individual returns (Form 1040), corporate returns (Form 1120), partnership returns (Form 1065), and S-Corp returns (Form 1120-S) with meticulous attention to deductions, credits, and entity-specific elections. We also handle FBAR (FinCEN Form 114) and FATCA reporting for US persons with foreign accounts, plus quarterly estimated tax payments (Form 1040-ES) to avoid IRS underpayment penalties.
Regulatory Framework
The IRS filing deadline for C-Corps is generally April 15 (or the 15th day of the 4th month after fiscal year-end), while S-Corps and partnerships file by March 15. FBAR is due April 15 with an automatic extension to October 15. Failure to file FBAR can result in penalties up to $10,000 per violation, or higher for willful non-compliance.
Our Tax Preparation Services in United States
Individual Tax Returns (Form 1040)
File your federal individual return on Form 1040 with every schedule, credit, and deduction your situation requires. We prepare returns for W-2 employees, self-employed sole proprietors, rental property owners, and investors — maximizing IRA, HSA, and QBI deductions while meeting the April 15 e-file deadline. Accurate Form 1040 filing is the foundation of IRS compliance for every US taxpayer.
Complete Form 1040 prep
Federal return with Schedules A, B, C, D, E, and SE prepared based on your income sources.
Deduction and credit optimization
Child Tax Credit, Earned Income Credit, QBI deduction, and education credits applied correctly.
Deadline and extension management
April 15 filing or Form 4868 extension to October 15 — tracked and filed on time.
IRS e-file with confirmation
Electronic filing with IRS acknowledgment and direct deposit or payment setup via IRS Direct Pay.
How It Works
Document collection and intake
Gather W-2s, 1099s, K-1s, mortgage interest statements, and prior-year return for comparison.
Return preparation and review
Prepare Form 1040 with all applicable schedules, credits, and deductions reviewed for accuracy.
Client review and approval
Walk through tax liability, refund, or balance due before authorizing IRS e-file submission.
E-file and payment coordination
Submit Form 1040 electronically and coordinate payment or direct deposit with IRS confirmation.
Document collection and intake
Gather W-2s, 1099s, K-1s, mortgage interest statements, and prior-year return for comparison.
Return preparation and review
Prepare Form 1040 with all applicable schedules, credits, and deductions reviewed for accuracy.
Client review and approval
Walk through tax liability, refund, or balance due before authorizing IRS e-file submission.
E-file and payment coordination
Submit Form 1040 electronically and coordinate payment or direct deposit with IRS confirmation.
Our Form 1040 preparation service covers the full range of individual US tax situations — from straightforward W-2 returns to complex filings with Schedule C self-employment income, Schedule E rental properties, Schedule D capital gains, and K-1 pass-through income from partnerships and S-Corporations. Calendar-year returns are due April 15; if you need more time, we file Form 4868 for an automatic six-month extension to October 15, though any tax owed remains due April 15 to avoid failure-to-pay penalties at 0.5% per month. We optimize above-the-line deductions including traditional and Roth IRA contributions, HSA contributions, and the Qualified Business Income deduction under IRC Section 199A. Failure-to-file penalties reach 5% of unpaid tax per month (capped at 25%), making timely Form 1040 submission critical even when requesting an extension.
Common Questions
Corporate Tax Returns (Form 1120 / 1120-S)
Prepare and file federal corporate returns on Form 1120 for C-Corporations or Form 1120-S for S-Corporations with accurate K-1 distributions, depreciation schedules, and officer compensation disclosures. Entity-level tax compliance affects shareholder filings, payroll, and state registrations — we ensure your corporate return meets IRS deadlines and supports downstream Form 1040 reporting.
Form 1120 and 1120-S prep
C-Corp and S-Corp returns prepared with all required schedules, K-1s, and supporting workpapers.
Depreciation and Section 179
Form 4562 prepared for MACRS depreciation, bonus depreciation, and Section 179 expensing elections.
