1. Individual Tax Return Filing in the USA
- Who Files: U.S. citizens, residents, and certain non-resident aliens.
- Key Form: Form 1040
- Key Considerations:
- Filing Status: Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er) with Dependent Child
- Income Sources: Wages, salaries, self-employment income, investments, rental income, etc.
- Deductions and Credits: Standard deduction, itemized deductions, child tax credit, earned income tax credit, etc.
- Filing Deadlines: Typically April 15th of the following year.
2. Business Tax Return Filing in the USA
- Sole Proprietorship:
- Key Form: Schedule C (filed with Form 1040)
- Taxation: Business income and expenses reported on individual tax return.
- Partnership:
- Key Form: Form 1065
- Taxation: Partnership itself doesn’t pay taxes; profits/losses pass through to partners.
- LLC:
- Taxation: Can be taxed as a sole proprietorship, partnership, S-Corp, or C-Corp (depending on election).
- S Corporation:
- Key Form: Form 1120-S
- Taxation: Profits/losses pass through to shareholders; avoids double taxation.
- C Corporation:
- Key Form: Form 1120
- Taxation: Corporation pays income tax; shareholders pay tax on dividends.
3. LLC Tax Return Filing in the USA
- Taxation Options:
- Disregarded Entity: Treated as a sole proprietorship or partnership for tax purposes.
- S Corporation: Pass-through taxation; avoids double taxation.
- C Corporation: Subject to corporate income tax.
- Key Considerations:
- State LLC laws vary.
- Tax implications can significantly impact business decisions.
4. Partnership Tax Return Filing in the USA
- Key Form: Form 1065
- Information Reported: Partnership income, deductions, credits, and allocations to partners.
- Partner’s Tax Returns: Partners report their share of partnership income/loss on their individual tax returns (Form 1040).
5. S Corporation Tax Return Filing in the USA
- Key Form: Form 1120-S
- Taxation: Pass-through entity; profits/losses flow through to shareholders.
- Eligibility Requirements:
- Domestic corporation.
- No more than 100 shareholders.
- Only one class of stock.
- Shareholders must be individuals, estates, or certain trusts.
6. C Corporation Tax Return Filing in the USA
- Key Form: Form 1120
- Taxation: Subject to corporate income tax.
- Double Taxation: Corporation pays tax on profits; shareholders pay tax on dividends.
7. Non-Profit Organization Tax Return Filing in the USA
- Key Form: Form 990 (various versions depending on organization size and revenue)
- Tax-Exempt Status: Generally exempt from federal income tax.
- Reporting Requirements: Must file Form 990 to maintain tax-exempt status and comply with reporting obligations.
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