Income Tax Returns
Traecit’s Income Tax Services offers tax related planning and compliance assistance to individuals and Business in India and USA.
We assist individual clients needing a wide range of tax services including tax planning and advice relating to Tax impacts, business interests, capital gains, etc.
Our tax practise has been meeting in many aspects of tax return preparation by keeping up the ever-changing complex tax code and look for opportunities for you to maximize your deductions and tax credits
Income Tax Return Filing for Individuals and Proprietorship Business
A proprietorship business is run by a single person/owner called the proprietor.
Proprietorship structure is not a separate legal entity.
Both the proprietor (business owner) and the business are the same.
Hence, ITR filing is always combined for the individual income and proprietorship business income.
Income Tax Return Filing for Partnership Firms, Limited Liability Partnership (LLP) and Companies
As per the Income Tax Act, All partnership firms, Limited Liability Partnerships (LLPs) and companies are treated as separate legal entities.
As per Income Tax Act, they must file their Income tax returns irrespective of the loss or gain they have incurred in that year.
Even If, they have been commercially inactive with no transaction and no registered income, a NIL income tax return should be filed within the stipulated date.
Traecit has tremendous experience in managing Taxation for Businesses in The United States as well as for US businesses that have offshore operations in India. Consult with Traecit and discuss how you can benefit from our Tax Consultants.
Business Taxes
For companies of all types and sizes, the recent tax reform has strengthened America’s financial integrity and corporate reliability. The flat 21 percent tax rate on C corporations means that smaller businesses now have access to nearly unlimited capitalization and funding methods. In addition, a long-established body of tax rules governing entities, combined with stable state and local rules, grants access to the discretion and stability offered to corporations without steep tax rates. Business owners consider the reduction in U.S. federal corporate tax rates as one of the most significant factors in navigating business decisions.
At Traecit, we know corporate tax. Traecit Tax team successfully navigates the complexities of corporate tax law, including compliance with constantly changing regulations. We have experience with the intricacies of the corporate tax rules and provide our clients with a comprehensive, proactive approach to their unique challenges and opportunities. Our team can help you with
- Corporations (C-corp & S-Corp) – Federal Form 1120, Form 1120S
- Partnerships & Limited Liability Companies (LLCs) – Federal Form 1065, disregarded entity filing on Schedule C and Franchise Tax / state returns
Personal Taxes
Personal taxes can be time consuming, especially when considering home sales, pass-through entities, stocks and dividends, or if you’re simply unfamiliar with the U.S. tax laws. At Traecit we engage spend time to learn a client’s situation every tax season through meetings and a carefully planning tax organizer. We make maximizing deductions and prompt, accurate filing easy. Whether you are a U.S. Individual (1040) or a U.S. Nonresident Alien (1040NR), Traecit has the expertise and resources for swift federal filing.
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