Posted by: Garcia & Cuadra, PA | August 21, 2017

3 Secrets Your Tax Advisors Want You to Know

Tax Advisors | Tampa | Garcia & Cuadra, PATaxes can be confounding for many people. Lots of numbers, deadlines, and forms need to be submitted every year, and many residents don’t want to bother. However, with professional tax advisors in Tampa, you can handle tax season with a breeze. At Garcia and Cuadra, we make sure our clients are taken care of.

1. Being Organized Is in Your Best Interest

When tax return preparation time comes around, you may find yourself scrambling to find all of the documents and information you need for completion. This is why it is so important to stay organized. Always make copies of every financial related document or form you receive and save it somewhere where you will be able to locate it when you need it. Create a digital folder and back it up every month and keep it organized. If you need, tax advisors in Tampa can help you stay on track. At Garcia and Cuadra, we provide clients with a list of things they’ll need, which helps you get organized.

2. It Is Never Too Early, but It Can Be Too Late

As the saying goes, the early bird catches the worm. When it comes to preparing for tax season, it is never too early to start preparing. Tax advisors do their job all year long, while many Tampa residents only think about taxes once a W2 or 1099 form ends up in their mail once a year. However, if you want to be ahead of the game, consult with an Enrolled Agent throughout the year. You can keep track of business expenses, charitable donations, and other write-offs that can increase your return come spring time.

In that vein, it can also be too late. Once a filing deadline has passed, you are still have to file your return. However, you face penalties for being late, and it only grows the later you are. So, if you are late, it is better to act as soon as possible and seek out a professional to get the job done as efficiently as possible.

3. Trust Your Tax Advisors

It may seem like an intimidating relationship, but you have to trust your tax advisors with all of your personal information. They are in charge of making sure that they receive the entire picture that demonstrates your current financial state, and without all of the information, the picture will be incomplete. At Garcia and Cuadra, we are not here to judge you or use your information for our own gain. We take our role very seriously and promise that you will be protected at all times under our care.

Give us a call at 813-415-2431 or connect with us online to get started today in Tampa!

Posted by: Garcia & Cuadra, PA | July 31, 2017

How Year-Round Tax Filing Services Keep You on Track

Tax Filing Services | Tampa | Garcia & Cuadra, P.A.As an independent contractor, you are responsible for keeping yourself on track. This includes not only your work and productivity but also your finances. As an independent contractor, you are subject to self-employment taxes. Figuring out exactly what you owe and when, and what everything means for your bottom line can be confusing. When you need a guiding hand from a professional, trust Garcia and Cuadra for tax filing services in Tampa.

Independent Contractors: What You Need to Know

Filing self-employment taxes are different than an employee filing their taxes every year. The difference between being an employee and an independent contractor can be a blurry line for some people in Tampa, so if you are having difficulties determining which you qualify as, look at the IRS Form SS-8 (Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding) for guidance. For those who earn $400 or more, the IRS requires that you to file an income tax return.

When it comes to tax filing services, for your annual return, you will file a Schedule C (Form 1040). If your expenses amount to less than $5000, you may qualify to file a Schedule C-EZ. Those who report payments made during the course of business or for services often submit a Form 1099-MISC (Miscellaneous Income). This form is also necessary if you have any subcontractors or have paid someone $600 or more throughout the course of the year for services.

To stay on top of your work, be organized throughout the year, and maintain records of expenses. In addition, make sure to record deductions so that you can easily identify them later on when filling out forms. If you use a personal accountant for tax filing services in Tampa, this will allow them to catch more deductions and possibly help you get more money in the long run.

Trust the Professionals at Garcia and Cuadra for Tax Filing Services

For businesses, employers, independent contractors, and more, Garcia and Cuadra can help you understand and complete your tax filing services. It is our goal to demystify the financial and accounting matters relating to businesses and trade for our clients in Tampa. We know how frustrated many people get when tax season rolls around, and it is our job to prevent the stress.

To schedule a consultation with an Enrolled Agent, give us a call today at 813-415-2431 or contact us online.

Posted by: Garcia & Cuadra, PA | June 30, 2017

Do You Need Sales Tax Services? Services Subject to Sales Tax in Florida

Sales Tax Services | Tampa | Garcia & Cuadra, PAWhile many people in Tampa enjoy the fact that the state of Florida does not have income taxes, there is a sales tax rate of 6%. Most people understand that things like retail goods (new and used), foods and meals, entry to games, sporting events, performances, and amusement parks, renting commercial property, or hotel accommodations are sales taxable. However, not all businesses know what is and is not taxable, including some services. If you are in one of the following industries, then you may need sales tax services.

