Entity Type Selection
Entity Type Selection
At Space Tax, we take a holistic approach to establishing business entities. Our tailored services align with your unique goals—whether generating passive income, pursuing active ventures, or structuring for capital raising and future growth.
Entity Type Comparison
Partnerships are formed when two or more individuals collaborate in a trade or business. Each partner shares liability for the partnership's actions, including those of other partners.
Partnerships are pass-through entities. Each partner pays taxes on their share of gains and bears responsibility for losses.
LLCs are created by filing Articles of Organization with the state. Members enjoy limited personal liability, protecting personal assets from business debts and obligations.
LLCs are pass-through entities with personal liability protection and flexible taxation options.
Corporations are established by filing incorporation documents in a selected U.S. state. Like LLCs, they provide personal liability protection but differ significantly in taxation.
Corporations are subject to double taxation—once on profits and again on dividends distributed to owners.
We conduct thorough analyses considering both tax and legal perspectives to determine the best U.S. entity type for your needs and goals.
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Advance Tax Planning
Advance tax planning is a proactive approach to managing your tax liabilities and maximising your financial outcomes. By planning ahead, individuals and businesses can make informed decisions that minimise taxes, optimise financial strategies, and avoid last-minute surprises.
Tax Preparation
Tax preparation is the process of organizing and filing your tax returns to comply with federal and state tax laws. Proper tax preparation helps you maximize deductions, minimize liabilities, and avoid potential penalties.
Audit Assistance
An IRS audit is a review of your financial information and accounts to ensure that you have reported your income, deductions, and credits accurately. Audits can be conducted by mail or in person and range from simple correspondence audits to complex field audits.
Extension Filing
Filing an extension provides extra time to gather necessary documents, organize your financial information, and ensure your return is accurate and complete.
ITIN Processing
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) for individuals who are not eligible to obtain a Social Security Number (SSN) but need to file tax returns or other tax-related documents.
FBAR & FATCA
The Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) are two critical regulations that require U.S. taxpayers to report their foreign financial assets and accounts. Compliance is essential to avoid significant penalties.
Corporate Taxation
Corporate taxation involves managing a company’s tax obligations, planning, and compliance. The right tax structure can help businesses manage costs, protect profits, and support long-term growth.
Business Tax Filing
Filing taxes for a business requires careful attention to detail. Whether you operate as a sole proprietorship, partnership, corporation, or another entity, understanding tax filing requirements and deadlines is essential for compliance.
Accounting and Bookkeeping
Accounting and bookkeeping help businesses maintain accurate financial records. They include recording transactions, tracking income and expenses, managing invoices, and preparing financial reports
Indian Tax Filing
Space Tax operates a processing center in India that assists US tax clients in filing Indian tax returns, even if required to do so as non-residents or part-year residents.
