Gloria M. Papasophocles CPA, PC is a full-service accounting firm located in Orangeburg, New York. Our goal is to provide our clients with professional, personalized service. We can assist you at every stage of your financial life. We will serve as your financial guide, helping you to utilize your resources more effectively as you work towards your financial goals.
If we can assist you in any way in your tax and business affairs, please call our office at (845) 848-2690, or send your questions to us via email.
If we can assist you in any way in your tax and business affairs, please call our office at (845) 848-2690, or send your questions to us via email.
Services
Spend your time building your business - and your profits; let us handle your bookkeeping, recordkeeping, and report filing.
We'll work with you to identify the services you need.
Then we'll set up a schedule so data is collected, recorded, and handled efficiently and timely.
You're likely to save more than our services cost.
Your in-house staff needs will be reduced, so you will reduce associated employee costs such as payroll taxes, employee benefits, training time and expense, equipment and software costs, and employee management costs.
We'll work with you to identify the services you need.
Then we'll set up a schedule so data is collected, recorded, and handled efficiently and timely.
You're likely to save more than our services cost.
Your in-house staff needs will be reduced, so you will reduce associated employee costs such as payroll taxes, employee benefits, training time and expense, equipment and software costs, and employee management costs.
Most people don't like to think about death, much less plan for it.
And since there is no legal requirement to do estate planning, many of us put it off.
Yet the truth is that investing a little time in estate planning can pay off in lower taxes and administrative costs, increased financial security for your loved ones, and best of all, your own peace of mind.
Estate planning is not just a task for the wealthy.
Tax implications kick in depending on the value of your estate and the federal and state laws in effect at the time of your death.
And since there is no legal requirement to do estate planning, many of us put it off.
Yet the truth is that investing a little time in estate planning can pay off in lower taxes and administrative costs, increased financial security for your loved ones, and best of all, your own peace of mind.
Estate planning is not just a task for the wealthy.
Tax implications kick in depending on the value of your estate and the federal and state laws in effect at the time of your death.
Only a small percentage of all the individual tax returns filed each year will be audited.
The selection process is done largely by computer models.
These were designed by looking at millions of tax returns and developing "norms."
If your tax return has numbers that fall very much outside these norms, your chances of being audited increase.
Individual returns are divided into groups based on the type of work you do and the level of income you report.
For example: The IRS expects to see a certain amount of itemized deductions on tax returns reporting between $50,000 and $100,000 of income.
The selection process is done largely by computer models.
These were designed by looking at millions of tax returns and developing "norms."
If your tax return has numbers that fall very much outside these norms, your chances of being audited increase.
Individual returns are divided into groups based on the type of work you do and the level of income you report.
For example: The IRS expects to see a certain amount of itemized deductions on tax returns reporting between $50,000 and $100,000 of income.
Today's tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional.
It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year.
Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.
We prepare hundreds of tax returns every year.
We know what to look for when your return is prepared.
More importantly, you will have someone to answer your questions during the rest of the year.
It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year.
Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.
We prepare hundreds of tax returns every year.
We know what to look for when your return is prepared.
More importantly, you will have someone to answer your questions during the rest of the year.
If you could have one of the following as your pay for thirty days' work, which would you choose?
The $10,000 sounds very attractive, but the fact is that the penny doubled each day for thirty days adds up to over five million dollars.
Of course, that is 100% interest compounded daily, a rate not available to most of us working folk.
Nevertheless, this example shows you the power of compounding on your investment earnings.
You can get rough answers to your financial questions by using the following calculators and making a few estimates on your part.
The $10,000 sounds very attractive, but the fact is that the penny doubled each day for thirty days adds up to over five million dollars.
Of course, that is 100% interest compounded daily, a rate not available to most of us working folk.
Nevertheless, this example shows you the power of compounding on your investment earnings.
You can get rough answers to your financial questions by using the following calculators and making a few estimates on your part.
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