Reasonable compensation review
S-Corp officer salary analyzed for IRS reasonable compensation standards to reduce audit risk.
Deadline-driven filing
Form 1120 due April 15; Form 1120-S due March 15 with Form 7004 extension options tracked.
How It Works
Books and entity review
Review adjusted trial balance, shareholder basis, and prior-year Form 1120 or 1120-S for carryforwards.
Return preparation
Prepare corporate return with Form 4562, officer compensation, K-1 schedules, and state apportionment.
Shareholder K-1 delivery
Issue Schedule K-1 to shareholders before their individual Form 1040 April 15 deadline.
E-file and extension management
File Form 1120 or 1120-S electronically; file Form 7004 if extension to September 15 or October 15 is needed.
Books and entity review
Review adjusted trial balance, shareholder basis, and prior-year Form 1120 or 1120-S for carryforwards.
Return preparation
Prepare corporate return with Form 4562, officer compensation, K-1 schedules, and state apportionment.
Shareholder K-1 delivery
Issue Schedule K-1 to shareholders before their individual Form 1040 April 15 deadline.
E-file and extension management
File Form 1120 or 1120-S electronically; file Form 7004 if extension to September 15 or October 15 is needed.
C-Corporations file Form 1120 by April 15 for calendar-year entities, with a six-month extension available via Form 7004 to October 15. S-Corporations file Form 1120-S by March 15, extendable to September 15 via Form 7004 — and must issue Schedule K-1 to shareholders promptly so they can file Form 1040 by April 15. We prepare Form 4562 for depreciation and Section 179 elections, reconcile book-to-tax differences on Schedule M-1 or M-3, and address accumulated earnings and personal holding company tax risks for C-Corps. S-Corp returns include reasonable officer compensation analysis, shareholder basis tracking, and distribution reporting to prevent IRS reclassification of wages. Failure-to-file penalties for corporate returns follow the same 5% per month structure as individual returns, with additional IRC Section 6698 penalties of $220 per partner/month for late S-Corp and partnership K-1 issuance.
Common Questions
Partnership Tax Returns (Form 1065)
File Form 1065 informational returns and Schedule K-1 for partnerships and multi-member LLCs taxed as partnerships. Partnership returns allocate income, deductions, and credits to partners for reporting on their individual Form 1040 — accurate K-1 preparation and capital account reconciliation are essential for IRS compliance and partner relations.
Form 1065 and K-1 prep
Partnership return with Schedule K-1 for each partner, including guaranteed payments and capital accounts.
Capital account reconciliation
Partner capital accounts tracked per IRS requirements including tax basis and Section 704(c) allocations.
Multi-member LLC support
Default partnership taxation handled for LLCs without S-Corp or C-Corp elections on Form 8832.
March 15 deadline management
Form 1065 due March 15 with Form 7004 extension to September 15 — K-1s delivered on schedule.
How It Works
Partnership agreement and books review
Review operating agreement, profit-sharing ratios, capital accounts, and adjusted trial balance.
Form 1065 preparation
Prepare partnership return with income allocation, guaranteed payments, and Form 4562 depreciation.
Schedule K-1 issuance
Generate K-1 for each partner with box-by-box amounts for their individual Form 1040 reporting.
E-file and partner notification
File Form 1065 electronically and distribute K-1 packages to all partners before April 15.
Partnership agreement and books review
Review operating agreement, profit-sharing ratios, capital accounts, and adjusted trial balance.
Form 1065 preparation
Prepare partnership return with income allocation, guaranteed payments, and Form 4562 depreciation.
Schedule K-1 issuance
Generate K-1 for each partner with box-by-box amounts for their individual Form 1040 reporting.
E-file and partner notification
File Form 1065 electronically and distribute K-1 packages to all partners before April 15.
