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Paulsuba Tax & Accounting Inc

614 paul street

Orlando FL 32808

Can Provide the Following Services:

Professional Tax Return Preparation 

Today`s tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.

We prepare hundreds of tax returns every year. We know what to look for when your return is prepared. More importantly, you will have someone to answer your questions during the rest of the year. And we can put you on our mailing list to receive timely tax, business, and financial advice.

Your Tax-Cutting Checklist

Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking.

For Individuals: 
Roth IRA 
Rollover to Roth IRA 
Tax-deductible IRA 
Child tax credit 

Child care credit 
Earned income credit 
Lifetime gifts 
Education IRAs 
Hope scholarship credit 
Lifetime learning credit 
Bunching deductions

Flexible spending accounts 
Donating appreciated assets instead of cash 
Qualifying property for personal residence gain exclusion 
Best filing status 
Shifting income or deductions from year to year 
Adoption expense credit

For Investors: 
Tax-free municipal bonds 
Long-term capital gains 
Rental property 
Tax-free exchange 
Low-income housing credit 
Small business stock rollover 

For Businesses: 
Home office deduction 
Keogh plan 
SIMPLE plan 

401(k) plan 
First year expensing of business equipment 
Year-end bonuses 
Bad debt write-off 
Disabled access credit 
Other business tax credits

Tax-free exchange 

Record Keeping for Taxes

What to keep and how long to keep it

Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited.

Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three and six year limits start with the filing of a tax return; if no return is filed, the time limit never starts to run.

Which records are important? Records of income received. 
Expense items, especially work-related. 
Home improvements, sales, and refinances
(for homes with profit potential of $250,000 or more). 
Investment purchases and sales information. 
The documents for inherited property. 
Medical expenses. 
Charitable contributions (records vary with value of gift). 
Interest and taxes paid. 
Records on nondeductible IRA contributions. 

How long should records be kept?

Just how long you should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal tax returns can be audited for up to three years after filing (six years if underreported income is involved). It is a good idea to keep most records for six years after the return filing date.

There are some records worth keeping permanently, partly due to long-term needs and partly because they take up very little room. Consider permanently retaining a copy of each year`s tax return. Contracts, real estate buy/sell records, and records of property improvements should be retained for seven years after the property is sold.

If you are in business, your record requirements are more extensive. Please call us; we will be happy to assist you with a system of record retention for your business.

Bookkeeping Services

Get services tailored to your needs.

Spend your time building your business - and your profits; let us handle your bookkeeping, recordkeeping, and report filing.

We can provide as many of the following services as you want:

Handling all payroll functions, including quarterly and annual payroll tax reports. 
Invoicing your customers, posting collections, aging accounts receivables. 
Doing your bank reconciliations and providing cash balance reports. 
Maintaining sales journals and general ledgers. 
Providing balance sheets, income statements, and other financial statements. 
Preparing all required business tax reports and filings. 
Preparing any customized reports you find useful. 

Where do we begin?

We`ll work with you to identify the services you need. Then we`ll set up a schedule so data is collected, recorded, and handled efficiently and timely.

How much will it cost?

You`re likely to save more than our services cost. Your in-house staff needs will be reduced, so you will reduce associated employee costs such as payroll taxes, employee benefits, training time and expense, equipment and software costs, and employee management costs.

Best of all, your bookkeeping and accounting functions will be taken care of, so you can concentrate on running your business. Contact us for a free estimate of the cost savings for your business.

Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.

Phone 407-291-1920