fbpx

Hispano Income Tax

Business Tax Services

How We
Can Help

helping you in

Self-Employment Tax

Notary Public
5/5

Remember if you own or operate your own business as a sole proprietor, jointly with your spouse, or as a partnership. You must pay SE tax on your income. If you are self-employed you must make your own tax payments. These payments are called estimated taxes. Self-employment tax is paid by making quarterly estimated tax payments on Form 1040-ES Estimated Tax for Individuals Electronic Filing Program.

The self-employment tax rate on net earnings remains the same for 2008. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).

Standard Mileage Rate

The standard mileage rate for the cost of operating your car, van, pickup, or panel truck for your business is 50.5 cents a mile for all business miles driven.

Partnerships

5/5

LLC’s

An LLC often has state filing requirements. For federal purposes, you would be filing your LLC taxes on one of two forms: From 1040 Schedule C or Form 1065. If you are the only owner, partner, or member of your LLC, then you would report on Federal Form 1040 Schedule C. If you have more than one owner, partner, or member of the business, then you would report on Form 1065 unless you have specifically incorporated as an S-Corp or other type of entity.

5/5

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 this return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. 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. 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.

5/5

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 filing as a corporation with your state or 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. 

Questions?

Book an appoiment