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Tax Rates

2024 Tax Rates - Single Taxpayers 10% $ 0 to $11,600 12% $11,601 to $47,150. 22% $47,151 to $100,525. 24% $100,526 to $191,950. 32% $191,951 to $243,725 35% $243,726 to $609,350 37% $609,351 or more 2024 Tax Rates-Married Filing Jointly 10% $0 to $23,200 12% $23,201 to $94,300 22% $94,301 to $201,050 24% $201,051 to $383,900 32% $383,901 to $487,450 35% $487,451 to $731,200 37% $731,201 or more 2024 Tax Rates - Married Filing Separately 10% $0 to $11,600 12% $11,601 to $47,150 22% $47,151 to $100,525 24% $100,526 to $191,950 32% $191,951 to $243,725 35% $243,726 to $365,600 37% $365,601 or more 2024 Tax Rates - Head of Household 10% $0 to $16,550 12% $16,551 to $63,100 22% $63,101 to $100,500 24% $100,501 to $191,950 32% $191,951 to $243,700 35% $243,701 to $609,350 37% $609,350 or more. 2024 Tax Rates - Estates & Trusts 18% $0 to $10,000 20% $10,001 to $20,000 22% $20,001 to $40,000 24% $40,001 to $60,000 26% $60,001 to $80,000 28% $80,001 to $100,000 30% $100,001 to $150,000 32% $150,001 to $250,000 34% $250,001 to $500,000 37% $500,001 to $750,000 39% $750,001 to $1,000,000 40% $1,000,001 and up

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December 17, 2024

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Tax Forms & Publications

Publication 1 –  Your Rights As a Taxpayer Publication 3– Armed Forces’ Tax Guide Publication15 – Circular E, Employer’s Tax Guide Publication 15A – Employer’s Supplemental Tax Guide Publication 17 – Your Federal Income Tax Publication 51 – Circular A, Agricultural Employer’s Tax Guide Publication 54 – Tax Guide for U.S. Citizens and Resident Aliens Abroad Publication 80 – Circular SS – Federal Tax Guide for Employers in the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands Publication 225 – Farmer’s Tax Guide Publication 334 – Tax Guide for Small Business Publication 463 – Travel, Entertainment, Gift, and Car Expenses Publication 501 – Exemptions, Standard Deduction, and Filing Information Publication 502 – Medical and Dental Expenses Publication 503 – Child and Dependent Care Expenses Publication 504 – Divorced or Separated Individuals Publication 505 – Tax Withholding and Estimated Tax Publication 509 – Tax Calendars Publication 510 – Exercise Taxes (Including Fuel Tax Credits and Refunds) Publication 514 – Foreign Tax Credit for Individuals Publication 515 – Withholding of Tax on Nonresident Aliens and Foreign Corporations Publication 516 – U.S. Government Civilian Employees Stationed Abroad Publication 517 – Social Security and Other Information for Members of the Clergy & Religious Workers Publication 519 – U.S. Tax Guide for Aliens Publication 521 – Moving Expenses Publication 523 – Selling Your Home Publication 524 – Credit for the Elderly or the Disabled Publication 525 – Taxable and Nontaxable Income Publication 526 – Charitable Contributions Publication 527 – Residential Rental Property (Including Rental of Vacation Homes) Publication 529 – Miscellaneous Deductions Publication 530 – Tax Information for First-Time Homeowners Publication 531  – Reporting Tip Income Publication 535 – Business Expenses Publication 536 – Net Operating Losses Publication 537– Installment Sales Publication 538 – Accounting Periods and Methods Publication 541 – Partnerships Publication 542 – Corporations Publication 544 – Sales and other Dispositions of Assets Publication 547 – Casualties, Disasters, and Thefts Publication 550 – Investment Income and Expenses (Including Capital Gains and Losses and Mutual fund Distributions) Publication 550 – Investment Income and Expenses (Including Capital Gains and Losses and Mutual fund Distributions) Publication 554 – Older Americans’ Tax Guide Publication 555 – Community Property Publication 556 – Examination of Returns, Appeal Rights, and Claims for Refund Publication 557 – Tax-Exempt Status for Your Organization Publication 559 – Survivors, Executors and Administrators Publication 560 –Retirement Plans for Small Business Publication 570 –    Tax Guide for Individuals With Income from U.S. Possessions Publication 571 – Tax-Sheltered Annuity Programs for Employees of Public Schools and Certain Tax-Exempt Organizations Publication 575 – Pension and Annuity Income Publication 583 – Starting a Business and Keeping Records Publication 587 – Business Use of Your Home (Including Use by Day-Care Providers) Publication 590-A – Contributions to Individual Retirement Arrangements (IRAs) Publication 590-B – Distributions to Individual Retirement Arrangements (IRAs) Publication 595 – Tax Highlights for Commercial Fishermen Publication 596 – Earned Income Credit Publication 598 – Tax on Unrelated Business Income of Exempt Organizations Publication 721 – Tax Guide to U.S. Civil Service Retirement Benefits Publication 901 – U.S. Tax Treaties Publication 907 – Tax Highlights for Persons With Disabilities Form 911 – Request for Taxpayer Advocate Service Assistance Publication 915 – Social Security and Equivalent Railroad Retirement Benefits Publication 925 – Passive Activity and At-Risk Rules Publication 926 – Household Employers Tax Guide Publication 936 – Home Mortgage Interest Deduction Publication 939 – General Rule for Pensions and Annuities Publication 946 – How to Depreciate Property Publication 954 – Tax Incentives for Empowerment Zones and Other Distressed Communities Publication 957 – Reporting Back Pay and Special Wage Payments to the Social Security Administration Form 8839 – Qualified Adoption Expenses Publication 969 – Health Savings Accounts and Other Tax-Favored Health Plans Publication 970 – Tax Benefits for Education Publication 1212 – Guide to Original Issue Discount (OID) Instruments Publication 1345 – Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns Publication 1544 – Reporting Cash Payments of Over $10,000 Publication 4557 – Safeguarding Taxpayer Data – A Guide for Your Business

