Financial, accounting and tax tips - deducting sales taxes

Could Deducting State and Local Sales Taxes Save You More?

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this break hasn’t yet been extended to 2014, it is available for 2013. It can be valuable if you reside in a...
tampa accounting trasferring assets to your heirs

3 Strategies for Transferring Assets to Your Heirs

In estate planning, how someone owns assets and arranges to transfer them after death can make a big difference to his or her heirs. This article looks at three options: joint tenancy with the right of survivorship; an irrevocable life insurance trust (ILIT); and a credit shelter...
Accounting, Financial Services and the Affordable Care Act

Short-Term ACA Relief Now Available for Midsize and Large Employers

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”)...
Tax Saving Ideas from Tampa CPA Firm MBA

There’s Still Time to Get Substantiation for 2013 Donations

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration...
Tax Saving Ideas from Tampa CPA Firm MBA

Home Office Deduction 101

If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space....