FAQ

Tax Fillings
What should I bring to Quint Tax Services when filing my Taxes?

All this form if apply to you.

  • INFORMATION OF EACH MEMBER IN YOUR TAX RETURN
    • Social Security Card or ITIN
    • Last Year Tax Return
    • Valid Driver License or ID
    • One bill or statement with current address
  • FORMS
    • W2’s
    • 1099 INT (Bank Interest or other Interests)
    • 1099-G (unemployment or disability)
    • 1099-G (last year state refund if Itemized deductions)
    • 1099-DIV (Dividends)
    • 1099-C (if you did Bankruptcy, Deb cancellation, Foreclosure, Short Sale, etc)
    • 1099-SSA(Social Security Benefits)
    • 1099-MISC (if self-employed or commissions)
    • 1099-R (Pension Income or withdrawal)
    • Sale of a personal residence Statement (Final Escrow HUD)
    • Estimated Taxes Paid if Self-employed
    • Gambling winnings
    • Rental Income Information ( Rents received, Mortgage and Expenses)
    • Cash Income and expenses Information
What kind of deductions do I have the right to file in my Taxes?

The IRS has some standard deductions according with your filing status, but if your personal deductions are higher than these, you can Itemized your deductions.

Personal Deductions:

  • Medical Expenses
  • Form 1098 Mortgage Interest
  • Gambling Loses
  • Real estate Taxes
  • Personal Taxes
  • Sales Tax
  • Charitable Contributions
  • Donations
  • Non-refundable work expenses
  • Higher Education expenses
  • Moving Expenses
  • Doctor’s visits mileage
  • Student loan Interest
  • Educator expenses
  • Ira Contributions
  • Tax Preparer Fees
  • Etc……
Which are the credits that I have the right?

There are several that apply to you. Ask you preparer when you come If any of the following apply to you.

Credits

  • Child tax Credit
  • Additional Child Tax credit
  • Education Credit
  • Child Care Credit
  • Earned Income Credit (EIC)
  • Retirement
  • American Opportunity Credit
  • Making Work Pay
  • First Time Buyer credit
  • Residential Energy credit
  • Foreign Tax Credit
  • Credit for federal tax on fuels
How can I get the highest refund?

Allow your Tax Preparer go through questions and answers to see which credits apply to you, and you can get all the benefits the IRS allow for you.

We are a professional and ethical team working for you.

How fast will I receive my refund?

Well it depends on the IRS so there is not just one answer for this. The IRS will review your taxes and if they consider that your taxes need further investigation they will delay your refund for the investigation to take place before they give you the money.

However, to give you a general answer, if you file electronically and there is no investigation needed the IRS claims it would usually take 21 days from the day they were filled. Now, if you file it with our Bank Settlement Program program you can get your refund as soon as in 5 to 10 business days. (Fees may apply)

LLC
What are the advantages of an LLC?

The benefits of forming an LLC include:

  • Owners have limited liability for business debts and obligations, protecting their personal savings and possessions.
  • Owners can report their share of profit and loss on their individual tax returns without filing a separate corporate tax return.
  • Owners need not be U.S. citizens or permanent residents.
  • LLCs need not hold annual meetings or record meeting minutes (though we recommend it).

Form your LLC online in minutes or contact a Business Specialist at (562)291-2316

How does an LLC help protect my personal assets?

Unlike sole proprietorships and partnerships, LLCs allow their owners to separate and protect their personal assets from business debts and liabilities. A sole proprietor or general partner remains personally liable for business obligations, leaving their home, car, and personal savings at risk.

In contrast, forming an LLC creates a business structure separate from its owners. In a properly formed and managed LLC, only business assets remain at risk in a judgment against the company. Owners can protect their personal savings and possessions from business debts.

How are LLC profits taxed?

Like a sole proprietorship or partnership, an LLC can enjoy pass-through taxation. This means that owners (also known as “members”) report their share of profits or losses in the company on their individual tax returns. The Internal Revenue Service (IRS) does not assess taxes on the company itself. This avoids the “double taxation” that general, or “C,” corporations experience. In a C corporation, the IRS taxes profits at the corporate level and dividends at the shareholder level.