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December 17, 2024

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Virtual Office Services

This is a service that startup businesses in the United States value the most. As part of this package, we act as your agent and office for your business. Ourtrong>Virtual office service comes with a proper address (and not a PO box) in any city of your choice within the United States. We receive documents on behalf of your business, sort them, open the packages received at the virtual address, securely shred junk mails, scan and upload soft copies of your secure account on your ForMyTax.Com account, Under Standard Package: Handle Official documents to maintain Corporate Compliance. Documents include: Receive mails, notices and all other kinds of correspondence from the IRS Serves as the mailing address on business tax returns individual tax returns, payroll 941/940 report, state UI reports, etc. Receive delinquent letters, web-file number, notice and all other kinds of correspondence from the state comptroller departments Certificates, EIN, ITIN, EFTPS, payroll electronic PIN, withholding ID, UI account ID, etc. Virtual Office Services Handle documents important to your Business Operations. Documents include: Receive checks from entity’s customers. Receive Bank and insurance documents; Receive mails from entity’s customers and vendors. Provide United States Telephone and Fax number and instruments. Both Toll and Toll Free options available. Handle Customer orders and Billing. Deposit checks to your business bank account Virtual Front Desk or Secretarial Support. Forwarding hard copies of the mails domestically or internationally

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December 17, 2024

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Corporate Taxation

ForMyTax.Com has gained unique multidimensional characteristics by offering various taxation services to its clients across various countries. We assist our corporate clients with tax strategy, planning, compliance and preparation services. We have dedicated & qualified tax professionals across various countries offering you these services in the countries where you do business. We have experience of working with diverse client base comprising all types of businesses – multinational companies (MNC’s), local companies, privately – owned organizations, not for profit organizations, partnerships, family businesses, trusts and individual owners. Selecting the right firm for your company’s needs is investing in your company’s future. We do not see our role as an outsourced business service, rather we consider ourselves as your business partner – partner in growth and success. We integrate ourselves in your goals, culture and ways of your business. Our value is in proactive planning & counsel along with our preparation services. Remember we can make a difference to your future – future where growth is strategic and profits are optimized. We focus on tax planning and reduction strategies for your business. We continually educate ourselves on the latest tax law changes and their implications on your business. We proactively recommend tax saving strategies to increase profitability for your business. We recommend tax saving strategies year round and not at the end of the year. Many of our business clients have saved many times the fee in reduced tax liabilities through planning and legitimate tax saving strategies. Preparing your business taxes can be a hectic process. Many times when you have opted to be a flow through entity business taxes can directly affect your personal tax return. We step in to analyze both from the business as well as your personal level. We provide tax preparation and planning strategies for: Corporate Returns (1120, 1120S, etc.) Partnership Returns (LLC, LLP, LP, etc.) Exempt Organizations (Form 990) Fiduciary Tax Returns (Form 1041) Sales Tax Returns Property Tax Returns Payroll Tax Returns Computing Book / Tax Differences We also provide free evaluation on your prior year business tax returns.

