Donate a Vehicle in St Petersburg Florida

Before you donate a vehicle, find out the charity’s intent

If you donate a vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) if the charity: Uses the vehicle for a significant charitable purpose (such as delivering meals-on-wheels to the...
Name Change in St Petersburg Florida

Reporting a name change

Have you recently changed your name? If so, it can affect your taxes. The names on your tax return must match Social Security Administration (SSA) records. If you have married or divorced and changed your name, you must notify the SSA of your name change. Also, notify the SSA if...
Foreign Bank in St Petersburg Florida

Filing 2014 foreign bank and financial account reports

If you have a financial interest in or signature authority over a foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the IRS by filing a Financial Crimes Enforcement Network (FinCEN) Form 114 (“Report of...
Your Child in St Petersburg Florida

Tax and Financial Benefits from Hiring Your Child

It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial...
Memorial Day in St Petersburg Florida

Memorial Day!

Remembering Our Service Men and Women on Memorial Day!
ESA in St Petersburg Florida

Expect to be paying elementary or secondary school costs in the future? Consider an ESA

As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA...
HSA in St Petersburg Florida

Health Savings Account (HSA) Limits for 2016

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a...
Tax Court in St Petersburg Florida

Tax Court: Retired Cop’s Cash for Unused Leave Wasn’t Excludible

The U.S. Tax Court has held that payments received by a police detective on his retirement — for unused sick and vacation time — were includible in income. Based on that conclusion, the court rejected the taxpayer’s argument that a portion of the vacation time...
Personality Tests in St Petersburg Florida

Pre-Employment Personality Tests May Be Helpful but Exercise Caution

Personality tests are not new. But the proliferation of easy-to-administer web-based testing services has made personality tests more ubiquitous. Are they right for your organization? You need to consider both the potential benefits and the possible legal risks. Useful or Not? An...
Cyber Breach in St Petersburg Florida

Minimizing Your Risk of Cyber Breach

Concerns about cyber threats disrupting core operations are now a top operational risk. During a May 8 question-and-answer session, Securities and Exchange Commission Chair Mary Jo White called threats to cyber security “the biggest systematic risk we have facing us.”...