Nonresidential Cleaning Services and Commercial Pest Control Services

Cleaning and pest services are common around areas like Tampa. There are many businesses that need a hand with cleaning and keeping the native pest population under control.. While there is not a direct exchange of goods for money, you are rendering assistance and expertise to your clients, so that is taxable. If you offer assistance with housekeeping, janitorial, sanitation, facility management, custodial services, they are taxable. Pest control, including extermination, pest and termite treatment, fumigation, inspections, and more will also require sales tax services in Florida.

Detective, Commercial/Residential Burglary and Security, and Protective Services

Even if you are hire privately, your work may be taxable. Burglary and security monitoring companies in Tampa offer clients peace of mind. However, the companies have to consider their finances, which include sales tax services. You are providing goods in the form of actions and planning, so they are taxable according to Florida Law. Taxable planning and actions includes bodyguards, armored cars, fingerprinting, skip tracing, fire alarm monitoring, guarding, patrolling, polygraph, and more.

In Need Sales Tax Services? Call Garcia and Cuadra, P.A.

Determining what taxable can be confusing. No one wants to end up on the wrong side of the law due to taxes. Even if your business does not fall under one of the above categories, it may still be a taxable venture. To find out if you need sales tax services, speak with a professional at Garcia and Cuadra, P.A. in Tampa Bay today. Ask us about discretionary sales surtax and whether that is also required of your business. We can also discuss which of your offerings are not taxable so that you can keep everything in order. Contact us or give us a call at 813-415-2431.

Posted by: Garcia & Cuadra, PA | May 30, 2017

How Your Business Benefits from Financial Services

Financial Services in TampaTampa business owners are constantly pulled in a million different directions. It’s impossible to handle it all on your own. The performance of your organization hinges on the people you enlist to help you. Much of this falls on the employees you hire to join the team, but it also includes professionals you partner with to manage critical aspects of the company, such as financial services.

It goes without saying that the finances of your business are of key importance. Therefore, it is essential to have experienced and credible tax advisors and accountants who can help you every step of the way.

Top Ways Financial Services Help Boost Tampa Businesses

Are you thinking about starting your own business? Are you looking for ways to improve a current one? Then you need independent accountants on your side who offer expert guidance.

Maintain Compliance

With experienced tax advisors and independent accountants on your team, you can rest assured that your Tampa business complies with all regulatory requirements. For example, if you are subject to Florida sales tax, it’s imperative to complete and file certain documents before the deadline. However, a professional advisory firm makes sure it is done with ease and convenience.

Increased Confidence

The last thing you need is to waste time or attention on paperwork due to errors made the first time around. When you work with skilled and trained professionals, you feel confident; you know all areas of financial services — and the processes involved — are handled correctly the first time. Furthermore, this increase in confidence gives you the peace of mind that allows you to turn your energy to other critical aspects of your business.

Improved Strategy

Perhaps one of the biggest reasons Tampa business owners should consider hiring independent accountants is that they provide an opportunity to minimize costs and, in turn, expand profits. Unless you are well versed in accounting, sales taxes, and other such aspects of business management, there’s a chance you spend more money than necessary on certain operations without even realizing it.

Additionally, professional advisors can look at your business model and identify any and all opportunities to reduce spending, therefore increasing earnings. Our financial services could be exactly what you need to gain a cutting edge over competitors.

Hiring Accountants for Tampa Financial Services

Once you make the decision to enlist the help of professional advisors and accountants to manage the finances of your business, the next step is choosing who to work with.

Fortunately, at Garcia and Cuadra, we help organizations in Central Florida effectively navigate the most complex areas of their company. Regardless of the industry or size of your business, we provide the expert planning, strategy, and consultation needed to improve your model.

Also, we offer a wide-range of specialty financial services to Tampa businesses and individuals alike. This includes:

  • Accounting systems design
  • Financial statement preparation, analysis, and forecasts
  • Business entity selection
  • Tax planning and consultation
  • Forensics and litigation support
  • Estates and Trust tax return preparation
  • Federal and state tax return preparation
  • And more

If you’re ready to get started, contact us today to request more information about our financial services in Tampa. Alternatively, give us a call at 813-415-2431 to schedule a consultation with an expert Enrolled Agent!

Posted by: Garcia & Cuadra, PA | April 28, 2017

How to Prepare for Tax Preparation Services

Tax Preparation Services in Tampa

It is never too early to get started on your taxes, and you should always stay organized so that you can easily locate any forms or papers you need at any time. If you have chosen to utilize professional tax preparation services in Tampa, congratulations — you are making a smart decision! Professional accountants and preparers can save you a lot of money that you might otherwise have missed.