When creating an LLC, owners need not distribute profits and losses in the LLC in proportion to ownership (pursuant to IRS guidelines). The owners of an LLC can agree to allocate the company’s profits and losses among themselves however they see fit, not necessarily based on the percentage of the company each owner controls.

An LLC is very flexible. This entity can either be taxed as “Disregarded Entity” or also known as a “Sole Proprietorship” if it a single member LLC. However, you can send to the IRS the election to either be taxed as an S-Corp, C-Corp, or Partnership. Make sure you do not disregard your LLC after filling for your EIN. You can save a lot more taxes if you are taxed as an S-Corp.

All businesses are different so give a call to our tax advisors so we can tailor down the right entity for your needs at (562)291-2316.

How does an LLC compare to a C Corporation?

For many small business owners, a Limited Liability Company (LLC) offers advantages over a “C” corporation (also known as a “general” corporation). The LLC combines the tax advantages of a sole proprietorship or partnership with the liability protection of a corporation.

The IRS taxes the profits of a C corporation at corporate tax rates. Then, if the C corporation pays dividends to shareholders, the IRS taxes those dividends a second time at the personal income tax rates of the shareholders. The LLC business structure avoids this “double taxation.” The Internal Revenue Service (IRS) does not consider an LLC itself a taxable entity. Instead, the company’s earnings “pass through” to the owners, who report their share of profits or losses on their individual tax returns.

Small business owners who want the flexible structure of an LLC but the advantages of corporate taxation can elect corporate taxation for their LLC. To elect corporate taxation, owners file Form 8832, “Tax Classification Election,” with the IRS. Electing this status may also make an LLC eligible for certain deductions available only to corporations. For specific guidance, small business owners should consult their accountant or tax advisor regarding this election.

How does an LLC compare to a S Corporation?

The Limited Liability Company (LLC) and the Subchapter S Corporation (“S Corp”) share the benefit of pass-through taxation. This means that owners in the company report their share of profits and losses on each owner’s individual tax return. The Internal Revenue Service (IRS) assesses no separate tax on the company itself. In contrast, “double taxation” occurs when the IRS taxes both a C Corporation’s profit and dividends paid to shareholders.

Despite the similarity of pass-through taxation, an LLC can offer advantages over an S Corporation:

  • Not required to hold annual meetings or record meeting minutes (though we recommend it)
  • LLC owners need not worry about the formalities of issuing stock, since an LLC does not have stock
  • No limit to the number of owners
  • LLC owners need not be U.S. citizens or permanent residents
What is a Series LLC?

A Series LLC consists of a Limited Liability Company with more than one series of members, managers, or LLC interests. In some cases, a series LLC can have a separate business purpose or investment objective. For years, Delaware law has permitted an LLC to register separate series. Use of this structure remains uncommon due to uncertainty over federal income tax consequences. Advantages include:

  • The Series LLC permits separate liability-insulated divisions within a single entity.
  • A Series LLC could be used as a holding company owning intangible assets, or tangible assets such as real estate, or as an operating company conducting different lines of business.
  • The Series LLC reduces costs associated with forming and maintaining multiple LLCs.

Other states that have enacted statutes permitting the formation and registration of series LLCs include Illinois, Iowa, Nevada, Oklahoma, Tennessee and Utah. To form a series LLC, contact a Business Specialist at (562)291-2316

What state should I form my LLC in?

Most businesses form LLCs in the state in which they primarily operate. Advantages of choosing your home state include:

  • Typically the least complicated option
  • Usually costs less than forming your LLC in a different state and registering with your home state
  • Avoids paying franchise taxes and filing annual reports in more than one state

Many companies conduct business throughout the U.S. and abroad. An LLC with business locations in multiple states may form an LLC in a single state and then register to do business in the additional states. This means that companies must formally register, file annual reports, and pay annual fees to conduct business in multiple states.

How do I form an LLC?

Quint Tax Services can walk you through the process of your LLC formation either online or by telephone. Customers usually find our services less expensive than those of an attorney. We have multiple packages and options to choose from to meet your individual budget and needs.

Setting up an LLC takes less than 10 minutes. You simply need to choose a business structure, state, and your company name. We take care of the rest. Our experts have formed businesses nationwide.

What do I need to do to maintain my LLC?

