Tax Savings on Trust Income

Softening the Blow of Higher Taxes on Trust Income

This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income tax applies to undistributed net investment income to the extent that a trust’s adjusted gross...
tampa certified public accountant tax records

Your 2013 Tax Return is Filed. What Tax Records Can You Toss?

The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. At minimum, keep tax records for as long as the IRS has the ability to audit...
Tampa CPA Accountant Net Operating Loss Tax Benefit

Making the Most of Your Business’s NOL

If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the year, the news isn’t all bad. While no one enjoys being unprofitable, an NOL does have an upside: tax benefits. In a nutshell, an NOL occurs when a company’s deductible...
Tampa Certified Public Accountant and Tax Services

Don’t Inadvertently Miss Tax Filing Deadlines

If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely filed if it’s postmarked by midnight on April 15. But just because you drop your return in a mailbox on the 15th...
Tampa CPA Firm Elderly Dependent Tax Advice

Can I Claim My Elderly Parent as a Dependent?

For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year than the exemption amount. Generally Social Security is excluded, but payments from dividends, interest and retirement...