Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. 940 forms must be mailed or e-filed to the IRS. For more information talk to our Aotax customer support executive.
Filing an Amended Tax Return corrects information that changes Tax calculations and may result in additional refund / reduced tax liability. This includes making changes to filing status and dependents or correcting income credits or deductions.
Do you choose the right structure for your business? How your business is structured can have a significant impact on the taxes that you pay. For example LLC’s, S-corporations are Pass-through entities which means your profit will be taxed at the ordinary tax rate, while shareholders of C Corp are taxed at corporate tax rate and then again when they report the distribution on their tax return, as a result, the income is “Taxed Twice”
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