California state Form 568 for Limited Liability Companies. This tax form is basically treated as an income return for LLCs in California. All LLCs must file Form 568 even the single-member LLCs (SMLLC). Form 568 accounts for income, wages, withholding, and more of the LLC. The same as the federal income tax returns, the Limited … Read more
What’s the earliest day to file federal income taxes? The Internal Revenue Service starts accepting tax returns as soon as the tax season begins. The tax season usually starts on the last Monday of January. Update: tax season will begin on February 12, . Those who want to file their taxes earlier than that can … Read more
The advanced premium tax credit or shortly known as the APTC is a tax credit that was introduced with the Affordable Care Act. This isn’t a tax credit that aims to lower tax liability or increase tax refund. Instead, it’s there to cover a portion of your monthly premiums for health coverage. Generally, most people … Read more
How to claim stimulus payment on taxes? The Economic Impact Payments were an advanced payment of the Recovery Rebate Credit. If you haven’t gotten your stimulus payment but eligible for it, know that you can claim on your taxes when you file your tax return. Individuals and couples who don’t have their payment information with … Read more
Taxpayers can contact the Internal Revenue Service for a number of reasons. Regardless of why you’re calling, you must contact the IRS within the hours of operation. As for the office hours, most local IRS offices are open between 8 AM to 5 PM. Generally, the IRS hours of operations are between 7 AM to … Read more
The second Economic Impact Payments are being sent to eligible individuals and families. If you’re someone who’s eligible for the stimulus payment but the IRS doesn’t have your payment information, here is what you can do. The Internal Revenue Service opened an online application at the IRS.gov for eligible individuals. At the time of writing … Read more
Form W7 is a simple tax form but can be confusing if you’re filing it for the first time. The applications for obtaining an Individual Taxpayer Identification Number can be done through filing and mailing Form W7 to the IRS along with your foreign status documents. Here is the line by line instructions for Form … Read more
How to Prepare Form 568 Instructions Whether you are filing your Form 568 for your business or if you are a nonresident business that has a tax liability, there are many things you must consider. These include the tax fee, the tax liability, and the non-consenting nonresident member. This article discusses each of these topics … Read more
Form 2848 – Power of Attorney and Declaration of Representative is filed for authorizing an individual to represent the filer before the Internal Revenue Service. Although a simple tax form, 2848 can be challenging if you’re filing it for the first time. One thing to keep in mind about the Power of Attorney and Declaration … Read more
Form 2553 – Election by a Small Business Corporation isn’t a common tax form used by corporations often. In fact, the use of Form 2553 mostly happens once in the lifetime of a corporation. If a corporation or other eligible entity to be treated as a corporation files this form under Section 1362(a) to be … Read more