Form 1065 is an informational return — partnerships generally do not pay entity-level federal income tax. Instead, income, deductions, credits, and losses flow through to partners via Schedule K-1 for reporting on Form 1040. Calendar-year partnerships must file by March 15, with Form 7004 providing a six-month extension to September 15. Late K-1 issuance triggers IRC Section 6698 penalties of $220 per partner per month (maximum 12 months). We reconcile partner capital accounts under the IRS tax basis method, allocate guaranteed payments and Section 704(c) built-in gains, and prepare Form 4562 for partnership-level depreciation. Multi-member LLCs taxed as partnerships by default receive the same treatment unless they have filed Form 8832 to elect C-Corp status or Form 2553 for S-Corp election.
Common Questions
Quarterly Estimated Tax Payments (Form 1040-ES)
Calculate and remit quarterly estimated federal tax payments on Form 1040-ES to avoid IRS underpayment penalties. Self-employed individuals, S-Corp shareholders, partners, and investors with significant non-wage income must pay tax throughout the year — not just at April 15 filing time.
Quarterly deadline tracking
Payments scheduled for April 15, June 15, September 15, and January 15 with reminders before each due date.
Safe harbor calculations
Payments sized to meet 100% or 110% prior-year safe harbor or 90% current-year liability thresholds.
Form 2210 penalty avoidance
Quarterly amounts calibrated to prevent IRS Form 2210 underpayment penalties at federal short-term rate plus 3%.
Payment method setup
EFTPS enrollment, IRS Direct Pay, or voucher-based remittance configured for reliable quarterly deposits.
How It Works
Income and liability projection
Project annual income, deductions, and credits to estimate total federal tax liability for the year.
Quarterly payment calculation
Calculate Form 1040-ES payment amounts using safe harbor or annualized income installment method.
Payment remittance
Submit quarterly payments via EFTPS, IRS Direct Pay, or mailed Form 1040-ES vouchers before each deadline.
Mid-year adjustment review
Revise payment amounts after Q2 and Q3 if income changes significantly to stay penalty-free.
Income and liability projection
Project annual income, deductions, and credits to estimate total federal tax liability for the year.
Quarterly payment calculation
Calculate Form 1040-ES payment amounts using safe harbor or annualized income installment method.
Payment remittance
Submit quarterly payments via EFTPS, IRS Direct Pay, or mailed Form 1040-ES vouchers before each deadline.
Mid-year adjustment review
Revise payment amounts after Q2 and Q3 if income changes significantly to stay penalty-free.
IRS rules require estimated tax payments when you expect to owe $1,000 or more in federal tax after subtracting withholding and refundable credits. Form 1040-ES payments are due April 15, June 15, September 15, and January 15 of the following year — four equal installments unless you use the annualized income installment method for uneven income. Safe harbor rules allow avoiding Form 2210 underpayment penalties by paying 100% of prior-year tax (110% if AGI exceeded $150,000) or 90% of current-year liability through withholding plus estimated payments. Underpayment penalties are calculated on IRS Form 2210 at the federal short-term rate plus 3 percentage points, compounded daily. Self-employed taxpayers on Schedule C, S-Corp shareholders receiving K-1 income, and partners in pass-through entities are the most common Form 1040-ES filers.
Common Questions
FBAR Filing (FinCEN 114)
File FinCEN Form 114 (FBAR) electronically when your aggregate foreign financial account balances exceed $10,000 at any point during the calendar year. FBAR is separate from your IRS tax return and is filed with FinCEN — not the IRS — but non-compliance carries severe civil and criminal penalties.
$10,000 threshold monitoring
Aggregate foreign account balances tracked against the FinCEN filing threshold throughout the year.
FinCEN BSA E-Filing
Form 114 submitted electronically through the FinCEN BSA E-Filing System with confirmation receipt.
Penalty risk mitigation
Timely filing avoids non-willful penalties up to $10,000 per violation and higher willful penalties.
Multi-account reporting
All foreign bank, brokerage, pension, and signature-authority accounts reported on a single FBAR.
How It Works
Foreign account inventory
Identify all foreign financial accounts, maximum balances during the year, and signature authority relationships.
Balance aggregation and threshold check
Calculate aggregate maximum values to confirm whether the $10,000 FinCEN filing threshold is met.
