As an individual, you might not need to file a federal income tax return if your income is below a certain amount. However, you need to file a tax return to claim a refundable tax credit or a refund for withheld income tax. You can visit IRS website and find out if you need to file a tax return or not.
LLCs and INCs are to pay franchise tax, even if there is not any income for the tax year. The deadline for LLCs is June 1st and March 1st for INCs.
Federal Income Tax deadline is the second week of April for LLCs and the second week of March for INCs.
If the net profit is below $400 per year, there is no need to file a federal income tax return. However, there is an obligation to pay the franchise tax. Tax liability begins one year after the established year for both kind of taxes.
For example, if your company was founded in 2019, the company’s liability starts in 2020 for both franchise tax and federal tax.
Do you need an experienced registered agent for your taxes? Reach us or send an e-mail to [email protected] and let’s discuss your companies situation on tax liability.
Ein-itin.com is a brand of Cohen Investment LLC, act as a Certified Acceptance Agency. Ein-itin.com provides professional services to prepare and apply for an Individual Tax Identification Number (ITIN) to submit through IRS. As a Certified Acceptance agent , Ein-itin.com prepares and submits applications for an Individual Taxpayer Identification Number (“ITIN”) on behalf of their applicants. Ein-itin.com tracks the application processing and notifies ITIN Applicants for their ITIN Confirmations. Ein-itin.com understands the applicant situation, inform before the ITIN Application process. Ein-itin.com helps to applicant to apply for their ITIN in a convenient way to avoid mistakes and rejection for ITIN Application. Any individual may hire us to prepare, submit and obtain his or her ITIN Number (via W7 Form) application to the IRS.