Taxes - Personal & Corporate

Services

Taxes – Personal & Corporate

Navigating the complexities of personal and corporate taxes can be overwhelming, but Parr & Ibarra’s tax services make the process straightforward and efficient. Whether you’re an individual or a business, we offer expert tax preparation, filing, and planning to help minimize your liabilities and ensure compliance with all relevant tax laws. For individuals, we assist with personal income tax returns, deductions, and credits, while our corporate tax services cater to businesses seeking to optimize their tax strategy, reduce liabilities, and structure their finances for maximum tax efficiency. Our team stays up-to-date with the latest tax laws and regulations, so you can rest assured that your tax filings are accurate and timely.

We offer comprehensive tax preparation, filing, and planning services to help you minimize liabilities and stay compliant with tax laws.

For personal taxes, we help individuals:

Tax Preparation: Preparing your personal tax return with accuracy, identifying deductions, and maximizing credits to reduce your tax burden.
Tax Filing: Ensuring timely filing of your returns, avoiding penalties and interest, and taking advantage of any tax deferrals or savings opportunities.
Wealth & Estate Planning: Assisting with strategies that reduce estate taxes, structure investments for tax efficiency, and protect your wealth for future generations.

For corporate taxes, we assist businesses:

Corporate Tax Planning: Developing strategies to minimize corporate tax liabilities, leveraging deductions, credits, and incentives.
Tax Compliance: Ensuring timely and accurate corporate tax filings, including income tax returns, sales tax, and other required filings.
Tax Audits & Disputes: Representing businesses during tax audits or disputes, working to resolve issues efficiently and fairly.

Parr & Ibarra’s tax services provide expert guidance to navigate the complexities of personal and corporate taxes, ensuring that you pay the least amount possible while staying fully compliant.

Frequently Asked Questions

What types of taxes do businesses need to pay?

Common business taxes include:

Income tax (federal, and often state/local)
Self-employment tax (for sole proprietors and partnerships)
Payroll tax (if you have employees)
Sales tax (if you sell taxable goods or services)
Excise tax (for specific industries, like fuel or alcohol)
Franchise or business privilege tax (in some states)

When are business taxes due?

Quarterly estimated taxes: Due April 15, June 15, Sept 15, Jan 15
Annual returns: Typically due March 15 (S Corps/Partnerships) or April 15 (C Corps/Sole Proprietors)
Deadlines may vary depending on your business structure and location.

How do I know which taxes apply to my business?

It depends on your entity type, location, industry, and revenue. A tax professional can help ensure you meet all local, state, and federal obligations.

Can I deduct home office expenses?

If you use part of your home exclusively and regularly for business, you may deduct a portion of expenses like rent, utilities, and insurance. The IRS offers a simplified method and a detailed calculation.

What business expenses are tax-deductible?

Common deductible expenses include:

Office supplies and equipment
Software subscriptions
Travel and meals (partial)
Marketing and advertising
Contractor payments
Rent and utilities
Professional services (legal, accounting, etc.)

Do I need to file taxes if I haven’t made a profit yet?

Yes. Even pre-revenue startups often need to file returns and may be eligible for deductions or credits. Filing also keeps your business in good standing with tax authorities.

Do I need a tax professional or CPA?

Yes, especially as your business grows. Tax professionals provide strategic guidance, help minimize liability, and ensure compliance with complex and changing tax laws.