FAQ
- Can I use my company to hire myself and apply for H1-B employment?
- Technically the answer is no as company hiring foreign employees using the H1-B visa will require a good business standing as well as a longer history of operation. Please refer to your attorney for details. We can also arrange an interview with an attorney if you need further information.
- Immigration issues are delicate and sensitive. We provide advisory to our existing customers and by invitation only.
- Why do I need compliance review?To avoid future business landmine or issues, we conduct compliance review for you to make sure your corporation is set up properly and without issues. Most other service providers will not conduct compliance review as they cater mostly local US based entrepreneurs. We stand out in specializing Startup setup and formation for foreign entrepreneurs.
- How much should I pay for my corporation taxes or even my personal taxes?
- For corporation income taxes, it all depends on your long term strategy. If you intend to build up a credible company that will be qualified for funding or finance, you may want to be conservative on your accounting practice and start paying taxes right away in the first year. If you intend to use the company as an investment vehicle that is financed solely by you, then you may want to minimize tax liability. We provide free consultation for all our package [3] members.
- As a foreign entrepreneur, you may not have SSN (social security number) to open a personal bank account. In that case, you will want to have an ITIN. To apply for an ITIN, you must first file the personal income return and pay certain amount of taxes. This could be achieved by having the company paying you for service. That income you receive from the company will become taxable income. We provide free consultation for all our package [3] members.
- Am I likely to pay taxes in the first year?
- State and federal taxes may vary according to your reported income. Because all costs associated with your US company are tax-deductible, you may not need to pay any taxes.
- Losses may be carried forward for up to 20 years. (Please contact us for free advisory or consult your tax accounts for details.)
- Please note that all corporations are required to file tax returns regardless of profitability.
- How to pay taxes?
- For Fast Tax members, we will prepare all tax filing documents for you. You will need to provide income statement and balance sheet to us for processing. We will use the information you provide to prepare your tax return and calculate, if any, your tax liabilities. You will then submit payment either electronically or by check. In most cases, besides providing income statement and balance sheet, you do not have to do anything more than making the payment.
- For bookkeeping customers, we keep all your books. So at times of tax filing, you do not have to do anything except making respective tax payment. We will prepare income statement and balance for you automatically.
- What is certificate of good standing?Certificate of Good Standing is government-issued certificate that states the standing of your company. Only company with good standing will be issued one. It is welcomed by most US businesses as a good indication that your company is in good standing. It may facilitate various US account openings.
- What is ITIN?ITIN stands for individual tax identification number. It’s the equivalence of SSN (social security number) for non-US residents. Because ITIN can be substituted for SSN in many US service account applications such as PayPal US or Stripe US, many of our members choose to apply one in the first year. Choose Fast Tax if you will generate US income for yourself or if you want to meet the requirements of certain US business accounts.
- How much does it cost to apply for ITIN?
- For our members, ITIN Application is free provided that you file your personal tax return with our Fast Tax solution package.
- Personal tax filing is included for Fast Tax members.
- Why do I want to file personal tax return even though I have no US-based personal income?In order to obtain your ITIN, you want file federal personal income tax return. ITIN can only be applied if you prove to have the needs to file federal taxes. This is a (small) price to pay in order to obtain some of the business or bank accounts as some institutions require that you have either ITIN or SSN. (To learn more, please contact us for details.)
- Do I have to file state personal tax return?
- We set up most of our members’ companies in New Hampshire. As a New Hampshire based company, you do not need to pay state personal income tax.
- This service is optional and you are not required to file personal tax returns unless you draw income from your US company. Only income from your US company or other US income sources are required to be reported. Many members opt to file personal returns are doing in order to apply for ITIN.
- Do I have to file personal tax returns?If you do not have US-generated income, you do not have to file personal tax return. If you receive any form of income in the US or from your company, you are required to file federal personal tax return.
- What is Automatic Company State Tax Return Filing?Fast Tax members enjoy fully serviced automatic state tax filing service. You only need to provide income statement and balance sheet and we will handle all the government forms and filings. (Bookkeeping is optional****. Please call us for details or check here.)
- Do I have to maintain a book? I.e. bookkeeping?
- It is a good business practice that you maintain your book in a timely fashion. While IRS does not automatically require auditing of your book, you are required to maintain one when official audit is called. Also, banks may also request to look at your book when you apply for loans.
- For most startups or investors, there will not be many entries. We provide a simplified bookkeeping solution that keeps all your records at a very economical rate. (Bookkeeping service is optional****. Please call us for details or check here.)
- What is federal tax filing time?For most company the deadline is the last day of March every year.
- How to file federal tax return?You need to have income statement and balance sheet ready in times of tax filing.
- What is federal tax return filing?Federal tax return filing is the reporting of your operating profit or loss over the year. Regardless of profitability of your company, you are required to file federal tax return. It is a legal requirement just like any country in the world.
- What is automatic company federal tax return filing?Fast Tax members enjoy fully serviced automatic federal tax filing service. You only need to provide income statement and balance sheet and we will handle all the government forms and filings. (Bookkeeping service is optional****. Please call us for details or check here.)