At Munoz & Associates, CPA, we offer comprehensive tax services for individuals and small businesses located in McAllen, Edinburg, Pharr, Mission, and the wider Rio Grande Valley. Our firm’s business tax services range from ensuring federal and state tax compliance, to tax planning and problem resolution and are relevant to business entities such as corporations, partnerships, limited liability companies, and sole proprietorships. We are experienced with several different industries, including retail, restaurant, construction, health, childcare, and rental services.
- What tax services do you offer?
- Individual Tax Services
- Business Tax Services
- LLC Tax Services
- The Importance of Tax Preparation
- The Goal Behind Tax Planning
- Schedule a FREE Consultation Today
Looking for Accounting Services? Visit our Accounting Services page.
What tax services do you offer?
Our high-quality tax services are built to meet the needs of individuals and small businesses in the Rio Grande Valley. We cover a wide range of tax services, such as:
Tax Preparation
In our age of technology, most of us have become do-it-yourselfers. This makes sense in most cases, but not when it comes to individual or business tax preparation. Entering a few numbers into the latest tax software might be quick and easy, but it could end up costing you hundreds or even thousands of dollars…
Tax Planning
Munoz & Associates, CPA, takes a proactive approach to tax planning for individuals and small businesses. Our clients in McAllen, Edinburg, Pharr, Mission, and the wider Rio Grande Valley rely on our expertise to develop proactive tax planning strategies that are designed to minimize tax liabilities. To effectively manage tax obligations, proper planning must be…
Individual Tax Services
Filing your personal tax return can seem like an inevitable, insurmountable task, disrupting your workflow and home life. However, filing your tax return doesn’t have to be as complicated as it seems! At Munoz & Associates, CPA, our certified public accountants quickly and accurately process our clients’ tax returns. We cater to our clients’ needs, giving them the individual attention they fully deserve.
Typically, our personal tax services include processing a W2 and 1099. However, we also specialize in individuals and sole proprietorships, which are recorded in a separate schedule outside of your form 1040. For self-employed individuals, our certified public accountants at Munoz & Associates, CPA, are happy to discuss methods to structure your side-business properly, such as establishing what you should be paying on your quarterly estimated taxes on your sole proprietorship.
Past-Due Tax Returns
Our firm understands that missing the tax return deadline can be a terrifying thought. Munoz & Associates, CPA, has extensive experience in reconciling past records and filing past-due tax returns. Our certified public accountants will locate and organize your lost W2s, 1099s, and other financial records. We will personally request information (from the IRS) for prior W2s and 1099s submitted by previous employers, as well as account transcripts detailing balances to the IRS. With the necessary materials, we can begin to straighten out and file your prior-year taxes without missing details that may lower your tax obligation.
Past-due tax returns incur (at least) two types of penalties: failure to file and failure to pay. If you are facing one of these penalties, we encourage you to reach out to us as soon as possible. Our CPAs can help estimate potential failure to file and failure to pay penalties, and help file your past-due tax returns properly.
Business Tax Services
There are three main types of business entities that need federal tax filings: Partnerships, C-Corps, and S-Corps. Without the proper knowledge, all three can be difficult to understand. Below is a discussion of each, as well as a brief comment on LLCs:
Partnerships
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing partnership return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. This default classification arises if you apply for an EIN number for a business entity that has more than one owner. This default classification also arises if you have registered an LLC with your state and that LLC has more than one owner, equity partner, or member.
S-Corp
An S-Corp is a small business corporation structure allowed by the IRS. It is reported on Federal Form 1120-S and (if applicable) certain state schedules. This is not a default classification – rather, you must apply for it and be approved by the IRS. The appeal of this classification is that it allows for decreased self-employment taxes on your individual return. These tax savings may be substantial, depending on the annual net income of your business. Please contact us for more details or to file your annual return.
C-Corps
A C-Corp is a taxable entity that pays taxes in its own right. It is reported on Federal Form 1120 and (if applicable) certain state schedules. This structure is the default classification you must file with the IRS after you file as a corporation with your state or after registering your EIN as a corporation with the IRS. The C-Corp structure allows many shareholders and is the common classification for many Delaware startups and larger businesses.
LLC Tax Services
How are LLCs taxed and what forms do you need to file? Below is a brief discussion on the three most common formats:
LLC Taxed as Sole Proprietorship
If you are the only owner, member, or equity partner of your LLC, then you would be filing your LLC business numbers on Form 1040, Schedule C. This is a component of your individual tax return and is not necessarily a separate return at the federal level, although it does involve separate schedules. On the state side, you may or may not have an annual reporting requirement or separate form to submit, depending on your state. We are happy to assist with LLCs registered in the state of Texas.
LLC Taxed as Partnership
If your LLC has more than one owner, partner, or member, you would be filing as a Partnership on Federal Form 1065 and any applicable state forms. We support returns in all 50 states. The state may also have an additional LLC reporting requirement. The 1065 return is a separate return altogether that will generate K-1s, which must then be input into each owner’s individual return. We will be happy to assist with both your partnership and individual returns, if necessary. There are also very specific tax strategies to keep in mind.
LLC Taxed as an S-Corp
The S-Corp classification must be applied for with the IRS. The purpose of converting to an S-Corp is to take advantage of decreased self-employment taxes. This is the primary reason why persons choose the S-Corp structure. In order to take advantage of this tax strategy, an S-Corp election must be filed and approved by the IRS based on specific terms. To learn more about our LLC tax services, or if you have any questions about how LLC’s are taxed, please contact us today.
The Importance of Tax Preparation
Tax Preparation for Individuals
Tax preparation can be intimidating, especially if you’re preparing your own tax returns. However, managing your tax return isn’t nearly as scary when you have a qualified tax preparation service like Munoz & Associates, CPA, by your side.
Tax Preparation for Businesses
Tax preparation plays a pivotal role in your business’s success, whether you own a small business, own a large company, or work for a nonprofit organization. Being properly prepared with a qualified tax preparation service like Munoz & Associates, CPA, can save your business money and time.
Read more: Tax Preparation
The Goal Behind Tax Planning
There are many moving parts in any small business, and almost every major decision has a tax implication. At Munoz & Associates, CPA, our certified public accountants help clients understand the tax consequences of business decisions and determine the best tax strategies to achieve their financial goals.
Our tax planning and advisory solutions are tailored to our clients’ industry specific needs, which can include:
Strategies for Tax Savings
Our hospitality and nightlife clients benefit from cost segregation studies for improvement projects, maintenance, repairs, and accessing available tax credits.
Creating Value
We accomplish this for our clients through compensation planning and tax structuring for the purchase or sale of a practice.
Cost Studies
We have assisted real estate clients by taking on major projects that include managing limits on passive losses and evaluating available federal, state, and local tax incentives.
Read more: Tax Planning
Schedule a FREE Consultation Today
At Munoz & Associates, CPA, you’ll receive top-notch tax services from our friendly staff of financial professionals. We take great pride in providing tax services for individuals and small businesses located in McAllen, Edinburg, Pharr, Mission, and the wider Rio Grande Valley. Call us now at 956-219-3693 or schedule a FREE consultation through our website to learn more.