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Income
Taxes

Income tax is paid by working residents in the US and is calculated on their income. However, corporations, farms, and other entities also pay it. Income tax pays for the operating services of the national government.

NATURAL PERSON:

  • Employees (W2 and 1099-NEC)

  • Students (1098 - T)

  • Schedule C (Contractors, small businesses, 1099-NEC, delivery apps)

  • Schedule D (Bitcoin, sale of shares)

  • Schedule E (Rental Properties)

CORPORATE:

  • LLC

  • Incorporations

  • S - Corp

  • C - Corp

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