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175 Strafford Avenue, Suite, 907, Wayne, PA
+1 (480) 546 8962
contact@logsandledgers.com
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Tax Preparation

Tax preparation

Tax preparation and Tax Returns are two of the most integral parts of accounting for a business organization. Logs and Ledgers provides tax preparation services to its clients and unburdens them from a long and rigorous process of filing for tax returns. We provide the following tax preparation services:

Individual Tax Return (1040): Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes are owed or whether the filer will receive a tax refund.

Partnership Tax Return (1065): Partnerships file an information return to report their income, gains, losses, deductions, credits, etc.

A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Partners must include partnership items on their tax or information returns.

Corporation Tax Return (1120, 1120S): Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

Fiduciaries Tax Returns (1041): The fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries.

Nonprofits Tax Returns (990): Form 990 is the IRS’ primary tool for gathering information about tax-exempt organizations, educating organizations about tax law requirements and promoting compliance. Organizations also use the Form 990 to share information with the public about their programs.

Estate & Gift Tax Returns (706): The executor of a decedent’s estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.

Year-end Reporting (1099): If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. File Form 1099-NEC for each person in the course of your business to whom you have paid the following during the year at least $600.

We prepare the data in the accounting software and review it again before submitting the final report to the final. We follow a meticulous process of data preparation with the help of accounting softwares and crosscheck the data thoroughly before submitting the final report to our clients for review.