First of all, as an individual, you might not need to file a federal income tax return if your income is below a certain amount. However, you need to file a tax return to claim a refundable tax credit or a refund for withheld income tax. You can visit IRS website and find out if you need to file a tax return or not.
As for the above-mentioned “exception”, if the net profit is below $400 per year, there is no need to file a federal income tax return. However, there might be an obligation to pay the franchise tax at state level nonetheless. In Delaware, LLCs and INCs are to pay franchise tax, even if there is not any income for the tax year. The deadline for LLCs is June 1st and March 1st for INCs.
Federal Income Tax deadline is the second week of April for LLCs and the second week of March for INCs.
I am a non-resident, what should I do?
US Non-Resident Tax return can be little complicated if you have no idea how to file 1040NR, 1120, 5472 and other IRS forms, feel free to contact us. As for the matter, You have to file even if you do not have a company, but you engaged in a trade or business in the United States during the year.
Nonresident aliens who are required to file an income tax return must use:
- Form 1040NR, U.S. Nonresident Alien Income Tax Return or,
- Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents if qualified
- If you cannot file your return by the due date, you should submit Form 4868 to request an automatic extension of time to register.
What else should I know?
- To file your taxes in the USA as Non-US resident, you need an ITIN number.
- If you are a US resident, you can file your taxes with your US SSN (Social Security Number)
- Tax liability begins one year after the established year for both kind of taxes. For example, if your company was founded in 2020, the company’s liability starts in 2021 for both franchise tax and federal tax.