Accountants & Your Taxes

Accountants & Your Taxes

Niles, Kight & Company, PLLC
Established: Our founding partner, Jack D. Niles, Jr., began practicing in 1981 at this same location.

Specializing: Professional services in the areas of taxation, accounting and financial planning.

How long does it take to complete a tax return?
Personal– Varies based on complexity
Business– Varies based on complexity

Do you offer tax planning and consultation? Yes

What are the benefits of hiring a licensed tax professional to complete your taxes?
Certified Public Accountants keep up with the latest tax law changes and legislation and are required to follow continuing education guidelines mandated by the state. Many times, taxpayers are unaware of just how complicated their tax return is. As sophisticated as do-it-yourself software has become, there is always a possibility that the taxpayer has missed a very important tax concept.

What is the easiest, yet most lucrative deduction people overlook? Sales tax deduction on major purchases such as motor vehicles, boats, planes, and in certain instances, home renovations.
Favorite tax form: 1040 of course

Where will you be on April 15th at midnight? Resting up for work on the 16th since the deadline is April 18th this year.

Address: 2432 Flagler Avenue, Key West, FL 33040
Phone: (305) 294-6606
Website: http://www.nileskightcpa.com
Email: .(JavaScript must be enabled to view this email address)

 

Wolfe & Wolfe
Certified Public Accountants

Established: 1984

Education: B.B.A., University of MiamiSpecializing: Tax planning and preparation; Auditing, review and compilation services; Business plans, forecasts and projections; Estate and trust services; Small business computer services.

How long does it take to complete a tax return?
It depends on the presentation of the information necessary to compile the tax return and complexity of the return.

Do you offer tax planning and consultation?
Yes, preferably before problems arise and an audit occurs.

What are the benefits of hiring a licensed tax professional to complete your taxes?
Professionals attend seminars and are more aware of beneficial deductions and tax return presentation. Sometimes it takes money to save money.

Taxes are due April 18, but we all know that the nitty-gritty happens outside of February to April. What is your most memorable tax situation?
Our tax season has progressed to October 15 with extensions. Barter situations may always be a surprise.

What is the easiest, yet most lucrative deduction people overlook?

Favorite tax form: All forms are good when properly understood and correctly prepared.

Where will you be on April 18 at midnight? Wherever I would be any other night. All of our extensions are completed by April 10 for individuals and March 10 for corporate partnerships.

Address: 88785 Overseas Hwy. Plantation Key
Phone: (305) 852-5002
Website: http://www.larrywolfecpa.com
Email: .(JavaScript must be enabled to view this email address)

 

 

 

Cruz Morato & Associates
Certified Public Accountants and Consultants

Established: 1999

Specializing: The majority of our work is taxes, accounting for condo associations and “write-up work” which is monthly and daily accounting. We also handle audits.

How long does it take to complete a tax return?
Personal: If someone has only one W-2 it could only take a few minutes. However, if a client has a “Schedule D” that is ten pages long because of multiple rental properties or day trading that return could take a few days.
Business: A small business, like a real estate agent, could be completed in an hour. But then we have other clients, say they bought a lot of property, that could take up a couple of days.

Do you offer tax planning and consultation? Yes and our first consultation is free.

What are the benefits of hiring a licensed tax professional to complete your taxes? (Instead of just doing them online)
Licensed CPAs are required to complete continuing education and maintain professional liability insurance. So?

Taxes are due April 15, but we all know that the nitty-gritty happens outside of February to April. What is your most memorable tax situation?
During Wilma, I had a client who had a total loss on their house that resulted in a $30k refund on their taxes. Months went by and the IRS said, “It was in transit.” Truth was they didn’t know where it was. I also had a client who owed money, and a couple weeks later, got a check in the mail with more than $30k. I made him come to the office and told him, “You know the can of worms you will open if you cash that check?” It is not fun dealing with the IRS, but I do enjoy the battle. It is not fun when they lose the claim, but it is fun clearing clients of liability with the government.

What is the easiest, yet most lucrative deduction people overlook? Its not lucrative, but the sales tax deduction on the itemized schedule is a good one to take. Another would be the rebate credits. Also, businesses can receive a credit for making their property ADA compliant, or earn a payroll credit for hiring a felon.

Favorite tax form:I guess I would say 1120-S. Because we can get creative with that one.

Where will you be on April 15th at midnight?
At Boondocks celebrating! I could be hanging off the rafters! We will be in late on April 16 because we have to check everything we e-filed.

Address(es): 5800 Overseas Highway, Suite 6, Marathon FL
17 Ships Way, Big Pine Key, FL 33143
Phone: (305) 743-4599; (305) 872-3200
Website: http://www.flkeyscpa.com
Email: .(JavaScript must be enabled to view this email address)

“Getting rid of penalties and saving my clients is definitely a highlight,” said Marlene Cruz Morato.

