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Form 1040
Individual Tax Return Preparation Service
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Form 1040 – Individual Tax Return Preparation Service
Individual Tax Return Preparation – If you are contributing to the economy of the nation through business income or else wise, you have to mandatorily pay taxes. You can use Form 1040 to file the federal tax payment for the income earned. Legally, it is the U.S. Individual Income Tax Return under the Internal Revenue Service (IRS). You will have to pay additional taxes depending on business income, along with other sources, which include rental income, investments and others.
Additionally, you will also have to pay state tax returns and multi-state tax returns along with the income tax. As per the rules, you have to submit the Form 1040 by 15th April of each year.
What Are Social Security Income And The Structure Of Form 1040?
It is the amount provided to the individuals after retirement or during tough times to the family or the individual themselves. The benefits that you will get as social security income depends on the financial status and income history.
Form 1040 comprises two pages in which all the details about the individual or the business have to be filled properly. The details in the structure of form 1040 include:
- Filing status information
- Name
- Address
- Social security number
- Deduction and number of dependents
- Health coverage details
- Reporting the following details:
- Wages
- Salary
- Taxable interest
- Capital gains
- Pension
- Social security income and benefits
- Deductions depending on several parameters
Along with the business income, other sources of income including rental income are taxable. However, filing the form 1040 has additional benefits including state tax returns, multi-state tax returns and credits.
If you get your dividend income through investment, you have to fill the dividend income-1099. The Internal Revenue Service (IRS) issues the dividend income-1099 form. In certain cases of dividend and distributions, it exempts the individuals from filing the dividend income-1099 form.
Information We Would Require
- Personal and professional identification proofs
- Salary income W2
- Bank details
- Schedule K1 form
- Social security numbers
- Other details including rent income details, etc
Due Date Of Filing
Normally you are supposed to file your U.S. Income Tax Return for Estates and Trusts by the 15th of April. But in 2020, due to the Corona-virus pandemic, the date has been extended till 15th July 2020 under The Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Our Process
At Meru Accounting, we make the Form 1041 return procedure smooth and hassle-free.
The client needs to send us the required documents. We will send a checklist and a standard format of the essential documents to our clients. Meru Accounting operates in the following modes:
Step 02. Processing Documents
Preparation for Tax Return
The relevant information from the documents will be taken into a software of the client's choice by our tax professionals. The scanned copies of the original documents along with the transactions will be saved into the software in order to make them easily accessible. All the copies of the documents would be verified with the source documents.
Auditing of Tax Returns
Our experts will then verify if all the required information has been correctly entered. The Tax expert will then prepare the Tax return report based upon bookkeeping done for the given period and the information received.
Step 03. Final Preparations
Review of Returns
A draft copy of the tax return with the calculated Tax Refunds/ Liability will be sent to the client for review. The draft will include some questions or comments from the Tax expert. The client can request for multiple modifications if needed.
Submission of the Final Copy of the Tax Return to the client
After reviewing the tax returns, the final copy for the income tax return will be sent before the due date. The clients just need to sign and send the Tax return file to the Internal Revenue Service via some designated UPSC courier services like DHL Express, UPS and FedEx. We will take care of all the communications part with the Internal Revenue Service if any query arises.
Why Meru Accounting
Meru Accounting is India’s leading accounting outsourcing agency for the last 10 years and it has a strong client base all over the world. We provide end to end outsourcing solutions for the U.S. Income Tax Return for Estates and Trusts.
We have a team of experts who provide specialized services in Accounts outsourcing and we specialize in various accounting applications.
We have expertise in all type of 1040
It is beneficial for all the taxpayers to get their state tax returns and multi-state tax returns, additionally benefiting the government to keep a track of the income earned by the individuals. The form 1040 includes the following types,
- Form 1040-NR
- Form 1040 NR-EZ
- Form 1040-ES
- Form 1040-V
- Form 1040-X
- Form 1040-SR
Step 01. Document Requisition
Remote Login
Our clients can scan and upload the required documents on their server or e-fax the documents to us. Our expert team will log in to our clients' system using any secure virtual technology like Netsonic, VPN/RDP/TeamViewer and complete the procedure on their behalf.
Using Cloud based Software
The clients can upload the scan copies of the required documents on a secure FTP server or send them by e-fax messenger, Google drive or Dropbox. The client also needs to provide their login details for the online software via our secure mailing system. Our team will then sign in and complete the following procedure. The data will be saved on cloud.