FinCEN Form 114 preparation
Complete FBAR with institution names, account numbers, types, and maximum values for each account.
Electronic filing and confirmation
Submit via FinCEN BSA E-Filing System by April 15 (automatic extension to October 15) and retain confirmation.
Foreign account inventory
Identify all foreign financial accounts, maximum balances during the year, and signature authority relationships.
Balance aggregation and threshold check
Calculate aggregate maximum values to confirm whether the $10,000 FinCEN filing threshold is met.
FinCEN Form 114 preparation
Complete FBAR with institution names, account numbers, types, and maximum values for each account.
Electronic filing and confirmation
Submit via FinCEN BSA E-Filing System by April 15 (automatic extension to October 15) and retain confirmation.
FinCEN Form 114 — the Foreign Bank Account Report (FBAR) — must be filed electronically by US persons (citizens, residents, and entities) with a financial interest in or signature authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during the calendar year. FBAR is filed with FinCEN under the Bank Secrecy Act, not with the IRS on Form 1040. The deadline is April 15 with an automatic extension to October 15 — no Form 4868 or Form 7004 is required for the FBAR extension. Non-willful failure to file carries civil penalties up to $10,000 per violation; willful violations can result in penalties up to the greater of $100,000 or 50% of account balance, plus potential criminal prosecution. We report bank accounts, brokerage accounts, mutual funds, and certain foreign pension accounts, and coordinate FBAR data with Form 8938 FATCA reporting to avoid duplication errors.
Common Questions
FATCA Compliance & Form 8938
Report specified foreign financial assets on Form 8938 (Statement of Specified Foreign Financial Assets) when thresholds are met based on filing status and US residency. FATCA compliance is filed with your Form 1040 and carries separate penalties from FBAR — we coordinate both to ensure complete offshore disclosure.
Threshold-based filing
Form 8938 required when assets exceed $50,000 (single, US-resident) or $200,000 (single, living abroad) thresholds.
Comprehensive asset reporting
Foreign bank accounts, securities, foreign entity interests, and financial instruments reported on Form 8938.
FBAR coordination
Form 8938 and FinCEN Form 114 cross-referenced to prevent gaps or duplicate reporting errors.
Penalty avoidance
Timely Form 8938 filing avoids $10,000 failure-to-file penalties escalating to $50,000 for continued non-compliance.
How It Works
Asset inventory and threshold analysis
Catalog all specified foreign financial assets and determine filing thresholds based on status and residency.
Form 8938 preparation
Complete Form 8938 with asset descriptions, maximum values, income amounts, and institution details.
FBAR and Form 1040 integration
Attach Form 8938 to Form 1040 and reconcile reported assets with FinCEN Form 114 FBAR filings.
Filing and record retention
File Form 8938 with your federal return by April 15 (or extended October 15 deadline) and retain supporting records.
Asset inventory and threshold analysis
Catalog all specified foreign financial assets and determine filing thresholds based on status and residency.
Form 8938 preparation
Complete Form 8938 with asset descriptions, maximum values, income amounts, and institution details.
FBAR and Form 1040 integration
Attach Form 8938 to Form 1040 and reconcile reported assets with FinCEN Form 114 FBAR filings.
Filing and record retention
File Form 8938 with your federal return by April 15 (or extended October 15 deadline) and retain supporting records.
Form 8938 is required under FATCA (Foreign Account Tax Compliance Act) for US taxpayers holding specified foreign financial assets above reporting thresholds. For single filers living in the US, the threshold is $50,000 on the last day of the tax year or $75,000 at any time during the year. Married filing jointly thresholds are $100,000/$150,000 for US residents. US citizens living abroad face higher thresholds — $200,000/$300,000 for single filers and $400,000/$600,000 for married filing jointly. Form 8938 is filed with Form 1040 by April 15 (or October 15 with extension). Failure to file carries a $10,000 penalty, increasing by $10,000 every 30 days after IRS notification up to $50,000, plus potential accuracy-related penalties under IRC Section 6662. We distinguish Form 8938 assets from FBAR-reportable accounts and coordinate both filings for expatriates, green card holders, and US residents with offshore investments.
