INCOME TAXES

An income tax is a tax that is based on the amount of money earned by an individual. In 1913, the Sixteenth Amendment was passed that allowed the government the ability to collect, or levy this tax.

Income tax is the largest source of revenue for the Federal Government. These income taxes are not based on the total income, but rather the amount of money that is left over after deductions have been subtracted. The amount that is left over after deductions have been subtracted. The amount that is left over after all possible deductions and exemptions is called taxable income. Taxpayers must pay the government an income tax on a part of this taxable income.

A system of withholding taxes has been designed for employers. Employers subtract a certain part of money from every employee’s gross income. This money is directly sent to the federal and state governments. A summary of the money that is withheld is presented to the employee on a W-2 form that aids the employee in the completion of taxes.

The following types of income taxes are completed at Taxes Done Eze:

Personal/Individual Income (Form Number)

  • 1040
  • 1040A
  • 1040EZ
  • Schedule C-Small Business

Corporations – 1120

S-Corporations – 1120 S

Partnerships – 1065

Limited Liability Companies

Fiduciary/Trust – 1041

Quarterly State Board of Equalization filings:

  • Small Business sales tax payment

Update – 

  • IRS has instituted “Due Diligence” if you qualify for Earned Income Credit. If you qualify for this credit, please call us so we  can give you the list of items needed.

Reminder –

  • Federal Income Tax Period is normally from January 15 – April 15.
  • Corporation filings are from January 15 – March 15.
  • Extensions can be filed using form 4868 (see Forms section of website to download a copy). Extensions are for 6 months and due by October 15.