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Fahmeed

December 17, 2024

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Payroll Processing

Payroll processing is an important part of proper human resource management. It is also an important compliance requirement for any corporation having employees. It is not only time consuming but also a requirement to keep up with IRS regulations. Outsourcing payroll and payroll tax administration to ForMyTax.Com allows you to handle your payroll obligations in an effective manner while allowing you to focus your time and energy where it should be on managing your business. ForMyTax.Com serves all types of entities from Small & Medium Size to Large Enterprises by providing payroll services. ForMyTax.Com offers guaranteed accurate payroll calculations for all types and sizes of businesses – including all federal, state and local taxes. We provide our clients with options of several payment methods including hourly pay, straight salary, commissions, bonuses and general reimbursements among others. Salary can be processed daily, weekly, biweekly, fortnightly, monthly, quarterly and annually. We also take care of various deductions like Federal Income Tax, FICA Taxes, State Taxes, State Unemployment and Disability, City, Local and / or County Taxes. We also have the ability to process loan payouts, advances, 401K, Garnishment, etc. We also provide our clients with an option to mail a physical payroll check or direct deposit. Paystubs can also be physically mailed or emailed to the client / employees. We also file payroll tax returns on behalf of our client to various federal and state agencies including department of labor. We also take care of issuing year end W2 / 1099 statements and filing a copy to Social Security Administration and IRS on behalf of our clients. We also provide dedicated and designated payroll support call center 24 hours a day to answer any of our client’s questions and concerns. Our Payroll Pricing can be customized as per the client needs by doing an all-inclusive package on per hour, per month or per payroll or we can do A La Carte payroll pricing depending on the services opted for.

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December 17, 2024

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Accounting and Bookkeeping

ForMyTax.Com offers complete accounting services that combine best practices, top-to-bottom process reengineering with web-based workflow systems to reduce errors and lower costs while improving your controls and decision-making. Our experienced team develops client-centric solutions that leverage your existing accounting systems rather than replacing them. Through this, we reduce implementation timeframes, risk and expense, and allow your interfaces and reports to function as they do today. Let ForMyTax.Com deliver these benefits to you through a full-service solution that includes: Accounts payable Billing and accounts receivable Financial statement preparation Payroll services Daily deposit verification Cash and credit card reconciliation Fixed asset reporting Accounting and Bookkeeping Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Bookkeeping Services ForMyTax.Com provides timely, efficient bookkeeping services for businesses of all sizes. Our clients use us for a wide variety of their bookkeeping needs, from periodic consulting on an accounting issue to being their full service outsourced accounting department. We support our bookkeeping services with expertise in QuickBooks and offer a web-based QuickBooks hosting solution as well.. Bookkeeping Services include: Accounts Payable and Receivable Aging Balance Sheet Bank Reconciliation Reports Break Out Payroll, Payroll Fees and Payroll Taxes Budgeting Cash Flow Statement Create Collections Process Credit Card Reconciliation Reports Estimated Tax Payments Financial Dashboard Forecast General Ledger Maintain Vendor W-9 Information Monthly or Quarterly Telephone Consultation Monthly P&L Statement Payroll processing Prepare Bank Reconciliation Prepare Credit Card Reconciliation Prepare Month-end Adjusting and Closing Journal Entries Profit and Loss Statements Reconcile Vendor Statements Record Bank Charges, deposits, checks disbursed Record Credit Card Transactions and Customer Payments Record Purchase Orders Record Sales Invoices Record Vendor Invoices Record Payments Sales Tax Reporting Statement of Cash Flow Tax Planning and preparation Weekly Accounts Payable and Receivable Aging Report Year-to-Date P&L Statement Our firm provides remote bookkeeping services, including general journal and subsidiary ledger maintenance, bank statement reconciliation, and receivables and payables tracking and analysis. Additionally, if you need a bookkeeper in your office a few days a week, we have the staff to provide that bookkeeper on-site. We’ll do any necessary training and supervision, and you will benefit from a qualified professional to help you right in your office. If we don’t have the appropriate staff for your office, we can also assist with the interviewing, hiring, and testing so you be confident that you have chosen a qualified employee.

