(407) 572-8855
[email protected]
Monday - Friday : 9:00am - 06:00pm
Office

MEET OUR TEAM


Clients also engage our firm for business valuation, succession planning, strategic planning, and other business consulting needs. As your business grows and develops new challenges, you can count on us to be there, assisting with the critical issues that affect your business and personal finances.

Check our Services »
Tax Preparation

TAX PREPARATION

Preparing your own income tax return can be a task that leaves you with more questions than answers. Most taxpayers believe they benefited from using a professional tax preparer. Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing.

Check our Services »
Team

BOOKKEEPING

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!.

Check our Services »

We are experienced in all matters of ACCOUNTING AND INCOME TAX, as well as BUSINESS FORMATION

Our services encompass nearly every aspect of Financial Life. IRS problem resolution, estates and trusts, business formation, financial planning and investment and business sales.

Testimonials

  • CEO

    "I used to sit in front of the computer with Turbo Tax and have an emotional breakdown. A friend recommended me to TAX USA CORP three years ago and we have been loyal ever since. They know their stuff and actually teaches tax ethics and other tax classes. I will never like tax season, but having someone else do it makes it a little less painful".

    Josefa Garcia, CEO
  • Designer

    “TAX USA CORP. helped make us a ‘real’ company. The menu of services is very helpful, and we’ve benefited from their expertise in accounting, payroll, taxes, and employee development. Most important, TAX USA CORP.’s leaders understand our core business issues quickly, so we can get right to making improvements.”

    Bill McGuire, Designer

FAQ'S

The support you deserve

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.

Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.

Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm.

Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies.

To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years.

Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly.

An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves.

Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.

We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.

Our high service quality and "raving fan" clients are the result of our commitment to excellence.

We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

Small Business Accounting

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!

Each month or quarter we'll do the following things for you...

Reconcile your bank account
Generate an income statement
Generate a balance sheet
Clean up your general ledger
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to...

Identify lost checks, lost deposits and unauthorized wire transactions.

Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

Detect and prevent embezzlement of funds from within your company.

Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.

Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.

Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to...

Track revenues and expenses so that you can determine the operating performance of your business.

Determine what areas of your business are over-budget or under-budget.

Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.

Track dramatic increases in product returns or cost of goods sold as a percentage of sales.

Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

A balance sheet helps you...

Quickly get a handle on the financial strength and capabilities of your business.

Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.

Determine if your business is in a position to expand.

Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?

Determine if you need to take immediate steps to bolster cash reserves?

Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Advantages of Incorporating

Why Incorporate?

All legal and tax professionals agree, if your business is not incorporated you may be throwing away thousands of dollars in tax savings and deductions.

In addition, all of your personal assets such as your home, cars, boats, savings and investments are at risk and could be used to satisfy any law suits, debt or liability incurred by the business. Forming a Corporation can provide the protection and tax savings needed to give you peace of mind and make your business even more successful and profitable.

Some Benefits Include:

Liability Protection: Properly forming and maintaining a corporation will provide personal liability protection to the owners or shareholders of the corporation for any debt or liability incurred by the business. Personal liability of the shareholders is normally limited to the amount of money invested in the corporation.

Tax Advantages: Another important benefit is that a corporation can be structured many ways to provide substantial tax savings. You can minimize self-employment taxes and increase the number of allowable deductions lowering the taxes you pay on the income of the business. Many corporations structure retirement and tax deferred savings plans for their owners and employees which can provide even greater tax savings.

Raising Capital: Sale of stock for the purposes of raising capital is often more attractive to investors than other forms of equity sales. A corporation can also issue Corporate Bonds to raise capital for expenditures without compromising the ownership of the business.

Non-Profit Organizations

TAX USA CORP. can help you coordinate and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.
________________________________________
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...

2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
5. Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
________________________________________
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.
Here's what TAX USA CORP. will do for your non-profit organization to keep moving business forward...
• Review and compile your financial statements
• Design, install, and maintain your Accounting System
• Weekly, bi-weekly, or monthly payroll preparation
• Payroll Tax Preparation and Deposits
• Provide training for your accounting personnel
• Complete and file your non-profit status application
• Provide training for your board on non-profit financial statement usage and effective budgeting practices
• Prepare and file the 990 and 990T tax forms
• Coordinate your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
Insure that your non-profit organization maintain's its tax-exempt status by arranging an appointment with an experienced TAX USA CORP. accountant. Contact Us or submit the request for a FREE Consultation form at the below.

Bank Financing

Need money to grow your business?

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing.

Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they're created from the lender's perspective.

You get the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you'll be able to pay them back.

Our winning loan proposals come complete with...

Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it's needed.

Proforma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to.

Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.

Representation: We help substantiate your financial needs/position to your banker in person.

18 Financial Tips for Business Owners

1. Consider establishing an employee stock ownership plan (ESOP).
If you own a business and need to diversify your investment portfolio, consider establishing an ESOP. A properly funded ESOP provides you with a mechanism for selling your shares with no current tax liability. Consult a specialist in this area to learn about additional benefits.

2. Make a succession plan.
Have you provided for a succession plan for both management and ownership of your business in the event of your death or incapacity? Many business owners wait too long to recognize all the benefits from making a succession plan. These benefits include ensuring an orderly transition and ensuring the lowest possible tax cost. Waiting too long can be expensive from a financial perspective (covering gift and income taxes, life insurance premiums, appraiser fees, and legal and accounting fees) and a non-financial perspective (intra-family and intra-company squabbles).

