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C H A N G E O F D E TA I L S F O R M COLL ECT I VE I N V E S T M E N TS FOR INDIVIDUALS AND LEGAL ENTITIESBridge Collective Investments (RF) (Pty) Ltd administers the unit trusts and is authorized
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To fill out IRS Form 1040 for individuals, follow these steps:
02
Gather all necessary documentation, including W-2 forms, 1099 forms, and any other income statements.
03
Determine your filing status, such as single, married filing jointly, or head of household.
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Enter your personal information, such as your name, Social Security number, and address, in the appropriate fields.
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Calculate your income, deductions, and credits using the provided instructions and worksheets.
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Fill out the applicable sections for reporting income, such as wages, interest, dividends, and self-employment income.
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Claim any deductions and credits you are eligible for, such as the standard deduction, mortgage interest deduction, or child tax credit.
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Calculate your total tax liability or refund due by subtracting any tax credits from your tax liability.
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Sign and date the form, and include any required attachments or schedules.
10
For legal entities filling out IRS Form 1120, the process is slightly different:
11
Gather all necessary documentation, including income statements, balance sheet, and other financial records.
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Enter the name, address, and Employer Identification Number (EIN) of the corporation or entity.
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Calculate the taxable income by subtracting any applicable deductions from the gross income.
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Determine the appropriate tax rate based on the entity type and income level.
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Calculate the total tax liability by applying the tax rate to the taxable income.
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Fill out the schedules and attachments as instructed, such as Schedule M-1 for reconciling book and tax income.
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Sign and date the form, and include any required payments or estimates.
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Submit the completed form to the IRS by the appropriate deadline.

Who needs for individuals and legal?

01
Individuals need to fill out IRS Form 1040 if they have taxable income, including wages, self-employment income, or investment income.
02
Legal entities, such as corporations, need to fill out IRS Form 1120 if they are required to file an income tax return.
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For individuals, it is the process of submitting personal tax information to the government. For legal entities, it is the process of submitting financial and tax information related to the business.
Individuals who have income and legal entities that operate a business are required to file.
Individuals can fill out their forms online or through a paper form, while legal entities typically have to file online through a specific government portal.
The purpose is to report income, expenses, and other financial information to the government for tax purposes.
Income, expenses, deductions, and other financial details must be reported for both individuals and legal entities.
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