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US Individual Tax Services

Federal, State And Local Tax Filing Services

UsTaxFiler® is a dedicated tax filing company, a registered Electronic Return Originator(ERO) with the IRS and governed by Circular 230 of IRS Rules.

The main distinct of UsTaxFiler®, when compared to other tax consultants in the industry, is to carry out the preparation and filing only by the Tax Professionals and the tax returns are thoroughly studied and conducts multi-level accuracy reviews before they actually get filed.

We assure 100% accuracy in the tax preparation as all the tax returns are prepared only by the qualified professionals, all the tax returns are filed after conducting multiple quality/accuracy reviews.

Services offered with respect to Individual Tax Filing:

  • Strategic Tax Planning For Individuals
  • Federal, State and Local Income Tax Return Preparation
  • Tax Planning and Preparation of US Expatriate Returns
  • ITIN(Form W7) Services
  • E-Filing/Paper Filing
  • Alternative Minimum Tax Planning
  • Multi-state Tax Planning
  • Amendment Tax Returns
  • Double Taxation Advisory Services
  • Extension of Federal and State Returns

FBAR (Foreign Bank Account Reporting)

All US Citizens and Residents who have a financial interest in or signature authority or other authority over any financial account in a foreign country and if the aggregate value of these accounts together exceed $10,000 at any time during the tax year, then it is mandatory to file FBAR with IRS.

For more information on FBAR, please visit at https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

FATCA ( Foreign Account Tax Compliance Act )

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets (as described below). This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly TD F 90-22.1).

Reporting by U.S. Taxpayers Holding Foreign Financial Assets

FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return. The reporting threshold is higher for certain individuals, including married taxpayers filing a joint annual income tax return.

Taxpayers living in the United States. You must file Form 8938 if you must file an income tax return and:

  • You are unmarried and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
  • You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
  • You are married filing separate income tax returns and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. For purposes of calculating the value of your specified foreign financial assets in applying this threshold, include one-half the value of any specified foreign financial asset jointly owned with your spouse. However, report the entire value on Form 8938 if you are required to file Form 8938.
Specified Foreign Financial Assets

Specified foreign financial assets include foreign financial accounts and foreign non-account assets held for investment (as opposed to held for use in a trade or business), such as foreign stock and securities, foreign financial instruments, contracts with non-U.S. persons, and interests in foreign entities.

For more information on FATCA, please visit at https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca

Representation Services

The IRS has three years from the due date of the tax return to assess any additional taxes that may be owed by issuing an Audit Letter. The IRS has the authority to examine the taxpayer’s books, papers and other records that supports the items considered on your filed tax returns. It is always a good idea to keep the records that are relevant with respect to the filed tax returns for at least 3 years from the date on which you have filed your taxes.

Taxpayer representation is the process of assisting our clients in dealing with various taxing authorities, negotiating payment plans or settlements, and in some cases, representing our clients in court. We represent clients on a variety of taxation issues and guide them through the dispute process ranging from a collection action to administrative appeals through litigation.

The best person to represent you in tax matters before the IRS would be your CPA, your tax attorney, or an Enrolled Agent. This person would be very familiar with your tax return and be able to speak to the tax agencies about the issues in the tax preparation and filing.

UsTaxFiler® provides representation services if the taxpayer ( Individual or Business Entity) receives any audit notice from the IRS regarding the previously filed tax returns. The taxpayer can write a Power of Attorney, Form 2848, appointing our Enrolled Agent or CPA to represent the case before the IRS, this Power of Attorney authorizes us to act in place of taxpayers in the tax matters.

US Business Tax Services

UsTaxFiler provide Tax Filing and Planning Strategies for business enterprises.

Tax preparation services for sole proprietors: Minimize your tax liabilities by making the best of your business losses with our affordable corporate tax preparation. The owner & the business are same in this type therefore all business expenses, revenue, income, assets and liabilities are legally assumed by the owner.

Tax preparation services for General Partnerships: The business and its owners are legally the same and the taxes are paid according to the percentage with which the business holders own the business. Form 1065 shall be filed by the Partnerships and the Partnership shall issue Schedule K-1's to its partners.

Tax preparation services for S Corporations: S corporation is a separate legal entity from its business owners. An S-Corporation (or S-Corp) enables its owners elect to pass corporate income, deductions, losses, and credits to their shareholders for paying federal and state taxes in USA. An S-Corp shall file Form 1120S with the IRS and issue Schedule K-1's to all its shareholders.

Tax preparation services for C Corporations: Unlike S corps, C corps are different taxable entities as they file and pay taxes at the corporate level. As the C Corporations face double taxation (on its income and again on the dividend income of its shareholders), UsTaxFiler by invoking the relevant tax laws, try to minimize the tax bill. These entities shall file Form 1120 with the IRS.

Indian Tax Filing Services

UsTaxFiler®, with a processing center established in India, also files Indian Tax Returns for its US tax clients who are required to file tax returns in India. An individual taxpayer who is either a full year non-resident/ part year resident of India during the tax year may still need to file the tax returns in India.

Below are some of the potential situations which would need you to file tax returns in India.

  • The taxpayer may receive Wages/Salaries in India for the period while he was residing in USA during Tax Year (This may be applicable for the taxpayers who are Indian Citizens and deputed to the US employer location/client locations).
  • The taxpayer who earns Interest or Dividend from any source in India.
  • The taxpayer may have a property (residential or any other propery) in India which was let out during the tax year and receives rental income.
  • The taxpayer may have a property which was sold in the tax year at a profit/loss.
  • The taxpayer made stock transactions during the tax year.
  • The taxpayer, being a partner in any partnership in India, also need to file the tax returns in India if they receive any income from it.
US Taxfiler

UsTaxFiler is a dedicated US Tax Filing Company formed by professionals in the year 2009. We at UsTaxFiler offer a wide range of services to Salaried, Self-Employed & High Net worth Individuals and Small Business Enterprises with respect to filing of Income Tax returns in USA. As a practice, our firm hires experienced professionals to serve our clients which enable us to provide the highest quality of service available.

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