What is Form 1040? Form 1040 is the most common tax form. It’s used to report your income, calculate your taxes and claim any deductions or credits you may be eligible for. There are various Schedules for Form 1040, which one needs to fill out while filing the form. Let’s go through them one by...
A US resident and trying to find out how to file Individual Tax Returns? Well, the answer is filing Form 1040. Form 1040, also known as US Individual Tax Returns, is one of the many information returns issued by the IRS. All the individual taxpayers in the USA need to file this form. The IRS...
Where do you need to file Form 1065? Just like individuals and corporations, partnership firms and LLCs also have to file their income tax returns in the US. And just like others, the IRS has prepared a separate tax form for them; that is, Form 1065. It is the most important annual tax form for...
If you are residing in the USA or are running your company, then you must have heard about Form 1120. However, what becomes tricky here is the fact that there are various types of 1120. 1120-C, 1120-F, 1120-H, 1120-L, 1120-POL, and 1120-S are some of the examples. In this blog, we will be talking about...
Just like any other country, the USA is also strict about the timely submission of taxes and tax returns. This means that any individual, whether resident or non-resident, individual or corporation must fill out the tax forms. However, it is not as simple as it sounds to fill out the tax or tax return forms...
What is Form 990? IRS form 990 is the Return of Organization Exempt from Income Tax. We can think of it as a tax return since it’s similar to corporate taxes, but it is known as information tax. By filing Form 990, the government comes to know about the company’s mission, the activities that they...
The tax season is here, and if you own a US corporation, then you must be aware of Form 1120. But the complexity arises when you realize that there are various 1120 forms, and the requirements of all differ. In this article, we will be covering what Form 1120 is, who files it, and why....
Form 1099-B is one of the many 1099s by the IRS that businesses need to issue for voluntary tax compliances. This form is also known as Proceeds from Broker and Barter Exchange. As the name itself suggests, this form reports the transactions handled by brokers. This form records capital gains/losses of the taxpayer recipient who...
Heard about a fee paid for being able to do business in a state? Maybe, yes. But ever heard about a fee paid for incorporating in a state regardless of doing business? In Delaware, people have heard about that too. And do not get confused about the word, “Franchise”. It doesn’t refer to the franchise...
Form W9: A Brief Intro Are you an independent contractor working in the US, wondering why you have received a Form W9? Before reaching out to the entity who has requested it, go through this article, and we are sure it will answer, if not 100%, then at least 99% of your queries. First of...
Mercurius Advisory Services is a one-stop solution for various business needs. We are a team of seasoned professionals working with 30+ countries across the globe.
©2022 Mercurius Advisory Services. CIN – U74140DL2008PTC177477 | Designed By: Blackbox Business Solutions LLP