Gift in St Petersburg Florida

Avoid gift treatment by paying expenses directly

The annual exclusion for gifts remains at $14,000 for 2015. (Married couples can gift up to $28,000 combined.) This limit applies to the total of all gifts, including birthday and holiday gifts, made to the same individual during the year. However, any payment made directly to...
Rental Income in St Petersburg Florida

What landlords should know about rental income and expenses

Rental income is any payment received for the use or occupation of property. Rental income is generally included in gross income when actually or constructively received. Cash basis taxpayers report income in the year received, regardless of when it was earned. Expenses of...
Payroll Records in St Petersburg Florida

How Long Do You Have to Retain Payroll Records?

Just in time for spring cleaning, the Social Security Administration and the IRS have issued a joint publication — the Spring 2015 issue of SSA/IRS Reporter — which offers valuable pointers for employers who want to clean up their old payroll records. In most (but not...
Charitable Contributions in St Petersburg Florida

Do You Keep Adequate Records for Charitable Contributions?

The IRS rules for substantiating deductions for charitable contributions are strict. The taxpayers in a recent U.S. Tax Court case found this out the hard way when the court denied their deduction of more than $37,000 for numerous noncash items donated to various charities. To...
2015 Tax Planning in St Petersburg Florida

Now’s the time to begin your 2015 tax planning

Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break from thinking about taxes. But doing so could be costly. Now is actually the time you should begin your 2015 tax planning — if you...
Social Media in St Petersburg Florida

Using Social Media Effectively in Your Small Business

It’s expected that large corporations maintain an online presence, on a company website and possibly on social media outlets such as Facebook, Twitter and LinkedIn. However, small business owners might question whether or not it’s worth the effort and cost to get...
Administrative Professionals in St Petersburg Florida

Administrative Professionals Day

Thanks to all administrative professionals and secretaries for a job well done!
Dress Code in St Petersburg Florida

Setting a Dress Code Without Creating More Problems than You Solve

You can be formal or casual in workplace dress standards depending on the personality of the organization. “In general, an employer may establish a dress code which applies to all employees or employees within certain job categories,” according to the U.S. Equal...
Small Business in St Petersburg Florida

Test Your Small Business Finance IQ

Although 40 percent of U.S. small business owners consider themselves to be financially illiterate, 81 percent still handle their own business finances, according to a 2014 Intuit study. The federal government has dubbed April “National Financial Capability Month” in...
Medicare Tax in St Petersburg Florida

Facing an unexpected bill for the additional 0.9% Medicare tax?

The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding rules have been tripping up some taxpayers, causing them...