Regardless of your status, filling and paying taxes are core responsibilities of any person or company that has any sort of income or investment in the United States. Also, it is very important to pay your tax liabilities on time so that penalties and interests are avoided. Since preparing your own income tax return can be tricky, you might often worry and wonder if you are doing it correctly. A professional Tax Preparer can be very advantageous, since they understand more about the laws, the credits for which you are eligible, and the new rules released each fiscal year. If you want to file your taxes but do not have a SSN, we can help you applying for an ITIN, which will assist you clearing your situation with the IRS.
Opening your own business is very exciting and we can help you on this process. There are different kinds of company structures, as well as different tax liabilities involved. We can help you understanding the choices you have and guiding you to the decisions that best fits your needs. As a business owner the last thing you want is to have any problems with your taxes or the headache that comes with negotiating payments and penalties. Let us help you eliminate those kinds of problems from the beginning.
It is very important to create a healthy accounting system. The success of your business relies on many things but keeping organized books and financial statements are critical requirements. The software we use will keep the order of your payables & receivables, as well as payroll, taxes, and financial obligations. Let us do this work for you, and you can focus on what you do best – running your own business.
Labor is usually one of the biggest expenses for a business, and payroll preparation is one of the most time-consuming activities for a business owner. We can assist you with a full payroll management system to handle all your payroll tasks including wage calculations, employee payments, tax filling and tax payments.
ITIN (Individual Taxpayer Identification Number) is an identification number issued by the IRS (Internal Revenue Service), for those individuals who need to file their income taxes but are not eligible for a SSN (Social Security Number). Whether or not living in the United States, if you have any source of income or investment you are required to file your tax return. SVA is a Certified Acceptance Agent (CAA) by the IRS, which means we are licensed to check and approve your documents for the process, avoiding sending originals and risking losing any important documentation, therefore we are more than capacitated to help you acquiring the ITIN in a most efficient, secure and reliable way. ITIN benefits:
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number is used to identify a business entity. Every organization that is a corporation or partnership or have employees must have an employer identification number (EIN). The EIN is a unique number that identifies the organization to the Internal Revenue Service for tax reporting. EIN benefits:
Do I need to file my taxes if I didn’t work full year?
While people with income under a certain amount aren't required to file a tax return because they won't owe any tax, if you qualify for certain tax credits or already paid some federal income tax, the IRS might owe you a refund that you can only get by filing a return. There are more reasons you may want to file, even if you don’t have to. If you had federal taxes withheld by your employer, you may be eligible for a refund of those taxes. This includes students and part-time workers who may not file because they have too little income to require them to do so.
Do I need to file taxes if I am a foreigner?
If you are not a US citizen, but have any income or investment in the United States, you may need to file a U.S. tax return depending on your source of income and your tax filing status.
How can I check the status of my tax refund?
You can easily check your status though the links below : Federal: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp California: https://webapp.ftb.ca.gov/refund/login?Submit=Check+refund&Lang=en-us
When/How can I apply for an ITIN (Individual Tax Identification Number)?
The IRS issues ITIN’s to help individuals comply with the U.S. tax laws and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security Numbers (SSNs). An ITIN does not provide authorization to work in the United States or provide eligibility for Social Security benefits or the Earned Income Tax Credit. You need an ITIN as soon as you are ready to file your federal income tax return, since you need to attach the return to your application. A professional tax preparer can help you with the application process.
Can I open my own business with an ITIN?
Yes, you can open your own business or invest in an existing one using your Tax Identification Number.
Do I need to be a SSN holder to open a business?
Neither an SSN nor an ITIN is required to open a business at first. However, if you don’t have a SSN you will have to apply for an ITIN when filing your business and personal income taxes.
Can I open a business only with my passport?
Yes. Generally, there are no restrictions on foreign ownership of a company formed in the United States. The procedure for a foreigner to form a company in the US is the same as for a US resident. It is not necessary to be a US citizen or to have a green card to own a corporation or LLC. Although, you may have to apply for an ITIN to be able to file your and your business first annual tax return.
Do I have to apply for a EIN to open a business?
If you are planning on having employees, then your answer is yes. Also, it depends on the type of business you open, whether it will be a Sole Proprietorship, Partnership, LLC or Corporation.
Can I use the same EIN for different businesses?
No. You can have different DBA’s (Names), but you can’t have different business under the same EIN.
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