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December 17, 2024

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Corporate Kit

We provide the forms, kits, corporate seals, certificates and stamps which are required for the formation Corporation, Limited Liability Corporation (LLC), Non Profit or Professional Association. We have an economy pack which includes all the bases and speedup the process of forming an LLC or any other type of corporate entity. Our corporate kit can be customized to meet almost any specific requirements or may be ordered in the standard and shipped immediately. We serve individuals who require incorporation kits for either a small or a large business startup and we also serve suppliers and retailers who make their corporate kit purchases in bulk, directly from us, the manufacturer. In addition to our incorporation kits we also provide the rubber stamps, ink pads, seals and certificates your corporation or LLC needs to start smoothly and run efficiently. 

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Fahmeed

December 17, 2024

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Registered Agent Services

Registered Agent Service, in short “RA” is a Mandatory requirement for every entity registered in the United States. Registered Agent is responsible for receiving important legal and tax documents on behalf of the business. Types of documents sent to the registered agent include: Tax documents sent by the state’s department of taxation. Service of process (sometimes called notice of litigation), which is the document that initiates a lawsuit; Important mail sent by the state, such as annual reports or statements; Registered Agent Services Registered agent must have a physical address in the state of formation or qualification. Post Office boxes or a private mailbox rented from a company, such as The UPS Store, are not allowed. Registered agent’s address is a matter of public record, which means that anyone has access to it. Top reasons for having a professional registered agent for your business: You’re forming your company in a state where you don’t have a physical location. You are legally required to have a registered agent with a physical address (no P.O. Box) in the state of formation. Using a professional registered agent provider helps you satisfy this requirement. You use a post office box as your business address. You cannot act as the registered agent for your business if you have only a P.O. Box or a private mailbox as your only address. Your company does business in several states. When you qualify your company to transact business in states other than your state of formation, you need a registered agent in each of those states. By using a registered agent service provider, one company is handling this important documentation for you in each state and allowing you to concentrate on your business. Registered Agent Services Registered Agent Service, in short “RA” is a Mandatory requirement for every entity registered in the United States. Registered Agent is responsible for receiving important legal and tax documents on behalf of the business. Types of documents sent to the registered agent include: Service of process (sometimes called notice of litigation), which is the document that initiates a lawsuit; Important mail sent by the state, such as annual reports or statements; Tax documents sent by the state’s department of taxation. Registered Agent Services Registered agent must have a physical address in the state of formation or qualification. Post Office boxes or a private mailbox rented from a company, such as The UPS Store, are not allowed. Registered agent’s address is a matter of public record, which means that anyone has access to it. Top reasons for having a professional registered agent for your business: You’re forming your company in a state where you don’t have a physical location. You are legally required to have a registered agent with a physical address (no P.O. Box) in the state of formation. Using a professional registered agent provider helps you satisfy this requirement. You use a post office box as your business address. You cannot act as the registered agent for your business if you have only a P.O. Box or a private mailbox as your only address. Your company does business in several states. When you qualify your company to transact business in states other than your state of formation, you need a registered agent in each of those states. By using a registered agent service provider, one company is handling this important documentation for you in each state and allowing you to concentrate on your business. Your address changes frequently. It is important to keep the registered agent address updated with the state, but changing it requires a formal state filing and may also require that a fee be paid to the state. If you name yourself as agent, you will be responsible for undertaking this process to keep your address current. By using a registered agent service provider, you never have to worry about this. Your business is home-based. As previously mentioned, the registered agent address is a matter of public record. That means anyone, including marketers, can access it. It is not uncommon for the registered agent to receive a lot of “junk mail” for the business. Using a registered agent provider can reduce the amount of unsolicited mail your business receives. You prefer to keep business activities private. When a company receives a service of process, this document is often delivered by local law enforcement. Most business owners do not want the sheriff to show up in front of customers, employees or neighbors (as in the case of home-based businesses) and serve them notice that their company is being sued. Using a professional registered agent ensures you receive any service of process discreetly. You don’t maintain normal business hours. The registered agent for a business must be available during normal business hours to accept important documents as they are delivered. If you set your own hours, you may wish to consider using a professional provider, so that you never miss these important communications. You do not have a permanent work site. If your business requires you to move around frequently, for example an electrician who is making service calls all day, using a registered agent service provider ensures that important documents will still reach you and your business. You want one less thing to worry about. Running your company is challenging enough without personally handling the necessary minutia. A professional registered agent can often help you by providing online access to your accounts and important documents and assisting with the annual filings states impose on corporations and LLCs.