Common Questions
State Income Tax Returns
Prepare and file state income tax returns across all 50 states with proper apportionment, nexus analysis, and composite return options for multi-state businesses and remote workers. State filing obligations often exceed federal complexity — we align state returns with your Form 1040, Form 1120, or Form 1065 timeline.
All 50 states covered
State returns prepared for income-tax states including CA, NY, TX (franchise), FL, and multi-state filers.
Apportionment and nexus
Sales, payroll, and property factor apportionment calculated for businesses operating across state lines.
Entity-level state returns
Corporate, partnership, and pass-through entity state returns aligned with federal Form 1120, 1120-S, or 1065.
Deadline coordination
State extensions filed alongside federal Form 4868 or Form 7004 to match April 15 and March 15 timelines.
How It Works
Nexus and residency analysis
Determine state filing obligations based on physical presence, economic nexus, and employee locations.
Apportionment calculation
Calculate income apportionment using each state's formula — single sales factor or three-factor method.
State return preparation
Prepare state income tax returns with credits, modifications, and estimated payment reconciliation.
Filing and payment
E-file state returns and coordinate payments or refunds with federal Form 1040 or corporate return timeline.
Nexus and residency analysis
Determine state filing obligations based on physical presence, economic nexus, and employee locations.
Apportionment calculation
Calculate income apportionment using each state's formula — single sales factor or three-factor method.
State return preparation
Prepare state income tax returns with credits, modifications, and estimated payment reconciliation.
Filing and payment
E-file state returns and coordinate payments or refunds with federal Form 1040 or corporate return timeline.
State income tax compliance extends well beyond your federal Form 1040 or Form 1120 filing. Businesses with employees, property, or sales in multiple states must apportion income using each state's formula — increasingly single sales factor under market-based sourcing rules. Pass-through entities may need composite returns or withholding for non-resident partners and shareholders. Remote workers create personal income tax nexus in their work-from-home states, requiring W-2 state allocations. We prepare returns for high-tax states like California (Form 540/100), New York (Form IT-201/CT-3), and New Jersey, as well as franchise tax returns in states like Texas (no income tax but franchise tax on Form 05-102) and Delaware. State deadlines generally mirror federal — April 15 for individuals and calendar-year C-Corps, March 15 for S-Corps and partnerships — though some states differ. Failure-to-file state penalties vary but commonly start at 5% per month with interest compounding daily.
Common Questions
Sales Tax Registration & Filing
Register with state Departments of Revenue, determine economic nexus obligations, and file sales tax returns across jurisdictions where your business has collection requirements. Post-Wayfair economic nexus rules mean remote sellers and eCommerce businesses often owe sales tax in dozens of states — we manage registration, calculation, and filing.
Economic nexus analysis
State-by-state nexus review under South Dakota v. Wayfair thresholds — typically $100,000 sales or 200 transactions.
Multi-state registration
Sales tax permits obtained from state Departments of Revenue and marketplace facilitator accounts configured.
Return preparation and filing
Monthly, quarterly, or annual sales tax returns filed with jurisdiction-level tax calculations.
Audit and penalty defense
Sales tax records organized to respond to state audit notices and avoid failure-to-file penalties.
How It Works
Nexus study and registration plan
Analyze sales by state against economic nexus thresholds and register in jurisdictions where collection is required.
System and rate configuration
Configure Shopify, Amazon, Stripe Tax, or Avalara for correct rate calculation by destination jurisdiction.
Return preparation
Compile taxable sales, exempt sales, and tax collected by jurisdiction for each filing period.
Filing and remittance
Submit state and local sales tax returns with payment by each jurisdiction's monthly or quarterly deadline.
Nexus study and registration plan
Analyze sales by state against economic nexus thresholds and register in jurisdictions where collection is required.
