Dr. Rastogi has a very diversified experience in the operations of different types of businesses and keeps up with all the tax law changes for various businesses. Dr. Rastogi can help clients in business tax savings with proper tax planning and using all strategies and deductions allowed by the IRS tax law. There is a different type of entities that a business owner can choose to operate its business. A client can operate the business as a sole proprietorship, partnership, Limited Liability Company, Limited Liability Partnership, S Corporation, and C corporation. A complete description of the type of entities is given in the section Business Savings. Each entity type requires the preparation of different tax forms. A list of forms to be prepared is given below:
- Sole Proprietorship – Single owner – Schedule C with form 1040 is prepared.
- Partnership – two or more business owners – Form 1065 partnership form is prepared, and each business partner gets schedule K1 for his part of ownership.
- Limited Liability Company – Single business owner – Schedule C is prepared with form 1040. For 2 or more partners in LLC or LLP entities, form 1065 is prepared and each business partner gets a schedule K1 for his share of the business.
- S Corporation – form 1120 S is prepared irrespective of the number of shareholders an S corporation. Each shareholder gets a schedule K1 for his shares of S corporation. For a single shareholder, there is only one schedule K1 for 100 percent ownership.
- C Corporation – form 1120 is prepared for tax return. C corporation is a stand-alone entity and pays taxes on its business profits.
- Non-Profit Entities – these corporations are approved by the IRS to operate under section 501 C (3) as a nonprofit organization. Form 990 or 990EZ is prepared for these types of business entities. If total revenues are less than $50,000 of the non-profit entity, form 990EZ is prepared.
- Non-Resident Tax Filing – Those who are on a nonresident visa such as Student Visa, and J-1 Visa holders are required to file a 1040 NR form.
All these forms require knowledge of different tax laws. Dr. Rastogi is well familiar with the different tax laws and tax codes that can help in minimizing tax liabilities. To prepare taxes for businesses client needs to provide income, expenses, and payroll information. RTFS LLC can help clients in bookkeeping and payroll also. If RTFS LLC does bookkeeping and prepares payroll for the business, that helps in preparing the tax taxes returns as all required income, expenses, and payroll information can be used to prepare tax returns.
Dr. Rastogi also helps clients in filing IFTA motor fuel taxes, and estimated taxes for each quarter for personal and business income. Dr. Rastogi can also help clients in obtaining an ITIN number for the spouse and children.
In tax preparation, Dr. Rastogi takes a comprehensive approach in analyzing the whole tax situations of a client. First, Dr. Rastogi prepares the business taxes for the client and takes the business income or loss for preparing personal taxes. Dr. Rastogi makes sure that a client maximizes the retirement and educations deductions. Retirement deductions are important deductions to defer taxes until a client withdraws funds when the income will be less. In general, we are here to help our clients in preparing and tax filing using all tax savings strategies as and outlined in IRC tax codes by IRS.
