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Portfolio Tax and Accounting

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United States
Longwood, FL
Portfolio Tax and Accounting

No annoying advisory and financial lingo. Just straight, authoritative and friendly advice. Visit: www.portfoliotaxandaccounting.com
Or call: (407) 564-0500

IRS Resolution

If problems with the IRS keep you up at night, you’ve come to the right place. At Portfolio Tax and Accounting, we specialize in unfiled tax returns, unpaid taxes, liens, levies, foreign bank account reporting, audit representation, and any other type of tax controversy. While other firms also represent taxpayers against the IRS, our background in Investment Advising gives us a uni

que advantage over our competition. While other firms are okay with just solving your tax problem, we find ways to tax shelter or protect your money from going to the IRS. We do not want you to pay more than necessary. Expert Tax Services for Small Businesses and Individuals

At Portfolio Tax and Accounting, we provide comprehensive tax services for individuals and small businesses. Our team of Certified Tax Experts will ensure that you are fully compliant with all tax laws and regulations while minimizing your tax liability. We offer a range of services, including tax preparation, accounting and bookkeeping, tax planning, tax-efficient investing and representation and so much more. With our help, you can rest easy knowing that your tax affairs are in good hands. Our Promise

We promise to treat every client with sincere and caring concern for their best interest. We will learn about your needs, objectives, references, and goals, and once engaged we will work tirelessly to fulfill those goals. We will always be honest and up-front about our fees, our procedures, our services, and our expectations of you, and we will always remain available to our clients. Phone calls will always be returned and we will keep clients advised of our progress on their engagement. Ready to get started? Contact us today to schedule a consultation and learn more about our services. We're here to help you achieve your financial goals and maximize your tax savings. Hours of Availability
Monday – Friday : 9:00am – 5:00pm
Saturday and Sunday by appointment only

03/19/2026

Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

If you haven't received your refund yet, you may be able to check the status using the IRS' "Where's my Refund?" tool: https://www.irs.gov/refunds.

03/16/2026

2026 Tax-Related Scam Warnings – Did You Know? (2/2)

The IRS recently posted its official list of the worst tax-related scams to watch out for in 2026. They include:

Scams Involving Bogus Tax Credits or Exaggerated Withholding:

Scammers often make false claims about tax rules in order to persuade people to file inaccurate returns. One of these schemes relates to a supposed "self-employment tax credit." No such credit exists, and very few people qualify for the actual credit that the scam involves. Other scammers encourage people to inflate tax withholding figures to get larger refunds. In reality, improperly claiming credits or reporting inaccurate tax figures may trigger severe IRS penalties.

Ghost Preparers:

By law, anyone paid to prepare a tax return for another person must sign the return, and must have an IRS-issued Preparer Tax Identification Number (PTIN). Remember, regardless of who prepares it, you are ultimately responsible for the accuracy of your return. Do not take the risk of putting your standing with the IRS in the hands of someone who hides in the shadows.

Offer-in-Compromise (OIC) Mills:

The IRS offer-in-compromise (OIC) program enables some people with large tax debts to settle those debts for less than the full amount owed. However, submitting an OIC application is a very complicated process, and the majority of applications get rejected. OIC mills overpromise results to lure in vulnerable people, and then charge nonrefundable fees to submit applications with virtually no chance of success. If you owe more tax than you can afford to pay, work only with a trusted tax professional who has experience preparing realistic OIC proposals.

03/13/2026

2026 Tax-Related Scam Warnings – Did You Know? (1/2)

The IRS recently posted its official list of the worst tax-related scams to watch out for in 2026. They include:

IRS Impersonation and Online Account Identity Theft:
Scammers claiming to represent the IRS often contact people by phone, email or other messaging apps. They may demand immediate payment of supposed tax debts, threaten imminent arrest, or give instructions to scan QR codes or click links leading to impostor websites that harvest personal data. Other identity thieves steal sensitive data by pretending to help people set up online IRS accounts. The use of AI has made some of these calls and messages more convincing, but the IRS simply does not operate in these ways.

Social Media Misinformation on Tax Matters:

Videos and posts promoting "tax hacks" abound across social media platforms. These supposed money-saving strategies often involve reporting inaccurate information to the IRS, at the risk of facing harsh tax penalties or even criminal charges. Stay safe by seeking tax advice only from reputable sources, like a trusted tax professional.

Fake Charities:

Fraudsters create fake charities to steal people's money, identities or both. With the recent creation of a new non-itemized deduction for charitable donations starting in 2026, these scams have become more common. Before donating to any organization, request detailed information about its mission, location and tax-exempt status. If you have any doubts, search the IRS database of registered charities (link below) to verify that the organization is legitimate. Search carefully, since many fake charities use names very similar to those of legitimate organizations.

IRS Tax-Exempt Organization Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

03/12/2026

Partnerships and S-Corporations Filing Deadline

The filing deadline for partnerships (Form 1065) and S corporations (Form 1120-S) is coming up on Monday, March 16, 2026, for calendar-year filers. You may file Form 7004 by then for an automatic 6-month extension to September 15, 2026 but be sure to pay any taxes owed by the original date.

