Tax compliance is your legal duty. Not only must you meet deadlines and comply with complex tax rules and filing obligations, you also have a duty to keep accurate records, including bookkeeping, receipts and documents. Knowledge of tax rules and organization are half the battle – being on time is the other half! Federal and state authorities impose stiff fines for late filing and non-compliance.
Inaccurate, incomplete bookkeeping, planning and tax preparation can cause problems at tax time. These problems, if left unchecked, tend to escalate over time and can cause a domino effect on finances. By using the expertise of Garduño Tax & Associates tax planning and tax preparation can you save time, frustration, late filing costs, and dramatically decrease the risk of income tax issues becoming catastrophic. Most importantly, our experts will ensure that you comply with tax rules.
Personal Income Tax Returns
Tax paid on one's personal income as distinct from the tax paid on the firm's earnings. In an incorporated firm, the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm's income (profits). In partnerships and sole-ownerships, the tax is paid only once on the firm's profits.
Partnership Tax Returns
Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Partners must include partnership items on their tax or information returns.
Small Corporate Tax Returns
Many small business owners use a sole proprietorship which allows them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. If you run the business as an LLC and you are the sole owner, the IRS also allows you to use the Schedule C attachment.
Corporate Tax Returns
A corporation is separate from its owners (shareholders) in terms of income taxes. As a separate entity, the corporation's owners do not pay taxes for the corporation. A corporation pays income tax by filing a corporate tax return on Form 1120 and paying the taxes as indicated by this return.
Franchise Tax Returns
A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity.
DOING MY TAXES ONLINE OR IN-PERSON?
If you don't know how to file your taxes properly, you could be missing out on thousands of dollars worth of deductions and exemptions.
INDIVIDUAL FILER
Owing money to the IRS is no fun. Work with the experts at Garduño Tax & Associates to maximize your return and reduce your filing errors to zero. Get started today.
SELF-EMPLOYED / INDEPENDENT CONTRACTOR
If you have multiple clients, that means multiple 1099s. Let us organize your financials so you can save as much money as possible by qualifying for every available deduction.
SMALL BUSINESS OWNER
You have a lot on your plate already. Taxes are the last thing you want to deal with. Leave it to Garduño Tax & Associates professionals, and get back to growing your business.
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