The Internal Revenue Service is the taxing authority in the U.S. The US tax system is based on the principle of self-assessment and voluntary reporting that permits the electronic or hard copy filing of individual tax returns. Citizens and residents are required to pay taxes on their worldwide income, whereas non-resident aliens are taxed on their US-source income and income effectively connected with a US trade or business (with certain exceptions).
For individuals, the top income tax rate for 2020 is 37%, except for long-term capital gains and qualified dividends. The individual tax return is a type of income tax return filed by an individual. Both single and married taxpayers, with or without dependents, file a return. Individual filers always file their returns on a version of Form 1040. Every individual filer who earns a certain amount of income must file this type of tax return.
Rakesh Jain, CPA PC provides individual tax return preparation and planning services for:
- Form 1040 – Individual Income Tax Return
- Form 1040NR – Non-Resident Alien Income Tax Return