Nearly all states require LLCs to file annual reports or pay franchise taxes to maintain the company’s good standing. The Secretary of State may forward a renewal notice directly to your company or to your Registered Agent. Failure to file reports and pay franchise taxes by the state deadline can result in fines, notices, and the inability to conduct business.

State laws do not require LLCs to hold annual meetings or record meeting minutes. However, we recommend that LLCs update their records at least annually to reflect any changes in management or activities.

Almost all state, county, and local governments require LLCs to complete business license, permit, and tax registration applications before beginning to operate. Learn more about how our Business Records Compliance Package can help your company.

S-CORP
What is an S Corporation?

S Corporations are formed under the laws of a particular state and are then subject to the laws and regulations of that state. Corporations allow owners to separate and protect their personal assets from the debts and obligations of the business. In a properly formed and managed S Corporation, a judgment against the business should not affect an owner’s home, car, savings, or other personal assets.

Shareholders own a corporation and appoint a board of directors to oversee corporate decisions and policies. Directors typically elect officers to manage a C Corporation’s day-to-day affairs. Since an S Corporation has a perpetual existence, it does not dissolve if an owner dies or leaves the business.

Do I need an attorney to form a corporation?

No. You can prepare and file necessary paperwork yourself, or you can use The Company Corporation to incorporate your business. If you are unsure whether incorporating will benefit your business, please call us at (562) 291-2316. Our Business Specialists are happy to provide you with the information you need to make the right decision.

What are the main differences between a C Corporation and an S Corporation?

C Corporations file IRS form 1120 to report corporate income to the Internal Revenue Service. The IRS taxes company profits at corporate tax rates and dividends paid to shareholders at individual tax rates. For this reason, you may hear tax professionals refer to “double taxation” of a C Corporation.

C Corporations can elect “pass-through” taxation by applying to the IRS for status as a Subchapter S Corporation. The S Corporation provides the same protection from personal liability. However, owners can report their share of profit and loss in the company on their individual tax returns. The S Corporation files IRS form 1120s to report income. Entities that have assets in excess of $10 million or file over 250 forms each year must file these s corp forms online.

S Corporations have a number of restrictions. Most notably, only U.S. citizens or permanent residents may own an S Corporation. An S Corporation may not have more than 100 shareholders. An S Corporation may not have any entities as shareholders.

Should I elect S Corporation status? What are S Corp benefits?

While we can’t give legal advice, the benefits of forming an S Corporation include:

  • less risk from government audits, compared to a sole proprietorship.
  • limited personal liability for business debts.
  • ability to deduct the cost of benefits as a business expense.
  • opportunity to raise additional funds through the sale of stock.
  • owners can report profit and loss on their individual tax returns.
What forms are required to form an S Corporation?

The Company Corporation will guide you through the steps to incorporate your business either online or by telephone. We simplify the process of registering your new S Corporation:

  • Form your S Corporation online or contact a Business Specialist at (562) 291-2316.
  • We assign your order to a Business Specialist, who contacts you if there are any problems with the preliminary name search.
  • We complete Articles of Incorporation on your behalf. A few states require us to get your signature on the completed documents before submission. Normally, we submit documents directly to the state.
  • We file your documents with the state.
  • We forward the state approval notice to you (generally within 5-10 business days, but turnaround time varies by state).
  • You apply for S Corporation status through the IRS by filing Form 2553 (this form is included with your formation package).
What is pass-through taxation?

One possible tax advantage of an S Corp is pass-through taxation. Corporations can elect “pass-through” taxation by applying to the IRS for status as a Subchapter S Corporation. The S Corporation provides the same protection from personal liability as a C Corporation. However, owners of an S Corporation can report their share of profit and loss in the company on their individual tax returns. An S Corporation files IRS Form 1120s to report income.

S Corporations have a number of restrictions. Most notably, only U.S. citizens or permanent residents may own an S Corporation. An S Corporation may not have more than 100 shareholders. Other legal entities may not be shareholders of an S-corp.

What is the organizational structure of an S corporation?

The company is owned by shareholders, who elect directors. The directors set a vision for the corporation and are responsible for the management of the corporation. The officers and managers hired by the directors are responsible for carrying out the vision on a day-to-day basis.

Where should I incorporate my business?

