Premium Tax Preparation & Compliance
Written by Deanna R. Ngueket, CPA. Reviewed August 2026. This page is general information, not tax advice for your situation.
A self-employed return is not a W-2 return with an extra form. Schedule C, self-employment tax, the QBI calculation, home office, vehicle expense, retirement contributions and quarterly estimates all interact — and a decision on one changes the others.
Add an S-corporation and you have a second return, a payroll filing history, and a K-1 that has to agree with both.
What we prepare
- Form 1040 with Schedule C, SE, and the supporting schedules
- Form 1120-S for S-corporations, with Schedule K-1 for each shareholder
- Form 1065 for partnerships and multi-member LLCs
- Texas franchise tax reports and the Public Information Report
- Quarterly estimates calculated against safe harbors, not guessed
- Prior-year and amended returns where something needs correcting
Deadlines that matter
| Return | Due | Extended |
|---|---|---|
| Form 1120-S — S-corporation | 16 March 2026 | 15 September 2026 |
| Form 1065 — partnership | 16 March 2026 | 15 September 2026 |
| Form 1040 — individual | 15 April 2026 | 15 October 2026 |
| Texas franchise report and PIR | 15 May 2026 | — |
An extension extends the time to file, never the time to pay. Tax owed is still due on the original date, and the failure-to-pay penalty runs at 0.5% per month regardless of the extension.
The Texas obligation almost everyone misses
If you own a Texas LLC, you probably owe no franchise tax — the no-tax-due threshold for report years 2026 and 2027 is $2,650,000 in annualized total revenue.
You still have to file. The separate No Tax Due Report was discontinued for reports originally due on or after 1 January 2024. Entities below the threshold must still file an information report every year by 15 May — Form 05-102, the Public Information Report, for LLCs and corporations.
Skipping it is not a quiet matter. The Comptroller states that failure to file can cost you the right to sue or defend in Texas courts, expose officers, directors, members and owners to personal liability for certain debts of the entity, and lead to forfeiture of your business rights and eventually your certificate of formation.
Things that changed this year
The 1099-K threshold reverted. Payment platforms are now required to report only when gross payments exceed $20,000 and transactions exceed 200 — both conditions. Platforms may still issue one below that. Either way, the IRS is explicit: you must report all income whether or not a form arrives.
The mileage rate changes mid-year. For 2026 it is 72.5 cents per mile through 30 June and 76 cents from 1 July. A single annual total multiplied by one rate will be wrong. Logs need splitting at the end of June.
The tips deduction has a catch for professionals. The new deduction of up to $25,000 is unavailable to specified service trades or businesses — which includes consulting, accounting, law, health and financial services, at any income level.
The overtime deduction is narrower than the headline. It is limited to overtime required by the Fair Labor Standards Act, and only the premium portion qualifies — not the whole overtime paycheck. A true independent contractor has no FLSA overtime and so has nothing to deduct. Because this one is causing more confusion than any other provision this year, it has its own page.
Why a self-employed return is a different job
On a W-2 return the numbers arrive already decided. On a self-employed return most of them are judgments, and several of them interact.
Self-employment tax and the QBI deduction pull in opposite directions. Reducing net business income cuts self-employment tax — and also cuts the QBI deduction, which is calculated from that same income. A deduction is not automatically worth taking; it depends where you sit.
Retirement contributions are computed circularly. For an unincorporated business the employer contribution is based on net earnings after deducting half of self-employment tax and the contribution itself — which is why the effective rate is 20% of net earnings rather than the 25% most people expect.
Home office and vehicle both have a method choice that cannot be freely changed later, and each carries consequences on sale or disposal.
The QBI phase-out is a cliff for service businesses. Above the top of the range the deduction is gone entirely, which can make a dollar of additional income cost far more than its marginal rate suggests.
None of that is unusually difficult. It just requires someone who does it all year rather than for eleven weeks in the spring — and someone who will tell you in March what should have been done in October, so that next year it is.
Who we prepare for
- 1099 consultants, contractors and gig-economy professionals
- S-corporation and partnership owners
- Digital business owners with multi-state or platform income
- Texas LLC owners who need the franchise report handled alongside the federal return
Talk it through
Book a free consultation, or call 713-730-9792.
Frequently asked questions
My Texas LLC made almost nothing. Do I still have to file anything?
Yes. Below the $2,650,000 threshold you owe no franchise tax, but you must still file an information report — generally Form 05-102 — by 15 May each year. Not filing can lead to forfeiture of your business rights.
I did not get a 1099-K this year. Is that income still taxable?
Yes. The reporting threshold changed for the platform, not for you. All income is reportable whether or not a form is issued.
Should I file an extension?
Often, yes — a considered return beats a rushed one, and extensions carry no penalty. But any tax owed is still due on the original deadline.
Can you fix a return someone else prepared?
Yes. Amended returns are routine work. If you are unsure whether a prior year was handled correctly, a review is usually the first step.
What do you need from me to start?
Prior-year returns, current-year income records, business expense records, and details of any entity or payroll changes. We will send a specific list once we know your situation.