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Fahmeed

December 17, 2024

Uncategorized

Self Directed IRA

Self Directed IRA ASelf Directed IRA is an IRA that allows you to buy or invest in things other than Mutual Funds, Stocks and Bonds. Self Directed also means that the custodian is merely a holding bank account for your retirement funds and you have to “Direct” them to buy or invest in the Asset you want to hold in your retirement account. The “Direction” for the custodian, i.e., you tells the custodian what to do, what to expect. If you have specific knowledge about some area that makes money then you can profit from that in your IRA. There is very little that you cannot invest in with IRA funds. A self-directed IRA is technically no different than any other IRA. A self directed IRA is unique because of the available investment options. Most IRA custodians only allow approved stocks, bonds, mutual funds and CDs. A truly self directed IRA custodian, allows those types of investments in addition to real estate, notes, private placements, tax lien certificates and much more. What are the benefits of a self-directed IRA over a Traditional IRA and a Roth IRA? There are only two types of IRA’s, Traditional and Roth IRA. Either can be Self Directed. In addition to the tremendous IRA benefits (tax-free profits, tax deductions, asset protection and estate planning), you will be able to invest tax-free in investments that you know and understand, which through the power of compounding interest, will create true wealth for you and your family. The reason you want to Self Direct your IRA is so that you can use your specific knowledge to help your retirement account grow instead of relying on others opinions and management skills. A Traditional IRA is best for people who need an immediate tax break or expect their income-tax rate to be lower at retirement. A Self-Directed IRA: A Self-Directed IRA on the other hand, allows you much more freedom in selection of investment vehicles. Self Directed IRA Why haven’t I heard of a self-directed IRA before? While the concept of investing in real estate and other assets in retirement plans has been around for more than 30 years, the concept hasn’t received large attention because most custodians who offer IRAs (banks and brokerage firms) focus on mutual funds and CDs because they have vested financial interests in you selecting those investments from them. Because the majority custodians focus on stocks and CDs there is a misperception that is your only investment option for retirement plans, which is not the case. Allowable investments include the following: Residential real estate—including apartments, single family homes, and duplexes Commercial real estate Undeveloped or raw land Real estate notes (mortgages and deeds of trusts) Promissory notes Private limited partnerships,limited liability companies, and C corporations Tax lien certificates Foreign currencies Oil and gas investments Publicly traded stocks, bonds, mutual funds Private stock offerings, private placements Judgments/structured settlements Gold bullion Car paper Factoring investments Accounts receivable Equipment leasing What CAN’T I invest in with an SD IRA? Artworks Rugs Antiques Metals Gems Stamps Coins Alcoholic beverages Certain other tangible personal property Self Directed IRA How much can I invest in one? If you already have a Roth or Traditional IRA established at another custodian you can roll it over to a Self Directed custodian. Right now the IRA says you can contribute $5,000 per year. This figure can change as dictated by the IRA and congress. Can I be assured that self directed IRAs are allowed under IRA rules? As long as you follow relevant rules the answer is yes. There are specific rules regarding IRAs, and in particular, self directed IRAs that you should be familiar with to ensure compliance. There are certain types of transactions that you cannot perform through an IRA. Most importantly, the IRS prohibits “self dealing,” which are investments in which you or your family members of lineal descent have prior ownership. Are self directed IRAs for everyone? Self directed IRAs are not for everyone, they are for those who want to create wealth using their knowledge of investments outside of stocks, bonds, and CDs. Are self directed IRA investments guaranteed? Self-directed investing is not for everyone. However, most successful investors feel that the investment risk in assets they know and understanding is much less than that associated with investing solely in conventional IRAs.

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Fahmeed

December 17, 2024

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