Most companies form their corporations in the state in which they will primarily operate or in the state of Delaware in order to have access to its courts and business-friendly laws. Advantages of forming a corporation in your home state include:

  • Fewer complications, if you only plan to operate the business in your home state.
  • No need to pay franchise taxes or file annual reports in more than one state.
  • Less cost.

Many companies conduct business throughout the United States and abroad. An S Corporation with business locations in multiple states may incorporate in a single state, then register to do business in other states. This means that S Corporations must formally register, file annual reports, and pay annual fees in every state in which they conduct business.

Remember, you must separately apply for S Corporation tax status through the IRS by filing Form 2553.

Is an S corporation required to have a registered agent?

Yes. State laws require all corporations to maintain a registered address with the Secretary of State in each state where they do business. The person or company located at that address, known as the Registered Agent, must remain available during all business hours. A Registered Agent receives and forwards important legal documents and state correspondence on behalf of the business.

What do I need to do after I form my S Corporation?

Most states require S Corporations to file annual reports and pay franchise taxes to maintain their good standing. Failure to file annual reports and pay franchise taxes can result in fines, notices, and the inability to conduct business. You may be able to file many of these S Corp documents online. The Company Corporation can help you ensure each of your forms are correctly filled out and submitted according to schedule.

State laws require S Corporations to hold annual meetings of shareholders and directors and record meeting minutes. Owners and directors of an S Corporation use corporate minutes to reflect changes in management and important corporate activities.

Quint Tax Services can assist you with all of your internal documentation needs.

Additionally, almost all state, county, and local governments require S Corporations to complete business license, permit, and tax registration applications before beginning to operate.

Can the personal asset protection provided by forming an S Corporation be taken away?

Generally the owners of a corporation cannot be held liable for the debts and obligations of the corporation. However, if owners treat the corporation as an extension of themselves – sometimes referred to as “disregarding the corporation form” – such as by commingling personal and corporate funds or making important decisions without holding board meetings or passing resolutions, then creditors can attempt to hold owners liable for the debts and obligations of the company-often called “piercing the corporate veil.” The “corporate veil” can also be lost if a corporation is terminated by a state for failure to file required forms or pay required fees and taxes.

Quint Tax Services can help your company maintain its “corporate veil” by providing you with required corporate forms and documents for you to complete and by assisting you in making some state filings.

Can an S Corp own an LLC?

An s corp can own an LLC. However, only single-member LLCs can own a steak in an s corp. One of the tax advantages of an s corp is similar to that of an LLC in that both can pass their profits and losses through to their personal income tax report each year.

What is the cost of setting up an S Corp?

The costs associated with setting up an s corp, LLC, and c corp are similar. However, there are other intangible factors you must take into account. Every s corporation is unique and comes with its own set of advantages and disadvantages. Among the subchapter s corporation requirements you must weigh when considering this particular status is that s corporations must file articles of incorporation, keep a record of corporate minutes, hold shareholder and director meetings, as well as allow their shareholders to weigh in with a vote concerning company decisions. S corporations can also only offer common stock to investors, making fund-raising more difficult. If you are still undecided as to the pros and cons of declaring your business an s corporation, please contact Quint Tax Services to speak to someone who may be able to set you on the right path.

C-CORP
What is a C Corporation?

A C Corporation (also known as a general corporation) is a unique business structure separate from its owners. Corporations are formed under the laws of a particular state and are then subject to the laws and regulations of that state. Corporations allow owners to separate and protect their personal assets from the debts and obligations of the business. In a properly formed and managed C Corporation, a judgment against the business should not affect an owner’s home, car, savings, or other personal assets.

Shareholders own a corporation and appoint a board of directors to oversee corporate decisions and policies. Directors typically elect officers to manage a C Corporation’s day-to-day affairs. Since a C Corporation has a perpetual existence, it does not dissolve if an owner dies or leaves the business.

What is a C Corporation vs an S Corporation?

Ownership of an S corporation is only available to persons who are U.S. citizens or naturalized, resident aliens. Other entities are not permitted to own shares of an s corporation. One of the “pros” in the pros and cons of owning an s corp vs. a c corp is the fact that s corporation taxes are passed to the company’s owners who must report their profits and losses directly on their personal income tax return at the end of each year. Because of this, s corps do not have to file taxes for their business. C corps, however, must file taxes with both the IRS, and the owners must additionally report their company share of profits on their personal tax return.