System and rate configuration
Configure Shopify, Amazon, Stripe Tax, or Avalara for correct rate calculation by destination jurisdiction.
Return preparation
Compile taxable sales, exempt sales, and tax collected by jurisdiction for each filing period.
Filing and remittance
Submit state and local sales tax returns with payment by each jurisdiction's monthly or quarterly deadline.
Since the US Supreme Court's South Dakota v. Wayfair decision, states can require out-of-state sellers to collect sales tax based on economic nexus — typically $100,000 in sales or 200 transactions in a state, though thresholds vary. Marketplace facilitators like Amazon and Etsy collect tax on behalf of sellers in many states, but direct-to-consumer eCommerce, SaaS businesses, and service providers must register and file independently. We obtain sales tax permits from state Departments of Revenue, configure tax engines in Shopify, Stripe, and QuickBooks, and file returns on monthly, quarterly, or annual schedules depending on each state's requirements. Failure to collect and remit sales tax creates personal liability for business owners, with penalties commonly at 10% of tax due plus daily interest. California (CDTFA), New York (DTF), Texas (Comptroller), and Florida (DOR) each have distinct registration portals, filing frequencies, and local tax add-ons we navigate on your behalf.
Common Questions
IRS Audit Representation & Notice Resolution
Respond to IRS examination letters, CP2000 underreported income notices, and collection actions with organized substantiation and professional representation. IRS correspondence demands precise, timely responses — we reconstruct records, prepare audit workpapers, and negotiate with Revenue Agents to minimize adjustments and penalties.
Audit representation
Power of Attorney (Form 2848) filed so we communicate directly with IRS Revenue Agents on your behalf.
Notice response management
CP2000, CP14, Letter 566, and LT11 notices answered with substantiation within IRS response deadlines.
Record reconstruction
Missing receipts and incomplete books rebuilt from bank records to support deductions under audit.
Penalty abatement requests
First-time penalty abatement and reasonable cause relief pursued under IRC Sections 6651 and 6656.
How It Works
Notice analysis and POA filing
Review IRS correspondence, identify issues raised, and file Form 2848 Power of Attorney for representation.
Document gathering and reconstruction
Compile substantiation for challenged deductions, income items, and credits from books and bank records.
Response preparation and submission
Prepare audit response, protest letter, or amended return addressing each IRS adjustment with supporting evidence.
Negotiation and resolution
Work with IRS agent or Appeals Officer to reach agreement, request penalty abatement, and finalize closure.
Notice analysis and POA filing
Review IRS correspondence, identify issues raised, and file Form 2848 Power of Attorney for representation.
Document gathering and reconstruction
Compile substantiation for challenged deductions, income items, and credits from books and bank records.
Response preparation and submission
Prepare audit response, protest letter, or amended return addressing each IRS adjustment with supporting evidence.
Negotiation and resolution
Work with IRS agent or Appeals Officer to reach agreement, request penalty abatement, and finalize closure.
IRS audits and notices require structured, deadline-driven responses. Common triggers include CP2000 notices when third-party reported income (1099-NEC, 1099-K, W-2) does not match your Form 1040, and examination letters (Letter 566, Letter 2205) initiating field or correspondence audits. We file Form 2848 Power of Attorney to represent you before the IRS, prepare organized workpapers substantiating Schedule C deductions, Form 1120 officer compensation, and Form 1065 K-1 allocations, and negotiate reasonable adjustments. For collection notices (CP504, LT11), we pursue installment agreements via Form 9465 or Offer in Compromise via Form 656. First-time penalty abatement is available for failure-to-file (IRC Section 6651(a)(1) — 5% per month) and failure-to-pay (0.5% per month) penalties if you have a clean three-year compliance history. Accuracy-related penalties under IRC Section 6662 (20% of underpayment) apply to negligence and substantial understatements.
Common Questions
Tax Planning for LLCs, S-Corps & C-Corps
Proactive entity-level tax planning for LLCs, S-Corporations, and C-Corporations — evaluating elections, compensation strategies, retirement contributions, and year-end transactions before filing deadlines lock in your tax position. Strategic planning can save thousands compared to reactive return preparation alone.
Entity election analysis
Evaluate Form 8832 (C-Corp) and Form 2553 (S-Corp) elections against LLC default partnership taxation.
Year-end tax projections
Q4 projections estimating Form 1040, 1120, or 1065 liability to guide December transactions and elections.
Compensation and distribution planning
S-Corp reasonable salary, C-Corp dividend timing, and partner guaranteed payment strategies modeled.
Retirement and benefit optimization
SEP-IRA, Solo 401(k), and defined benefit plan contributions maximized before December 31 deadlines.
How It Works
Entity and tax position review
Analyze current entity structure, prior-year returns, and projected income to identify planning opportunities.
Strategy modeling
Model S-Corp election savings, Section 179 purchases, retirement contributions, and QBI deduction scenarios.
Year-end action plan
Deliver prioritized recommendations with deadlines for elections, asset purchases, and compensation adjustments.
Implementation and return integration
Execute planning decisions and integrate into Form 1040, 1120-S, 1120, or 1065 filing for the tax year.
Entity and tax position review
Analyze current entity structure, prior-year returns, and projected income to identify planning opportunities.
Strategy modeling
Model S-Corp election savings, Section 179 purchases, retirement contributions, and QBI deduction scenarios.
Year-end action plan
Deliver prioritized recommendations with deadlines for elections, asset purchases, and compensation adjustments.
Implementation and return integration
Execute planning decisions and integrate into Form 1040, 1120-S, 1120, or 1065 filing for the tax year.
Tax planning before year-end gives LLC, S-Corp, and C-Corp owners the most leverage over their federal liability. We model S-Corp election benefits via Form 2553 — comparing self-employment tax savings against reasonable compensation requirements — and evaluate C-Corp election via Form 8832 for businesses planning R&D credits, accumulated earnings, or investor fundraising. Year-end strategies include Section 179 and bonus depreciation on Form 4562, maximizing SEP-IRA and Solo 401(k) contributions before December 31, and timing C-Corp dividends versus officer bonuses. For pass-through entities, we optimize guaranteed payments, QBI deduction eligibility under IRC Section 199A, and partner basis to preserve loss deductibility on Form 1040. Estimated tax adjustments via Form 1040-ES are recalculated after planning to avoid Form 2210 penalties. Planning sessions are most effective in Q3 and Q4 — before March 15 and April 15 filing deadlines make changes irreversible.
Common Questions
Expatriate & Non-Resident Tax Returns
Prepare Form 1040 for US citizens and green card holders living abroad, and Form 1040-NR for non-resident aliens with US-source income. Expatriate returns require foreign earned income exclusion on Form 2555, foreign tax credits on Form 1116, and coordination with FBAR and Form 8938 — we navigate the full cross-border compliance picture.
Form 2555 FEIE claims
Foreign Earned Income Exclusion up to $126,500 (2024) for qualifying expatriates meeting bona fide residence or physical presence tests.
Form 1116 foreign tax credits
Foreign taxes paid credited against US liability to eliminate double taxation on the same income.
Form 1040-NR for non-residents
Non-resident alien returns for US rental income, FDAP, and ECI with treaty benefit claims on Form 8833.
FBAR and Form 8938 coordination
Offshore account reporting integrated with expatriate Form 1040 using higher FATCA thresholds for abroad filers.
How It Works
Residency and treaty analysis
Determine US tax residency status, applicable tax treaty provisions, and FBAR/Form 8938 filing obligations.
Foreign income and tax compilation
Gather foreign wage statements, tax payment receipts, housing expenses, and foreign account records.
Return preparation with exclusions and credits
Prepare Form 1040 with Form 2555 FEIE, Form 1116 foreign tax credit, and Form 8938 as applicable.
