Services
Personal & Corporate Tax Preparation Services in DFW
At Parr & Ibarra CPA, our licensed CPAs prepare personal and corporate tax returns for individuals, families, business owners, and corporations across the Dallas-Fort Worth area — including Hurst, Keller, Grapevine, and Addison. We handle returns that range from straightforward W-2 filings to complex multi-entity, multi-state situations involving investment income, real estate, equity compensation, and business ownership.
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Ways We Can Help
Our Services
We offer comprehensive tax preparation, filing, and planning services to help you minimize liabilities and stay compliant with tax laws.
Personal Tax Preparation
Individual tax returns have grown significantly more complex over the past decade. Remote work has created multi-state filing obligations. Equity compensation — RSUs, stock options, and ESPPs — generates tax consequences that catch many filers off guard. Investment accounts, rental properties, cryptocurrency transactions, and self-employment income all require careful handling. A return that looks simple on the surface frequently has layers that a less experienced preparer will miss.
Our licensed CPAs prepare personal income tax returns — Form 1040 and all supporting schedules — for individuals and families across Tarrant and Dallas counties. We review your full financial picture before preparing your return, not just the documents you hand us, to make sure nothing is overlooked and nothing is reported incorrectly.
Who we prepare personal returns for
W-2 employees and dual-income households, self-employed professionals and independent contractors, business owners with pass-through income from S corporations, partnerships, or LLCs, individuals with rental property income, investors with capital gains, dividends, and interest income, executives with equity compensation including RSUs, stock options, and deferred compensation, retirees managing distributions from IRAs, 401(k)s, and pension income, and individuals with multi-state income or prior-year filing issues.
Corporate and Business Tax Preparation
Business tax returns require more than data entry. The choices made during return preparation — how income is characterized, which deductions are taken, how depreciation is handled, how owner compensation is structured — have direct consequences for what the business and its owners owe now and in future years.
At Parr & Ibarra, your business tax return is prepared by licensed CPAs who understand both the technical requirements and the planning dimension of corporate filing. We prepare returns for all common business entity types and coordinate the business return with the owner’s personal return so the two are always in sync.
Business return types we prepare
Form 1120 for C corporations, Form 1120-S for S corporations, Form 1065 for partnerships and multi-member LLCs, Schedule C for sole proprietors and single-member LLCs, Form 990 and related returns for non-profit organizations, and state franchise and information returns as required.
Common areas requiring careful attention on business returns
Reasonable compensation for S corporation owner-employees, depreciation elections including Section 179 and bonus depreciation, qualified business income (QBI) deductions for pass-through entities, meals, entertainment, and vehicle deductions, home office deductions for self-employed clients, retirement plan contribution deductions, and multi-state apportionment for businesses operating in more than one state.
Filing Deadlines and Extensions:
What DFW Taxpayers Need to Know
One of the most common — and most preventable — tax problems is missing a filing deadline. Understanding the difference between a filing deadline and a payment deadline, and knowing when and how to request an extension, is something every taxpayer in the DFW area should understand before tax season arrives.
Standard Filing Deadlines
For most individual taxpayers, the federal income tax return (Form 1040) is due on April 15. For S corporations (Form 1120-S) and partnerships (Form 1065), the deadline is March 15 — one month earlier than the individual deadline, which matters for business owners because the K-1 issued by the business flows to their personal return. C corporation returns (Form 1120) are due April 15 for calendar-year filers.
Filing an Extension: What It Does and Does Not Do
If you cannot complete your return by the deadline, you can request an automatic extension from the IRS — Form 4868 for individuals, Form 7004 for businesses. An approved extension gives individual filers until October 15 to file their return. Business extensions vary by entity type.
Here is the critical point that many taxpayers misunderstand: an extension extends the time to file, not the time to pay. If you owe taxes, that amount is still due by the original filing deadline. Filing an extension without paying what you owe will result in failure-to-pay penalties and interest accruing from the original due date, even though your return itself is not due until October.
When Filing an Extension Makes Sense
Extensions are appropriate and common in a wide range of situations. If you are a business owner waiting on K-1s from partnerships or S corporations — which are frequently issued close to or after the March 15 deadline — your personal return cannot be completed accurately until those documents arrive. If you have a complex return involving real estate transactions, a business sale, or foreign income, additional time allows for more careful and accurate preparation. If documents are missing, amended forms are expected, or your situation changed significantly during the year, an extension prevents a rushed return that may require amendment later.
