Listing ID #7200031
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Contact SupplierThe Internal Revenue Services (IRS) settles the federal tax. In addition to these, you have to estimate write-offs, credits, and other variables to determine your net taxable income and the income tax.
Under which Federal and state income taxes apply to percentage rate to taxable incomes. They can considerably be applied to all deductions and tax credits. Moreover, it is important to file federal tax returns as per the deadlines to avoid penalties and, in some cases, late filing could even lead to imprisonment.
Key Points to Remember
The federal government and the majority of states have income taxes, but their rules and rates vary widely.
Federal taxes are progressive, with higher rates of tax on higher levels of income.
Some states have a progressive tax system, which means the average tax rate is less than the person’s marginal tax rate.
If you run a sole proprietorship business, you can report income and liabilities on a Schedule C along with the income tax return. If you operate as a corporation or in a partnership, then fill Form 1120.
While filling the Schedule C Form, you have to file income tax return and expenses in the marked fields. So, add the net profit or loss amount after deducting expenses from the income in the personal income tax return.
Find all Information below.
BUSINESS TAX RETURN FILING (FORMS 1120, 1120S, 1065)
PERSONAL TAX RETURN FILING (FORM 1040)
Inaugurated in 2020, The Tax Planet, based in the bustling city of Delhi, has swiftly become a distinguished name in the field of comprehensive business and financial services. Under the visionary leadership of Ms. Kanika Bali FCA, the Founder and CEO, the company stands as a reliable partner for businesses seeking expert guidance and assistance in navigating the complex landscape of taxation, compliance, and business setup.
The Tax Planet specializes in a diverse array of services designed to cater to the multifaceted needs of businesses. From Company Formation and Online Trademark Registration to Income Tax and Online GST Registration, our offerings cover the entire spectrum of legal and financial requirements for enterprises. Our commitment to excellence is further exemplified through services such as ROC Compliance, Federal Tax, Business Compliance, Business Support, and Business Setup Consultancy, providing clients with a one-stop solution for all their business needs.
Ms. Kanika Bali, a Chartered Accountant with a wealth of experience, leads The Tax Planet with a mission to simplify complexities for businesses and foster their growth. Her expertise and dedication have been pivotal in establishing the company as a trusted advisor in matters of financial governance and compliance.
The Tax Planet prides itself on staying abreast of evolving regulations and international standards, offering specialized services such as International Financial Reporting Standards (IFRS). This ensures that our clients receive not only compliance but also strategic financial guidance aligned with global best practices.
As The Tax Planet continues to evolve, the commitment to client satisfaction, integrity, and excellence remains unwavering. The company envisions being a catalyst for business success by providing tailored, reliable, and innovative solutions that empower enterprises to thrive in an ever-changing economic landscape.