03/06/2026

Common Tax Filing Errors – Did You Know? (2/2)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes can cause filers to pay the wrong amount of tax:

Math Mistakes:

Even mathematicians sometimes make errors in simple addition and subtraction, and some of the calculations required for 1040 schedules can be complicated. Thoroughly double-check every bit of math on your return.

Incorrect Filing Status (Single, Married Filing Jointly, etc.):
The IRS will not accept a return showing a filing status that you are not eligible to claim. If you qualify for more than one status (for example, filing jointly or separately if you are married), the option you choose may significantly change your tax.

Incorrectly Figuring Credits or Deductions:
Once you determine that you qualify for a tax deduction or credit, you must carefully compute the amount that you can claim. Many taxpayers fail to take into account income limitations (including the calculations that must be made if your income falls within a “phase-out” range) and other restrictions. Others claim less than they could, or miss out on deductions and credits entirely by not filing the required forms and schedules. The IRS notes that filing errors are common among taxpayers eligible for the earned income credit (EIC) and/or Child and Dependent Care Credit.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

03/02/2026

Common Tax Filing Errors – Did You Know? (1/2)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected. Be sure to check for the following:

Missing or Inaccurate Social Security Number (SSN):
Even when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.

Misspelled Name:
Take your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.

Incorrect Bank Account or Routing Number:
Getting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.

Missing Signature:
Remember that in most cases, couples filing jointly must both sign their return.

To avoid costly mistakes, a tax professional can help prepare or check your return and file it electronically. A tax pro can also help you claim deductions and credits that you would otherwise miss.

02/27/2026

"No Tax on Overtime" Deduction – Did You Know?

In order to claim the deduction, you must be an FLSA overtime-eligible employee, where FLSA stands for the Fair Labor Standards Act. Most full-time employees fit this category but some do not, so if you are unsure about your FLSA designation, check with your employer.

You may only claim the "No Tax on Overtime" deduction if you have a Social Security number (SSN) valid for U.S. employment. If you are married, you must file a joint tax return with your spouse. Note that the deduction applies only to "bonus" overtime pay above your normal salary or wage rate. For example, if your normal pay rate is $20/hour but you get paid $30/hour for overtime work ("time and a half"), then at most $10/hour of your overtime pay will be deductible. Your 2025 W-2 form might not clearly show your qualifying overtime pay, so you may need to obtain the information another way, such as logging into a portal created by your employer.

You do not need to itemize deductions in order to deduct overtime pay. The maximum deduction amount is $12,500, or $25,000 for joint filers if both spouses have qualifying overtime pay and valid SSNs. The deduction amount decreases for people with modified adjusted gross incomes above $150,000 (or $300,000 for joint filers). A tax professional can help you determine whether you qualify to deduct overtime, and if so, help you properly figure your deduction amount.

02/23/2026

Changing Life Circumstances Can Affect Your Taxes – Did You Know?

When a momentous life event like a marriage or the birth of a child occurs, taxes are probably the furthest thing from your mind. However, once the excitement of the moment settles down, it is important to perform a quick tax checkup to avoid an unpleasant IRS surprise. Here is a checklist of some of the most common life changes that may affect your taxes:

Change of Name:
Your name on your tax return must match the name on file for you with the Social Security Administration (SSA). Therefore, if your name changes due to marriage, divorce, or for any other reason, it is important to request a new Social Security card, which can be done at ssa.gov.

Change of Filing Status:
Married couples may choose to file either jointly or separately, and this choice can affect both tax rates and eligibility for certain deductions and credits. If your marital status changes during the year, or you and your spouse decide to change your filing method, it is a good idea to use the IRS Withholding Estimator tool to determine whether a change in your paycheck withholding amount is needed.

Change of Address:
From time to time, the IRS may need to contact you about your return, refund, or other matters. If you move during the year, inform the IRS by filing Form 8822, Change of Address, to ensure that you do not miss any important communications.

Change in Number or Ages of Dependents:
If your family grows this year due to a birth or adoption, you may be eligible for additional tax deductions and credits. Conversely, your eligibility for certain credits might change as your children grow older.

Some of the tax implications of these and other life changes can get complicated. A professional tax advisor can help you evaluate these impacts, and if necessary, take action to stay on track with your tax payments and qualify for the deductions or credits available to you.

02/20/2026

Digital Asset Transaction Reporting and New IRS Form 1099-DA

A wide range of digital asset transactions such as buying, selling, trading, exchanging, or using crypto and other digital assets must be reported on tax returns. In particular, you may get a Form 1099-DA if you worked with a U.S.-based broker to sell or trade crypto or other digital assets, or used those assets to pay broker transaction fees. The form will show any potentially taxable gain from the transaction, and may also show your basis, a critical figure to know for tax purposes. In most cases, though, you will need to figure your basis separately.

If you believe that a Form 1099-DA you receive is incorrect or should not have been issued, contact the sender promptly to request that the form be replaced or voided. A tax professional can help you interpret 1099-DA forms and properly report the related transactions, and also help with basis calculations to ensure that you do not overpay in tax.

Address

100 Crown Oak Centre Drive
Longwood, FL
32750

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+14075640500

Website

http://www.portfoliotaxandaccounting.com/

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