Tax Preparation Services in Grand Junction, CO
These are some of the areas in which we specialize.
Types of Returns
1065: A 1065 is a partnership return. A partnership does not pay taxes on its income, but passes through any losses or profits to its partners. The profit is then subject to the individuals income tax rate as well as Self-employment taxes of approximately 15%.
1040: There are no longer three “1040” forms. The 1040 is no longer broken into the long-form, short-form and EZ returns. There is just the 1040.
1040-NR: This is for U.S. nonresident alien income tax returns.
1040NR-EZ: Is a U.S. tax return for certain nonresident aliens with no dependents.
1120: This is the corporation income tax return.
1120S: The 1120S is used for S Corporations. This is used by a domestic corporation, with 100 shareholders or less, or any other entity for any tax year covered by an election to be an S corporation. The S Corp does not pay taxes on its income, but passes the profit or losses through to the personal return, unlike the 1065 there are no self-employment taxes on the profits from an S Corp.
1041: This is the return for estates and trusts. If trust and estate beneficiaries are entitled to receive the income, the beneficiaries must pay the income tax instead for the trust or estate.
990: A 990 form is used for returns of organizations exempt from income tax.
706: This is the United States Estate (and generation-skipping transfer) tax return. The executor of an estate uses the 706 form to figure the estate tax. It is also used for the generation-skipping transfer.
Business Planning encompasses all the goals, strategies and actions that you envision taking to ensure your business’s survival, prosperity, and growth. The main idea here is to help minimize any tax implications from the business and to allow the entrepreneur to keep more of their hard earned money in their pocket at the end of the year.
Many businesses go with what their friends or family suggest is a good idea when selecting which entity to initially start their business. Let us help you determine which is best for accomplishing your goals, after all it is best to have all of the info at the get go.