20 Jan, 23

Tis the Season for Charitable Giving

‘Tis the Season for Charitable Giving… So, let’s make sure you’re doing it right. What documentation am I required to keep on my Charitable Donations? That depends on the type and value of the donation. – For cash donations under $250, the donor must have a bank record (canceled check, debit, credit card charge) or […]

14 Jan, 23

Tax Talk Tuesday – Charitable Donations

Charitable donations are a great way to give back to society and support causes that are important to you. However, when it comes to tax season, it’s important to understand the rules for deducting charitable donations. In this article, we’ll provide an overview of the rules on deducting charitable donations so that you can ensure […]

04 Jan, 23

Senate Tax Reform Bill Passed

The Senate passed its version of the tax reform bill a few days ago, and the House passed it several weeks ago. What does this mean? It means we are one step closer to a major tax reform change. The bill from the Senate and House will need to be reconciled so they have one […]

08 Nov, 22

Tax Underpayment Penalties

The Tax Underpayment Penalty is a penalty imposed by the Internal Revenue Service for failing to pay sufficient estimated tax payments or withholding taxes throughout the year. To avoid this penalty, taxpayers should make sure to calculate their estimated taxes accurately, keep track of their income and expenses throughout the year, and adjust their withholdings […]

04 Oct, 22

IRS Releases Annual “Dirty Dozen” List of Tax Scams

The IRS tax fraud – What You Need to Know? Each year, the Internal Revenue Service issues a list of the top 12 tax scams it is seen throughout the year. The IRS “Dirty Dozen” highlights various schemes that taxpayers may encounter anytime, many of which peak during tax-filing season. Taxpayers must guard against ploys […]

08 Feb, 18

2018 Tax Brackets

For the next few weeks on Tax Tip Tuesday we will be looking new stuff and changes for 2018. This week…Tax Brackets! Revised tax brackets for individuals: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Revised tax brackets for trusts and estates: 10%, 24%, 35% and 37%. Married Filing Jointly taxable income brackets: $0 to […]

Don’t Kill the Messenger - The Rise of the Internal Revenue Service - Part 4

24 Jan, 18

Real Estate Property Taxes Decrease This Year

Effective January 1, 2018, the state sales tax rate for renting, leasing, or granting a license to use real property decreases from 6% to 5.8%. Your county surtax will remain the same; for example: If your commercial property is in Seminole County, the rate will drop from 7% (state and county) to 6.8%. If you […]

08 Jan, 18

Cap Changes Coming in This Year

Social security taxable wage limit is $128,700 Retirees can earn $17,040 without reducing their SS benefits Annual gift amount goes to $15,000 HSA contributions are $3,450 for individuals HSA contributions for a family plan is now $6,900 401k deferral is $18,500 and $24,500 for those 50 and older IRA contribution limit is the same as […]

01 Jan, 18

Minimum Wage Rate Changes Effective January 1

Effective January 1, 2018, the minimum wage rate for Florida has been increased to $8.25/hour for non-tipped employees and $5.23/hour for tipped employees. If you subscribe to our poster update service, a new poster reflecting these updates will be sent on or near January 1. If you do not subscribe to the poster update service, […]

31 Dec, 17

Major Tax Law Changes – Prepay Your Property Tax Before Tax Season

Major tax law changes in 2018 might make it prudent to prepay your property tax before the tax season. If you normally take the itemized deduction on your taxes, those amounts change drastically beginning in 2018. So, if your itemized deductions are normally under $25,000, you may benefit from paying your property tax and donations […]