Tampa CPA Firm Elderly Dependent Tax Advice

You may be able to save more for retirement in 2015

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Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $17,500 $18,000 Annual benefit...
Social Security and Medicare amounts for 2015 in Tampa, Florida

Social Security and Medicare amounts for 2015

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The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015. The Social Security wage base, for computing the Social Security tax (OASDI only), increases to $118,500 in 2015, up from $117,000 for 2014. There is no taxable...

Start the New Year With a Personal Finance Checkup

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The lull that follows the holiday season is a time for reflection and planning. If you’re like most Americans, there are several administrative chores that remain on your 2014 to-do list. Tackling them at the start of the new year will set a healthy, proactive tone going...

Act NOW to Benefit from Business Tax Breaks Extended by Congress

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The Tax Increase Prevention Act of 2014 (TIPA) renewed through 2014 a long list of business federal income tax breaks that had been allowed to expire at the end of 2013. This article provides a quick summary of the most important business extenders that were just resurrected...

Congress Extends Many Tax Breaks for Individuals

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The Tax Increase Prevention Act of 2014, which was signed into law on December 19, renewed through 2014 a long list of personal and business federal income tax breaks that had been allowed to expire at the end of 2013. Because Congress habitually allows these breaks to expire...
How to protect yourself from underpayment penalties in Tampa, Florida

Why you should make annual exclusion gifts before year end

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The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient. The gifted assets are removed from your taxable...

IRS Mileage Rates for 2015 Announced

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The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses...

Does Your Company’s Holiday Policy Pass Muster?

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As the table at the bottom of this article illustrates, the number of employers recognizing religious holidays celebrated by minority groups is small, according to a survey by the Society for Human Resource Management. Is that a problem? Probably not. Employers aren’t...

Employer Penalty Alert for Reimbursing Employee Health Coverage

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The Affordable Care Act (ACA) established a number of so-called “market reform” restrictions on employer-provided group health plans, starting with plan years beginning in 2014. These restrictions generally apply to all employer-provided group health plans —...