Gather All of Your Documents

Even if you do not have everything you think you might need, be sure to bring as much information and documentation as you think will be helpful. Use this list for reference:

  • Identifying information for you and any dependents. This includes Social Security Numbers for you, your spouse, and all dependents you can claim.
  • Income documentation. If you and/or your spouse were an employee, bring your W-2 forms your employers sent you. If you and/or your spouse were a contract worker, bring your 1099 forms. This includes anything documenting business income, unemployment income, rental property income, Social Security benefits, and any other miscellaneous income.
  • Copies of your federal income returns and refunds from the previous year.
  • Adjustment information, such as student loan interest, IRA contributions, or Medical Savings Account contributions.
  • Deduction information, including childcare and education costs as well as charitable donations.
  • Lists of stocks and mutual funds, as well as other assets.
  • Information for direct deposit, including your bank’s routing number and your specific account number.

If you are unsure about an asset or account, ask your designated preparer before going in for tax preparation services in Tampa. You do not want to make it to your meeting only to find that you are missing a vital document and have to hold up the process in order to acquire it.

Know What to Expect

Whether you have sought out professional tax preparation services in the past or you are a first-timer, it is good to have an idea of what is to come in order to make the most of your time together in Tampa. When you meet with a professional, they will sit down and discuss your situation with you. If it is filing season and you have a considerably “standard” case, then the process will be straightforward.

Call Garcia and Cuadra, P.A.

When you need professional tax preparation services and consultation assistance, Garcia and Cuadra is your go-to source. Our firm has been helping Tampa Bay clients with their financial needs for many years. We work hard every day to find every last deduction to get our clients the biggest returns. With qualified and experienced Enrolled Agents on our team, you know we have the knowledge and capability many seek in a professional tax preparer. It is never too early or too late to get your finances in order — call us today to schedule a consultation at (813) 415-2431.

Posted by: Garcia & Cuadra, PA | April 6, 2017

Reasons Why Self-Employed Workers Need Accounting and Tax Services

Accounting and Tax Services | Tampa | Garcia and CuadraBeing self-employed can be a liberating, life-fulfilling experience, but without professional accounting and tax services, it can also be a nightmare. There are many different tax laws that apply once you start working for yourself. It’s important to prepare, or you could end up owing a lot of money to the government. On the other hand, if you aren’t familiar with what deductions and benefits apply to you, you could also end up paying the IRS too much.

As a self-employed filer, you don’t want either scenario. Here are three ways accounting and tax services in Tampa can help you.

Home Office? Deduct It

If you are operating your business or service out of your home office, that can qualify as a deduction. This process works by deducting a percentage of your home (like a room or office) used for business. You can do the same with utilities as well.

For example, if you’re paying for internet service in Tampa and you spend a portion of time online to run your business, that could qualify as a deduction. The same rule applies if you’re using your phone for business. If a professional takes the time to examine your home and understand how you operate your business, it could save you thousands.

Be Organized and Track Business Related Expenses

Hold on to all of your business-related receipts. Examples may include receipts for office supplies, shipping fees, subscriptions, and software. Programs like QuickBooks are also useful for staying on top of your income, expenses, and other aspects of bookkeeping. Staying on top of things will help you get the most out of your taxes when it is time to make deductions.

Get Professional Help from a Local Accounting and Tax Services Company

While it’s possible to handle accounting and tax services on your own, it isn’t easy. As a self-employed person, you must pay income tax as well as a self-employed tax. Get expert help from a professional in Tampa who is familiar with self-employment. They will help you to take advantage of special deductions and allowances.

For a consultation with the best accounting and tax services in Tampa, call Garcia and Cuadra at 813-415-2431.

Posted by: Garcia & Cuadra, PA | February 28, 2017

5 Tips for Retirement Planning

Retirement Planning | Tampa | arcia and CuadraRetirement planning should be on your mind no matter what stage of life you’re in. You might be a young, burgeoning entrepreneur in Tampa, or perhaps, you’re preparing to phase out of your career after many years. No matter your circumstances, this concept is foreign territory for most. Whether you’re just starting out or ready to stop working in a few years, you’ll want to keep certain things in mind.

1. Pay Off Debts

You might be inclined to save for when you aren’t working. After all, it seems like starting ahead of time would serve you best; but nagging debts will impede your efforts in the long run if you don’t address them. Instead of keeping debts at bay, tackle them head on before you dive into full-fledged retirement planning. Once you’ve paid them down, you can focus on what’s ahead of you in Tampa.