Do I need an attorney to form a corporation?

No. You can prepare and file necessary paperwork yourself, or you can use Quint Tax Services to incorporate your business. If you are unsure if incorporating will benefit your business, please call us at (562) 299-8750, our Business Specialists are happy to answer your questions.

What are the main differences between a C Corporation and an S Corporation?

C Corporations file IRS form 1120 to report corporate income to the Internal Revenue Service. The IRS taxes company profits at corporate tax rates and dividends paid to shareholders at individual tax rates. For this reason, you may hear tax professionals refer to “double taxation” of a C Corporation.

C Corporations can elect “pass-through” taxation by applying to the IRS for status as a Subchapter S Corporation (IRS form 2553). The S Corporation provides the same protection from personal liability. However, owners can report their share of profit and loss in the company on their individual tax returns. The S Corporation files IRS form 1120S to report income.

S Corporations have a number of restrictions. Most notably, only U.S. citizens or permanent residents may own an S Corporation. An S Corporation may not have more than 100 shareholders.

What forms are required to form a C Corp?

Articles of Incorporation or Certificate of Incorporation, depending on the state.

What is double taxation?

C Corporations file IRS form 1120 to report corporate income to the Internal Revenue Service. The IRS taxes company profits at corporate tax rates and dividends paid to shareholders at individual tax rates. For this reason, you may hear tax professionals refer to “double taxation” of a C Corporation.

What is the organizational structure of a C Corporation?

The company is owned by shareholders, who elect directors. The directors set a vision for the corporation and are responsible for the management of the corporation. The officers and managers hired by the directors are responsible with carrying out the vision on a day-to-day basis.

Where should I incorporate my business?

Most companies form C Corporations in the state in which they will primarily operate or the state of Delaware so that they can have access to the State’s courts and business-friendly laws. Advantages of forming a C Corporation in your home state include:

  • Typically the least complicated, if you only plan to operate the business in your home state.
  • Avoid paying franchise taxes and filing annual reports in more than one state.
  • Usually costs less to incorporate locally.

Many companies conduct business throughout the United States and abroad. A C Corporation with business locations in multiple states may incorporate in a single state, then register to do business in other states. This means that C Corporations must formally register, file annual reports, and pay annual fees in every state in which they conduct business. The Business License Compliance Package includes: An overview of the licenses, permits, and tax registrations identified for your business.

Is an S corporation required to have a registered agent?

Yes. State laws require all corporations to maintain a registered address with the Secretary of State in each state where they do business. The person or company located at that address, known as the Registered Agent, must remain available during all business hours. A Registered Agent receives and forwards important legal documents and state correspondence on behalf of the business.

What do I need to do after I form my C-Corporation?

Most states require C Corporations to file annual reports and pay franchise taxes to maintain their good standing. Failure to file annual reports and pay franchise taxes can result in fines, notices, and the inability to conduct business.

State laws require C Corporations to hold annual meetings of shareholders and directors and record meeting minutes. Owners and directors of a C Corporation use corporate minutes to reflect changes in management and important corporate activities.

The Company Corporation can assist you with all of your internal documentation needs (link to Compliance Coaching services) Additionally, almost all state, county, and local governments require C Corporations to complete business license, permit, and tax registration applications before beginning to operate.

Can the personal asset protection provided by forming a C Corporation be taken away?

Generally the owners of a corporation cannot be held liable for the debts and obligations of the corporation. However, if owners treat the corporation as an extension of themselves – sometimes referred to as “disregarding the corporation form” – such as by commingling personal and corporate funds or making important decisions without holding board meetings or passing resolutions, then creditors can attempt to hold owners liable for the debts and obligations of the company-often called “piercing the corporate veil.” The “corporate veil” can also be lost if a corporation is terminated by a state for failure to file required forms or pay required fees and taxes.

Quint Tax Services can help your company maintain its “corporate veil” by providing you with required corporate forms and documents for you to complete and by assisting you in making some state filings.

Can a C Corp own an LLC?

Since a c corp is its own legal identity (separate from that of its owner), a c corp can own an interest in an LLC.

