Category Archives: Income Tax

Cost Segregation Denied

Cost Segregation is good.  It allows faster write off’s via depreciation of buildings.  We have clients who have been very satisfied. Taxpayer purchased a business and properly allocated the cost to the various asset classes per the purchase agreement.  Then … Continue reading

Posted in Income Tax, LLC's, Sub S Corporations | 480 Comments

Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts

The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,048 Comments

EIC Earned Income Credit – easy to calculate?

We tell clients all the time that it is complicated and hopefully they can answer the questions correctly when they use boxed software or… ready for this… try to do it by hand!   The earned income credit is extremely … Continue reading

Posted in Ask Question or Comment, General, Income Tax, Newsletter Topics | 2,536 Comments

2013 Gifts

This is not about charitable donations to a 501(c)(3) organization. It is about just giving stuff away. How much can I give (gift) without any tax? $13,000 ( 2009 – present) is the amount of stuff that can be gifted … Continue reading

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,657 Comments

Club Dues – Deduction?

Business related meals and entertainment are deductible…. You cannot, however, deduct dues (including initiation fees) for membership in any club organized for pleasure, recreation or other social purposes.

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 2,474 Comments

Amend Married Filing Joint to Married Filing Single – Can you do it?

Everyone pretty muich knows you can take two Married Filing Separate Returns and combine them to one Married Filing Joint return.  GENERALLY this has a better tax effect for the family. But, can you take Married Filing Joint and split … Continue reading

Posted in General, Income Tax | 144 Comments

2012 IRS Forms (the most used ones) are almost ready for E-Filing!

WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain … Continue reading

Posted in Ask Question or Comment, General, Income Tax, LLC's, Sub S Corporations | 6,841 Comments

2013 Unemployment Tax – Florida & Federal

The FLORIDA taxable wage base for 2013 remains at $8,000.  This means the first $8,000 of each employee’s wage during the calendar year to taxed for Florida Unemployment Tax Purposes. The FEDERAL wage base for the same purpose is based on … Continue reading

Posted in Ask Question or Comment, General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 7,153 Comments

2013 Florida Minimum Wage

Effective January 1, 2013, Florida’s minimum wage is $7.79 per hour for all hours worked in Florida. For tipped employees the direct hourly wage is $4.77 as of January 1, 2013.

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 6,113 Comments

Homestead Exemption if I rent the home

You will not be able to retain the homestead exemption if the home is rented. The exemption is for your primary personal residence only.

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 12,057 Comments