Filing an extension is not a red flag to the IRS. It is a standard, widely used mechanism that exists specifically for situations where more time is needed to file accurately.
What Happens If You Miss the Deadline Without an Extension
If you miss the filing deadline without requesting an extension and without paying your tax liability, two separate penalties begin accruing. The failure-to-file penalty is 5% of unpaid taxes per month, up to a maximum of 25%. The failure-to-pay penalty is 0.5% of unpaid taxes per month, also compounding over time. Both penalties accrue simultaneously on any unpaid balance, in addition to interest charges calculated at the federal short-term rate plus 3%.
If the deadline has already passed and you have not filed, the correct action is to file as soon as possible — even without payment if necessary — because the failure-to-file penalty is ten times larger than the failure-to-pay penalty. We regularly assist DFW clients who have unfiled prior-year returns, and in many cases we can request penalty abatement from the IRS based on a history of prior compliance.
Frequently Asked Questions
Knowledge Center
How much does it cost to have a CPA prepare my taxes in the DFW area?
Tax preparation fees in the Dallas-Fort Worth area vary based on the complexity of your return. A straightforward individual return typically starts in the low hundreds. Returns involving business income, rental properties, equity compensation, multiple states, or investment activity cost more because they require significantly more analysis and time. At Parr & Ibarra, we review your situation before quoting a fee, so you know what to expect before we begin. In most cases, the cost of professional preparation is far outweighed by the deductions and errors avoided.
What is the difference between personal and corporate tax returns?
A personal tax return — Form 1040 — reports an individual’s income, deductions, and tax liability, including wages, investment income, rental income, and self-employment income. A corporate tax return reports the income, expenses, and tax liability of a business entity — filed on Form 1120 for C corporations, Form 1120-S for S corporations, or Form 1065 for partnerships. Many business owners need both filed each year, and the two returns are closely connected — how income is structured at the business level directly affects what appears on the personal return. Coordinating both through one CPA firm reduces errors and identifies planning opportunities that get missed when the two returns are filed separately.
What happens if I missed the tax filing deadline in Texas?
Texas has no state income tax, so missed filing concerns are primarily federal. If you missed the IRS deadline without filing an extension, you may owe a failure-to-file penalty of 5% of unpaid taxes per month, up to 25%, plus a separate failure-to-pay penalty and interest. The IRS distinguishes between filing late and paying late — filing as soon as possible, even if you cannot pay the full balance, limits penalty exposure. If you have missed a filing deadline, contact us before the IRS contacts you. We can assess your situation, file the return, and in some cases request penalty abatement if you have a history of compliance.
Can a CPA help if I am being audited by the IRS?
Yes, and having licensed CPA representation during an IRS audit is strongly advisable. A CPA can communicate directly with the IRS on your behalf, respond to document requests, challenge incorrect findings, and negotiate penalty reductions or payment arrangements. Responding to an IRS audit without professional representation increases the risk of providing more information than required or agreeing to adjustments that are not actually owed. At Parr & Ibarra, we represent clients in examinations, correspondence audits, and appeals across the DFW area and Texas.
Do I need to file a tax return in multiple states if I work remotely for a company in another state?
Possibly. Multi-state tax obligations depend on where you physically perform your work, your state of domicile, and the specific rules of each state involved. Texas has no state income tax, which simplifies things for Texas residents — but if you work remotely for a company headquartered in California, New York, or another state with aggressive tax rules, you may have a filing obligation in that state depending on how much income is sourced there. Remote work has significantly complicated state tax compliance since 2020, and the rules vary considerably by state. We review multi-state situations as part of our tax preparation and planning process.
More FAQs here.
Contact Us
Ready to Work With a CPA Who Knows Your Full Picture?
Parr & Ibarra CPA serves individuals and businesses throughout Hurst, Keller, Grapevine, Addison, and the broader DFW area.
Discuss your tax situation and find out how we can prepare your return accurately, on time, and with your best outcome in mind.? Submit an RFP.
