Tax Returns
Tax preparation, accounting and bookkeeping with Certified QuickBooks Pro Advisor Kevin D. Wrobel, CPA can put your business and personal finances back on track and make your job easier. We operate with your success in mind and make it our mission to meet or exceed your expectations by offering knowledge and experience to guide you through important financial decisions, as well as affordable financial management solutions. Our owner/operator business assures that you get the personal attention you deserve. Prices start at $199 for preparation of individual income tax returns and $649 for corporate.
Allow us to earn your business
Personal Income Tax Returns
A personal (or individual) income tax is levied on the total income of an individual, with some deductions permitted, collected on a pay-as-you-earn basis. Corrections made soon after the end of the tax year take one of two forms: (1) payments to the government for taxpayers who have not paid enough during the tax year; and (2) refunds from the government for those who have overpaid.
Good records are needed to prepare financial statements, such as income statements and balance sheets, which are used to prepare your income tax returns. Keeping detailed records will increase your chances of success by allowing you to easily monitor the progress of your business (i.e., is business improving, what items are selling, what changeare needed to make it more profitable, etc.) and distinguish between taxable and nontaxable income. Saving receipts makes it easy to keep track of which expenses are business-related and which ones are not. Keeping track of expenses also lessens the chance that you’ll forget which expenses need to be deducted when it comes time to prepare your tax return. Any record that will support the information reported on your tax return is a record worth saving. For more information on recordkeeping, check out IRS Publication No. 552.
Our trained, certified accountants will help identify special credits such as Education Credit, Making Work Pay Credit, Earned Income Tax Credit, Child Tax Credit, Energy Tax Credit, and Credit for the Elderly or the Disabled, to name a few. In addition to tax return preparation, we also offer electronic filing (e-filing). Individuals taking advantage of e-filing and direct deposit typically receive their refunds twice as fast as returns filed on paper.
Corporate Income Tax Returns
Corporate tax refers to a direct tax levied by various jurisdictions on the profits made by a company, and often includes capital gains of a company. Earnings are generally considered gross revenue minus expenses. Corporate expenses that relate to capital expenditures (aka assets) are usually deducted in full over their useful lives by using depreciation rates based on the class of asset to which they belong. Notably, rules about deductible expenses may differ at times, giving rise to book-tax differences. If the book-tax difference is carried over more than a year, it creates deferred tax or future assets and liabilities for the corporation which are carried on the balance sheet.
Choose a tax preparer with experience and longevity. At Wrobel Accounting, we have both. We’ll maximize your deductions, minimizing your total tax liability (and even increasing your refund). We can prepare any state returns as well as amended returns for prior tax years. New clients get a complimentary review of their previous 3 years’ tax returns to ensure all available deductions are taken for the current tax year, as well as to identify any mistakes or oversights and the potential for a refund. And if you don’t have all your paperwork ready by the filing deadline, we can file an extension for you, buying an additional 6 months to file.
Sales or Use Tax Returns
Each sale, admission charge, storage, or rental is taxable unless the transaction is exempt. Sales tax is added to the price of the taxable goods or service and collected from the buyer at the time of sale. Florida’s general sales tax rate is 6 percent.
Use tax is due on the use or consumption of taxable goods or services in instances where sales tax was not paid at the time of purchase. For example, you owe a use tax if you:
- bought a taxable item in Florida and didn’t pay sales tax at that time.
- bought an item tax-exempt intending to resell it (and collect sales tax) but then use the item for your own personal or business use.
- bought a taxable item outside the state of Florida and transport or ship it into this state and you didn’t pay sales tax on the item.
Most Florida counties have a discretionary sales surtax (county tax) that applies to most transactions subject to the sales or use tax. The county surtax rate applies to a taxable item or service delivered into a county imposing a surtax. The surtax rate that applies to motor vehicles and mobile homes is determined by the home address of the purchaser. For certain transactions, only the first $5,000 of a taxable sale or purchase is subject to the discretionary sales surtax.
Sales tax and discretionary sales surtax are calculated on each taxable transaction. Florida uses a “bracket system” for calculating sales tax when the transaction falls between two whole dollar amounts. The whole dollar amount is multiplied by the tax rate (6% plus county surtax rate) and the bracket system is used to figure the tax on the remaining amount.
Before you begin business in Florida, you must first find out if your business activity or products used will be subject to sales or use tax. If it is, you must register to collect sales tax or pay use tax. The Florida Department of Revenue (FDOR) provides a partial list of business activities that are taxable. Governments and nonprofit organizations may not have to pay sales tax. We can assist you with registering with the FDOR to collect and pay sales and use tax. A tutorial for new business owners can be accessed by clicking HERE.
Once you are registered, the FDOR will send you a Certificate of Registration (Form DR-11), an Annual Resale Certificate for Sales Tax (Form DR-13), and tax return forms. The Certificate of Registration should be displayed in a visible area of your business. The signed copy of your current Annual Resale Certificate can be used to buy products tax-exempt that you will resell or re-rent.
Our trained, certified accountants can enroll you in the e-Services program, and file and pay your sales and use tax liabilities using the FDOR’s secure website. We can even provide you with a downloadable payment due date calendar. Monthly and quarterly returns and payments are due no later than the 20th day of the month following the collection period. For example, if the sale took place during January, the tax is due by February 20 for monthly filers and April 20 for quarterly filers.
Payroll Tax Returns
Each quarter, employers who pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or social security and Medicare taxes must file Form 941, Employer’s QUARTERLY Federal Tax Return, unless the employer is required to file Form 944 or the following exceptions apply. Form 941 must be filed by the last day of the month that follows the end of the quarter. Exceptions include:
- Seasonal employers who no longer file for quarters when they regularly have no tax liability because they have paid no wages.
- Household employers reporting social security and Medicare taxes and/or withheld income tax.
- Employers reporting wages for employees in U.S territories (i.e., American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, or Puerto Rico).
- Agricultural employers reporting social security, Medicare, and withheld income taxes.
Use of a reporting agent or other third-party payroll service provider does not relieve an employer of the responsibility to ensure tax returns are filed and all taxes are paid or deposited correctly and on time. If you go out of business, you must file a final return for the last quarter in which wages are paid. If you continue to pay wages or other compensation for periods following termination of your business, you must file returns for those periods. If you are required to file a final return, you are also required to furnish Forms W-2 to your employees by the due date of your final return.
The Federal Unemployment Tax Act (FUTA), with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only the employer pays FUTA tax; it is not withheld from the employee’s wages. For 2009 and 2010 the FUTA tax Jan.–Feb.–Mar. Mar. 31 Apr. 30 rate is 6.2%. The tax applies to the first $7,000 (the federal wage base) you pay to each employee as wages during the year. Your state wage base may be different. Generally, you can take a credit against your FUTA tax for amounts you paid into state unemployment funds. This credit cannot be more than 5.4% of taxable wages. If you are entitled to the maximum 5.4% credit, the FUTA tax rate after the credit is 0.8%. Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, is used to report FUTA tax, which is due by February 1.