2. Inform Your Beneficiaries

Clear designations help your family members avoid probate or surrogate court, so put them in place well ahead of time. The more explicit your wishes for your 401ks, IRAs, and life insurance, the better. An unexpected gift you can give to family members in this arena is preparation.

3. Make an Effort to Understand Your Retirement Account

It’s not enough in Tampa to have an account for retirement planning. You need to have a general understanding of it too. There are fees involved, some of which can dig into profits. Not everyone is versed in financial terminology or practice, so you might consider hiring a financial advisor to help with comprehension. By gaining an understanding, you can make your money work for you for years to come!

4. Consult with Retirement Planning Professionals

As you enter a season of voluntary unemployment, you shouldn’t have nagging anxieties about your financial status. Not everyone feels comfortable managing their future finances. If you have little to no experience in this area, you might be feeling overwhelmed by the prospect. Instead of stressing out about this task in Tampa, consider the benefits of working with a financial consultant.

5. Need Retirement Planning Assistance? Hire Garcia & Cuadra

At Garcia & Cuadra P.A., our independent accountants and tax advisors specialize in putting our clients at ease. Our Enrolled Agents are equipped to manage your finances and assist with processes like estate or retirement planning. An early start is more important than doing it yourself, so consult with our accountants about:

  • Tax return preparation
  • Estate preparation
  • Taxpayer representation services
  • Retirement planning
  • Business startup
  • And more

Put yourself at ease by hiring the best financial advisors in Tampa! By prioritizing your future, you can celebrate all of your hard work for years to come!

Posted by: Garcia & Cuadra, PA | January 23, 2017

The Best Tax Preparation Services: How to Prepare

Best Tax Preparation Tampa Garcia and Cuadra, P.A.Once the calendar rolls around to a new year, many things must be taken care of. One of the most important of these is filing your taxes come April. Many folks in Tampa choose to do it themselves, but those who want to be assured that they are getting the most bang for their buck consult with the best tax preparation services available. Garcia and Cuadra, your personal Enrolled Agents, are prepared to help you find hidden deductions to maximize your return.

Gather Personal Documents

The first thing you will need to bring with you to your consultation is a few personal documents. These help us fill out the basic information on the necessary forms and will allow us to better understand what forms you need to have filed. For the best tax preparation in Tampa, bring along:

  • Social Security cards and some indication of dates of birth for you, your spouse, and your dependents.
  • Bank account and routing number for a direct deposit refund.
  • A copy of last year’s return would be helpful but is not required if you are unable to locate it.

A pay stub or some form of connection to your Tampa employer and that of your spouse will also help us properly fill out forms. You want to be prepared to make the most of your time, so the best tax preparation is to be prepared for anything! It’s better to bring too much information than too little.

Gather Your Receipts

This is where clients become overwhelmed. Deductions can be found in many places, although many are hesitant because of the gray area they present. Is something considered a legit deduction? If you are audited, will it uphold? Fear not, because, with the best tax preparation in Tampa, you can rest assured knowing that we find and note only 100% legal, legitimate deductions. Deductions can be claimed for the following, so bring proof for your consultation:

  • Education (including student loan interest), child care, and adoption expenses
  • Charitable donations (cash or noncash contributions you make to a qualified nonprofit organization)
  • IRA and 401(k) contributions
  • Mortgage interest and property taxes
  • Health savings accounts and medical expenses

There are many more places where deductions can be found. The best way to find them is to consult with your preparer ahead of time so that you are prepared. You may need to schedule more than one in-person meeting; one where we go over all of your assets and possible deductions, and a second where we actually complete the forms together.

Relax with the Best Tax Preparation Specialists at Garcia and Cuadra

At Garcia and Cuadra, we take care of all of the hard work for you. Many Tampa clients come back to us, year after year, because they know we can find every deduction possible, getting them the biggest return. To prepare for the best tax preparation, follow the guidelines mentioned above, bring as much information as you can, and call Garcia and Cuadra at 813-415-2431.

Posted by: Garcia & Cuadra, PA | December 20, 2016

5 Tax Preparation Tips to Start the Year off Right

Garcia & Cuadra Can Help With Tax Preparation!
As 2017 looms nearer, Tampa residents are charting out New Year’s resolutions by joining gyms and promising to eat healthier. Along with achieving goals and trying new things, independent accountants and financial advisors encourage individuals in Hillsborough County to make tax preparation a priority. Whether you aim to file yourself or want to hire professionals, here are some suggestions on how to prepare for the month of April.

1. Get Organized Early

By starting ahead of time, every process that follows will go more smoothly. From keeping track of payments to finding professionals in the area for assistance to managing deadlines, the earlier you begin the better. Not only will you keep stress levels low, but you will also have plenty of time to triple check your paperwork before submission.

2. Gather Financial Information Regularly

An essential component of getting a head start on tax preparation requires you to gather paperwork throughout the year in Tampa consistently. Whether you choose to make it a monthly event or a quarterly effort, keep track of:

  • Income from jobs
  • Investment income
  • Profit/loss statements
  • Escrow closing statement
  • Green energy credits
  • Alimony paid/received

These materials and more are necessary for smooth sailing, so create a folder to contain them. Instead of digging around frantically come April, opt for periodic organization. If management skills do not come easily to you, hire a financial advisor to get things in order.

3. Mark and Mind Deadlines

Instead of ignoring deadlines, use them as a guideline for when to kick off tax preparation. This might mean contacting your independent accountant or ensuring that your paperwork is in order. Whatever the case, work backward from the deadline to file.

4. Track Tax payments

To avoid overpaying, track any payments you submit. If you own a small business in Tampa or are an independent contractor, you will need to file multiple forms. Most individuals who deal with nontraditional documents (anything that is not a W-2 or W-4) choose to hire an independent accountant so that no stone is left unturned.

5. Enlist Professional Help

If you are hesitant or unsure about your capacity to get ready before April, you can enlist a tax preparation professional’s help. Financial advisors and independent accountants are the way to go because they are equipped to form, organize, and file your paperwork. If something is missing, they will let you know well ahead of time. Make sure to locate them before spring arrives in Tampa because the best in the area will be booked before you know it.

Garcia & Cuadra Can Help With Tax Preparation!

For tax preparation in Tampa, contact Garcia & Cuadra, P.A. Our financial advisors and independent accountants can also assist you with:

  • Retirement planning
  • Litigation support
  • Business entity selection
  • Incorporation services
  • Analysis and forecasts
  • And more!

Keep everything in Hillsborough County in order for the coming season. For feedback on your finances, call 813-415-2431.

Posted by: Garcia & Cuadra, PA | November 30, 2016

3 Reasons to Invest in Financial Services

Financial Services in TampaSince the inception of the great recession, some people have been distrustful of those who work in financial services and opt to do it themselves.  However, this is shortsighted and to your detriment.  Professionals who work in taxes or investing all have gone through rigorous training and certification that you probably do not have.  It is time to trust again and go with the Tampa Bay pros who want you to succeed.

Financial Services Can Help You Navigate Tax Season

Whether you own a company or are an independent contractor, both have to dance with the IRS come April.  So why not trust a professional in financial services to handle it for you?  Sure, it might be cheaper with some ‘SuperTax’ program because those software packages do run about thirty bucks.  However, how accurate are those packages in getting you the greatest refund?  How much liability protection do they offer you from a random audit because you clicked the wrong box?  Do the smart thing and go with a local Tampa agent whose job it is to do taxes, and have your back if an audit comes up.

Book Keeping Can Restore Sanity to Your Small Business

Running a small business in Tampa is no small feat.  It requires early hours and long days, and an impressive attention to detail. So why would you bring more madness upon yourself by doing your own bookkeeping?  Granted, it is cheaper to use some ‘OfficeBoss’ package suite to keep track of accounts and payroll, but is that how you’d like to spend your time in Tampa?  While you are playing around with unfamiliar software, who is running your company?  And how many hours per week are you spending of your precious downtime doing logistics?  Restore your sanity, and bring in a bookkeeper for financial services once a week. It will save you time and patience.

Look to the Future with Proper Investing

The business owner and individual contractor both have one thing in common: they will grow old.  It is important to have a strategy for the future set up, with savings and investment.  Going with a financial services expert can help you with:

  • Staying on budget to meet your goals
  • Set up a savings plan (for kid’s college fund, retirement, etc.)
  • Navigate the treacherous waters of a 401K or equitable retirement plan
  • Planning your retirement (what age you want to retire at, quality of life)

These decisions should match your priorities. By teaming with a professional bookkeeper, you can direct your actions toward profits.

Garcia and Cuadra: Your Finance Experts

Garcia and Cuadra have many years of expertise in the wild world of investment and accounting.  Whether you are an aspiring entrepreneur, a seasoned mogul, or just a regular blue collar joe they can help you with retirement and more.  For the best in financial services in Tampa, give our office a call at 813-415-2431 to set up your future, today!

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