Can a C Corp own an S Corp?

An s corp can own a c corp. However, a c corporation cannot own an s corporation. Much of this has to do with the structuring of a c corp vs an s corp. To learn more about what is an s-corporation and how it differs from a c corporation, please refer to the section above about S-Corps.

NON-PROFIT
What is a nonprofit corporation?

Educational, scientific, religious, and charitable organizations typically form nonprofit corporations to provide limited liability for the people involved in their management. Incorporating your nonprofit association can help you to establish the legal protection that separates the personal savings and possessions of those involved in the nonprofit from the activities of the corporation.

How do I qualify for Tax-Exempt Status as a Nonprofit?

Though other types of nonprofit organizations exist, most of our customers seek 501(c)(3) tax-exempt status with the Internal Revenue Service (IRS). The Company Corporation can help you form a nonprofit corporation in any state or the District of Columbia and assist you in obtaining your tax-exempt status with the IRS.

What are the benefits of forming a nonprofit corporation?

Nonprofit corporations that qualify for 501(c)(3) status enjoy the following advantages:

  • Personal asset protection and limited liability for directors and officers
  • Tax exemption from federal income tax as a charitable organization
  • Grant eligibility to receive private and public grants
  • The ability to receive tax-deductible donations from donors
  • Perpetual existence, even if a director leaves the business or passes away
  • Possible exemptions from property taxes
  • Application for special postage rates at a reduced cost
Do I need an attorney to form a nonprofit corporation?

No. You can prepare and file necessary paperwork yourself, or you can use Quint Tax Services to incorporate your nonprofit. If you are unsure whether incorporating will benefit your nonprofit, please call us at (562)2998750. Our Business Specialists are happy to provide you with the information you need to make the best decision.

Does my nonprofit need to register with the state in order to fundraise?

Most states require that nonprofits register in a state before soliciting donations from residents of that state, and some states require registration if the nonprofit can receive donations from within that state (e.g., over the Internet), even if the nonprofit does not directly solicit donations from that state. In addition, the IRS requires disclosure of all states in which a nonprofit is registered on Form 990 if the nonprofit has income of more than $25,000 per year. Penalties for failure to register can include being forced to give back donations or facing criminal charges. The Company Corporation can assist you in registering in those states in which you intend to solicit donations.

What must a 501(c)(3) organization do to be classified as a publicly supported organization (rather than as a private foundation)?

A nonprofit organization that receives substantial portions of its income either from governmental sources or from direct contributions from the general public may qualify as a publicly supported organization under section 509(a) of the Internal Revenue Code. This designation leads to less regulation, exemption from certain taxes that private charities must pay, and other benefits. However, due to the complexity of the laws and regulations governing designation as a publicly supported organization, Quint Tax Services recommends that any nonprofit interested in this designation seek legal and tax counsel to provide the necessary advice.

Can I still be a nonprofit if I don't apply for tax-exempt status?

Yes.

Where should I form my nonprofit?

Most individuals or groups form nonprofit corporations in the state in which they will primarily operate. Advantages of forming a nonprofit corporation in your home state include:

  • Fewer complications, if you only plan to operate the nonprofit in your home state
  • No need to pay franchise taxes and file annual reports in more than one state
  • Less cost

Many companies conduct business throughout the United States and abroad. A nonprofit corporation with business locations in multiple states may form in a single state, then register to do business in other states. This means that nonprofit corporations must formally register, file annual reports, and pay annual fees in every state in which they conduct business.

Is a nonprofit corporation required to have a registered agent?

State laws require all nonprofit corporations to maintain a registered address with the Secretary of State in each state where they do business. The person or company located at that address, known as the Registered Agent, must remain available during all business hours. A Registered Agent receives and forwards important legal documents and state correspondence on behalf of the business.

After I form my nonprofit, how do I remain in compliance?

All corporations are generally required to file annual reports and pay franchise fees to the state in which they’re incorporated; however, nonprofits are often exempt from paying franchise fees. In addition, nonprofits are generally required to annually renew their registration in any state in which they are registered. Nonprofits are also subject to various laws and regulations regarding their tax-exempt status. The Company Corporation cannot provide legal or tax advice regarding the tax-exempt status or maintenance of your nonprofit corporation.

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