 

 

 

Oropeza & Parks
Certified Public Accountants

Established: 1985

Specializing: Oropeza & Parks CPAs is an accounting firm providing a wide range of services including but not limited to auditing, accounting, tax preparation, planning and consultation.

How long does it take to complete a tax return?
The time required to prepare a tax return corresponds to the complexity of the tax return and the organization and completeness of the information provided by our clients. To assist our clients in gathering their tax information, our firm provides an organizer each year. We also review the prior year tax returns for all new clients to ascertain that we have received all needed documentation for the preparation of the current year’s return.

Do you offer tax planning and consultation?
We provide tax planning and consultation throughout the year. When preparing the tax return, we frequently see tax planning opportunities that we discuss with the client.

What are the benefits of hiring a licensed tax professional to complete your taxes, instead of just doing them online?
To maintain our licensing as Certified Public Accountants we are required by the State Board of Accountancy to complete 80 hours of continuing education every two years. By annually attending various tax seminars we continue to stay abreast of the most current tax legislation.

Taxes are due April 18, but we all know the nitty-gritty happens outside of February to April. What is your most memorable tax situation?
Although tax season end up becoming a blur with time, a most memorable and rewarding situation occurred when meeting with an elderly couple to make certain that all information needed for the tax return had been received. After reviewing their documents, it became apparent that their financial advisor had been excessively trading their portfolio for his financial gain. Upon my referral an investigation ensued in which the client was able to recover a substantial portion of their loss. Over time, more oversight and regulations have deterred this type of activity.

What is the easiest, yet most lucrative deduction people overlook?
Some of the most commonly missed deductions are real estate tax for individuals that do not itemize. We frequently see that individuals that prepare their own returns miss the additional sales tax deduction on the purchase of certain large purchases such as vehicles, boats and RVs.

Favorite tax form:
Our favorite tax form is the 1040 on page 2 when there is a large refund.

Where will you be on April 15 at midnight?
Fortunately with electronic filing, we will not be waiting in line at the post office.

Address: 815 Peacock Plaza, Key West, FL 33040
Phone: (305) 294-1049
Website: http://www.oropeza-parks.com
Email: .(JavaScript must be enabled to view this email address)

 

 

 

Sue Hildebrandt
Sue Hildebrandt, CPA, PA

Education: Louisiana State University

Hometown: Melborne, FL

Established: 1998, Practicing since 1983

Specializing: Small businesses and individual

How long does it take to complete a tax return?

Personal: The process depends on how complicated the return is. Some of them take three hours, come less than that.

Business: Some businesses bring me their quick book discs and I just clean the content up and file the return. Other businesses I do all of the accounting for them, which takes longer, sometimes several hours every month.

Do you offer tax planning and consultation? Yes. One of the things I love to do is help people with their taxes and planning so they don’t owe money at the end of the year and don’t have to pay. When clients work with me I instill in them to pay beforehand; that way, they get some back!

What are the benefits of hiring a licensed tax professional? (instead of doing them online)
I have a lot more education than a bookkeeper. I have a CPA License which is six and a half years of college. Licensed CPAs take 80 hours of continued education every two years to stay up on current tax laws. Bookkeepers do not.

Taxes are due April 15, but we all know that the nitty-gritty happens outside of February to April. What is your most memorable tax situation?
I’ve had very few audits. Those get pretty hairy. I’ve probably had four audits in the past 25 years. I always try to make a friend of the auditor. Bein “nasty” doesn’t do you any good. One of the facets of Key West is the auditors from Miami don’t want to come down here to do audits. In my 25 years practicing I’ve had so few they are nervewracking for me.

What is the easiest, yet most lucrative deduction people overlook? Job hunting expenses and moving costs.

Favorite tax form: Corporate. One of my favorite things to do is “shoebox accounting.”  This is when clients literally bring me a shoebox with all of their receipts. I train my clients on how to be organized and I get a lot of satisfaction out of of helping them. That’s one aspect, I really, really, really enjoy.

Where will you be on April 15th at midnight? In bed! (laughs)  I file the extensions for my clients I automatically file, they don’t even have to ask me!

Family: I’ve been married to the love of my life, Fred, for eight years. Together we have two sons, and four grandchildren. My oldest son, David, is a Catholic Priest.

Sue Hildebrandt, CPA, PA
3154 Northside Drive Suite 101
Key West 33040
292-6366
suehildebrandt.net
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Sue Hildebrandt
Sue has one piece of advice for everyone now, to take control of your tax return for 2011. “Get organized! If you usually owe money up your withholding. Ten dollars a week will help!”

 

 

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