3. Consider the limited liability company (LLC) and limited liability partnership (LLP) forms of ownership.
These entity forms should be considered for both tax and non-tax reasons.

4. Avoid nondeductible compensation.
Compensation can only be deducted if it is reasonable. Recent court-decisions have allowed business owners to deduct compensation when (1) the corporation?s success was due to the shareholder?employee, (2) the bonus policy was consistent, and (3) the corporation did not provide unusual corporate prerequisites and fringe benefits.

5. Purchase Corporate Owned Life Insurance (COLI).
COLI can be a tax-effective tool for funding deferred executive compensation, funding company redemption of stock as part of a succession plan, and providing many employees with life insurance in a highly leveraged program. Consult your insurance and tax advisers when considering this technique.

6. Consider establishing a SIMPLE retirement plan.
If you have no more than 100 employees and no other qualified plan, you may set up a Savings Incentive Match Plan for Employees (SIMPLE) into which an employee may contribute up to $10,000 per year if you're under 50 years old and $12,500 a year if you're over 50. You, as employer, are required to make matching contributions. Talk with a benefits specialist to fully understand the rules and advantages and disadvantages of these accounts.

7. Establish a Keogh retirement plan before December 31st.
If you are self-employed and want to deduct contributions to a new Keogh retirement plan for this tax year, you must establish the plan by December 31st. You don?t actually have to put the money into your Keogh(s) until the due date of your tax return. Consult with a specialist in this area to ensure that you establish the Keogh or Keoghs that maximize your flexibility and your annual contributions.

8. Take advantage of section 179 expensing.
If you meet certain requirements, you may be able to expense up to $108,000 in purchases of qualifying property placed in service during the filing year, instead of depreciating the expenditures over a longer time period.

9. Don?t forget deductions for health insurance premiums.
If you are self-employed (or are a partner or a 2-percent S corporation shareholder?employee), you may deduct 100% of your medical insurance premiums for yourself and your family as an adjustment to gross income. The adjustment does not reduce net earnings subject to self-employment taxes, and it cannot exceed the earned income from the business under which the plan was established. You may not deduct premiums paid during a calendar month in which you or your spouse is eligible for employer-paid health benefits.

10. Review whether compensation may be subject to self-employment taxes.
If you are a sole proprietor, an active partner in a partnership, or a manager in a limited liability company, the net earned income you receive from the entity may be subject to self-employment taxes.

Click here to return to the menu or simply continue reading.

11. Don?t overlook minimum distributions at age 70½ and rack up a 50 percent penalty.
Minimum distributions from qualified retirement plans and IRAs must begin by April 1 of the year after the year in which you reach age 70½. The amount of the minimum distribution is calculated based on your life expectancy or the joint and last survivor life expectancy of you and your designated beneficiary. If the amount distributed is less than the minimum required amount, an excise tax equal to 50 percent of the amount of the shortfall is imposed.

12. Don?t double up your first minimum distributions and pay unnecessary income and excise taxes.
Minimum distributions are generally required at age seventy and one-half, but you are allowed to delay the first distribution until April 1 of the year following the year you reach age seventy and one-half. In subsequent years, the required distribution must be made by the end of the calendar year. This creates the potential to double up in distributions in the year after you reach age 70½. This double-up may push you into higher tax rates than normal. In many cases, this pitfall can be avoided by simply taking the first distribution in the year in which you reach age 70½.

13. Don?t forget filing requirements for household employees.
Employers of household employees must withhold and pay social security taxes annually if they paid a domestic employee more than $1,400 a year. Federal employment taxes for household employees are reported on your individual income tax return (Form 1040, Schedule H). To avoid underpayment of estimated tax penalties, employers will be required to pay these taxes for domestic employees by increasing their own wage withholding or quarterly estimated tax payments. Although the federal filing is now required annually, many states still have quarterly filing requirements.

14. Consider funding a nondeductible regular or Roth IRA.
Although nondeductible IRAs are not as advantageous as deductible IRAs, you still receive the benefits of tax-deferred income. Note, the income thresholds to qualify for making deductible IRA contributions, even if you or your spouse is an active participant in a employer plan, are increasing.

15. Calculate your tax liability as if filing jointly and separately.
In certain situations, filing separately may save money for a married couple. If you or your spouse is in a lower tax bracket or if one of you has large itemized deductions, filing separately may lower your total taxes. Filing separately may also lower the phaseout of itemized deductions and personal exemptions, which are based on adjusted gross income. When choosing your filing status, you should also factor in the state tax implications.

16. Avoid the hobby loss rules.
If you choose self-employment over a second job to earn additional income, avoid the hobby loss rules if you incur a loss. The IRS looks at a number of tests, not just the elements of personal pleasure or recreation involved in the activity.

17. Review post-death planning opportunities.
A number of tax planning strategies can be implemented soon after death. Some of these, such as disclaimers, must be implemented within a certain period of time after death. A number of special elections are also available on a decedent?s final individual income tax return.

18. Check to see if you qualify for the Child Tax Credit.
A $1,000 tax credit is available for each dependent child (including stepchildren and eligible foster children) under the age of 17 at the end of the taxable year. The child credit generally is available only to the extent of a taxpayer?s regular income tax liability. However, for a taxpayer with three or more children, this limitation is increased by the excess of Social Security taxes paid over the sum of other nonrefundable credits and any earned income tax credit allowed to the taxpayer.

Like this:

%d bloggers like this: