N. Orlando Accounting Services - Taxman

N. Orlando Accounting Services - Taxman We help clients pay the least Tax by taking advantage of IRS legal Tax Reduction Strategies thru Tax Please call or visit our website for more details.

Our firm specializes in providing quality accounting services. We offer business valuation, tax planning, and financial planning for individuals and small businesses, as well as small business accounting.

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they i...
12/03/2025

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS closely monitors such businesses, using tools like cash flow analysis, bank deposit comparisons and lifestyle audits to estimate actual income. If discrepancies arise, the IRS may calculate your income based on estimates, potentially resulting in higher taxes than necessary. Contact us for help with your business at (516) 544-1954.

In many respects, estate planning for single parents is similar to estate planning for families with two parents. Single...
12/02/2025

In many respects, estate planning for single parents is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. One example is selecting an appropriate guardian. What if you become incapacitated or die suddenly and the other parent is unavailable to take custody of your children? Does your estate plan designate a suitable, willing guardian to care for them? Contact us at (516) 544-1954 for assistance.

Sure, 401(k) plans can help you save for a secure retirement. But they may offer another important benefit — hardship wi...
12/01/2025

Sure, 401(k) plans can help you save for a secure retirement. But they may offer another important benefit — hardship withdrawals. If you need emergency cash for medical bills, tuition or funeral costs (among other eligible expenses), you may be able to withdraw funds from your 401(k) account. Unlike loans, hardship withdrawals don’t have to be repaid. But you'll need to pay income tax and possibly a 10% early withdrawal penalty. Contact us (516) 544-1954 for details.

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Unde...
11/28/2025

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the tax legislation signed into law in July, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction on their 2025 tax returns. According to the guidance, the IRS will consider that lenders have met their reporting obligations for interest received on a qualified vehicle loan in 2025 if they make statements available to buyers indicating the total amount of interest received. To learn more about the new vehicle loan interest deduction, contact us at (516) 544-1954.

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarkin...
11/26/2025

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (516) 544-1954 to get started. We'll help you compare key financial metrics, highlight what you're doing well and uncover areas that need attention. From there, we’ll build a strategy to strengthen your financial footing, seize growth opportunities and minimize threats in an ever-changing market. Let’s turn your financial statements into action plans!

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee ev...
11/25/2025

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Contact us at (516) 544-1954 for help identifying and managing the costs associated with a business continuity plan.

Do you owe taxes you can’t pay? Don’t assume you’re out of options. We can negotiate with the IRS on your behalf to disc...
11/24/2025

Do you owe taxes you can’t pay? Don’t assume you’re out of options. We can negotiate with the IRS on your behalf to discuss the possibilities, such as a tax payment plan that works for you. Contact us at (516) 544-1954 for help.

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (3...
11/21/2025

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (37%) will apply to taxable income over $640,600 for singles and heads of households ($768,700 for married couples filing jointly and $384,350 for married taxpayers filing separately). The standard deduction is increasing to $16,100 for singles and married taxpayers filing separately ($32,200 for married couples filing jointly and $24,150 for heads of households). Single filers age 65 or older will be eligible to take an additional deduction of $2,050 ($1,650 per spouse for married filers). Alternative minimum tax exemptions and adoption credits are among the other items that have been adjusted for 2026. Contact us at (516) 544-1954 if you have questions about the impact of inflation adjustments on your tax situation.

The One Big Beautiful Bill Act permanently increases the federal gift and estate tax exemption amount to $15 million ($3...
11/19/2025

The One Big Beautiful Bill Act permanently increases the federal gift and estate tax exemption amount to $15 million ($30 million for married couples) beginning in 2026. The amount will continue to be adjusted annually for inflation. The estate tax rate remains at 40%, and the generation-skipping transfer (GST) tax exemption will match the increased estate and gift tax exemption. If your estate exceeds, or is expected to exceed, the exemption amount, implement planning techniques today that can help you reduce or avoid gift and estate taxes in the future. Contact us at (516) 544-1954 for assistance.

Are you suffering from “retirement sprawl?” You might be if you’ve switched jobs several times and left 401(k) plan acco...
11/18/2025

Are you suffering from “retirement sprawl?” You might be if you’ve switched jobs several times and left 401(k) plan accounts behind. You may even have a few traditional or Roth IRAs out there. Over time, having many accounts can make managing and tracking retirement investments increasingly difficult. So it’s time to round up those accounts and consolidate them! Contact us at (516) 544-1954 for advice on avoiding negative tax consequences in the process.

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gif...
11/17/2025

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gift and estate tax exemption amount. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (516) 544-1954 for details.

Taxpayers involved in a dispute with the IRS may want to consider using one of the IRS’s alternative dispute resolution ...
11/14/2025

Taxpayers involved in a dispute with the IRS may want to consider using one of the IRS’s alternative dispute resolution (ADR) mediation programs. These programs can help taxpayers efficiently resolve tax issues with the IRS. Taxpayers for whom mediation can be a good option include those who don’t have many disputed issues or who’re seeking an early resolution to issues under audit. Mediation doesn’t replace the audit or collection processes. The IRS’s Independent Office of Appeals has five ADR programs: Fast Track Settlement, Fast Track Mediation Collection, Post Appeals Mediation, the Rapid Appeals Process and Early Referral. Call us at (516) 544-1954 for details if you have a tax dispute with the IRS.

Address

Whitestone, NY
11357

Opening Hours

Monday 10am - 5:30pm
Tuesday 10am - 5:30pm
Wednesday 10am - 5:30pm
Thursday 10am - 5:30pm
Friday 10am - 3:30pm

Website

Alerts

Be the first to know and let us send you an email when N. Orlando Accounting Services - Taxman posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category