Notes

Who Needs to File a Tax Return?

Who Needs to File a Tax Return?

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.