Filing with automatic extension
File by June 15 automatic expatriate deadline or October 15 extended deadline; file FBAR by October 15.
Residency and treaty analysis
Determine US tax residency status, applicable tax treaty provisions, and FBAR/Form 8938 filing obligations.
Foreign income and tax compilation
Gather foreign wage statements, tax payment receipts, housing expenses, and foreign account records.
Return preparation with exclusions and credits
Prepare Form 1040 with Form 2555 FEIE, Form 1116 foreign tax credit, and Form 8938 as applicable.
Filing with automatic extension
File by June 15 automatic expatriate deadline or October 15 extended deadline; file FBAR by October 15.
US citizens and green card holders must file Form 1040 reporting worldwide income regardless of where they live — the US is one of few countries with citizenship-based taxation. Expatriates can exclude up to $126,500 (2024, indexed annually) of foreign earned income on Form 2555 by meeting the bona fide residence test or 330-day physical presence test. Foreign taxes paid can be credited on Form 1116 to prevent double taxation. Expatriate filers receive an automatic two-month extension to June 15 (with interest on unpaid tax from April 15) and can extend further to October 15 via Form 4868. Form 8938 thresholds for filers living abroad are $200,000/$300,000 (single) or $400,000/$600,000 (married filing jointly). FBAR (FinCEN Form 114) applies at the standard $10,000 aggregate threshold. Non-resident aliens with US-source income file Form 1040-NR, claiming treaty benefits on Form 8833 where applicable.
Common Questions
Non-Profit Tax Filing (Form 990)
Prepare and file Form 990, 990-EZ, or 990-N for tax-exempt organizations to maintain IRS 501(c)(3) or 501(c)(4) status and satisfy state charity registration requirements. Non-profit returns are public documents — accurate Form 990 filing demonstrates governance, transparency, and compliance to donors, boards, and regulators.
Form 990 series preparation
Form 990, 990-EZ, or 990-N (e-Postcard) selected based on gross receipts and total assets thresholds.
Schedule A and B compliance
Public charity status (Schedule A) and contributor reporting (Schedule B) prepared for 501(c)(3) organizations.
Governance and compensation disclosure
Officer compensation, related-party transactions, and governance policies reported per IRS transparency requirements.
May 15 deadline management
Form 990 due the 15th day of the 5th month after fiscal year-end — Form 8868 extension to November 15 available.
How It Works
Financial records and governance review
Review non-profit books, board minutes, conflict of interest policies, and prior-year Form 990.
Form 990 preparation
Prepare applicable Form 990 variant with all required schedules including A, B, O, and compensation disclosures.
Board review and approval
Present draft Form 990 to board or finance committee for review before IRS submission.
E-file and state registration
Submit Form 990 electronically via IRS e-file and update state charity registration filings as required.
Financial records and governance review
Review non-profit books, board minutes, conflict of interest policies, and prior-year Form 990.
Form 990 preparation
Prepare applicable Form 990 variant with all required schedules including A, B, O, and compensation disclosures.
Board review and approval
Present draft Form 990 to board or finance committee for review before IRS submission.
E-file and state registration
Submit Form 990 electronically via IRS e-file and update state charity registration filings as required.
Tax-exempt organizations must file an annual information return — Form 990 (organizations with gross receipts $200,000+ or total assets $500,000+), Form 990-EZ (smaller organizations above the 990-N threshold), or Form 990-N e-Postcard (gross receipts normally $50,000 or less). Calendar-year organizations file by May 15, with a six-month extension available via Form 8868 to November 15. Form 990 is a public document available on IRS.gov and Guidestar — donors, grantmakers, and state attorneys general rely on it for transparency. Schedule A documents 501(c)(3) public charity status; Schedule B lists major contributors (not public for most organizations). Failure to file Form 990 for three consecutive years results in automatic revocation of tax-exempt status under IRC Section 6033(j). Late filing penalties are $20 per day ($110 for large organizations) up to $66,000 or 5% of gross receipts.
Common Questions
Frequently Asked Questions
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