Officially the “U.S.” Individual Tax Return.
This is an Internal Revenue Service (IRS) tax form used for personal federal income tax returns filed by United States residents. This form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the Government. Preparing a Form 1040 is a complex assignment.

We at Liberty Creek Financial Services will have an accountant who reviews the client’s situation. Utilizes the best planning tools. Then, confidently be able to explain your tax position. All of this is what you expect.

The U.S. Income tax return for Estates and Trusts.
The Form 1041 is required if the estate generates more than $600 in annual gross income. The descendant and their estate are separate taxable entities. A trust or decedent’s estate is allowed an income distribution deduction for distributions to beneficiaries.

The estate planning portion of our practice focuses on an orderly transition of our client’s assets to their heirs. Are there desires for a trust? Or is an LLC a better idea. These are the types of issues that we are able to assist you with.

The U.S. Return of Partnership Income.
This will include Limited Liability Corporations (LLCs) as domestic partnerships and headquartered in the U.S. The IRS defines a partnership as two or more people who carry on a trade or business together. Each Person contributes, money, skill, labor, or property with the expectation that all partners will reap the economic benefits and losses. At the same time of all these contributions, is the addition of another person to my business world. This is going to demand that you have a valued Certified Public Accountant to reveal all the intricacies of the new joint business venture.

The U.S. Return of Corporation Income.
The form is used to report Corporate Income taxes to the Internal Revenue Service (IRS). It may also be utilized to report income for other business entities that have elected to be taxed as Corporations, such as an LLC that has filed an election to use this option. The Tax Cuts and Jobs Act eliminated the Corporate tax schedule for a single tax rate of 21% effective 2018. All Corporate income tax returns will be taxes at this rare, regardless of their incomes, and it is a permanent change.

The U.S. Income Tax Return for an S-Corporation Income.
The taxpayer will utilize the Form 1120-S to report the income, gains, losses, deductions, credits, and other information of a domestic corporation or other entity for every tax year that is covered by an election to be an S-Corporation. The advantage of an S-Corporation is that organizations with fewer than 100 shareholders may choose to form an S-Corporation for the purposes of avoiding double federal taxation. That is, the Corporation passes it income along to the shareholders for the purposes of taxation. The shareholders are taxed but not the Corporation.