Collectibles in St Petersburg Florida

Do you know the tax impact of your collectibles?

They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the...
Retirement in St Petersburg Florida

Making 2017 retirement plan contributions in 2018

The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA...
Parent in St Petersburg Florida

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return. Basic qualifications For you to qualify for the...
AMT Calculations in St Petersburg Florida

AMT Calculations: It’s Showtime

The alternative minimum tax (AMT) was enacted back in 1969 to ensure that high-income individuals don’t take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers. Unfortunately, the...
AMT in St Petersburg Florida

New Law Eases the Individual Alternative Minimum Tax (AMT)

Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there’s a silver lining: The AMT rules now reduce the odds that you’ll owe the AMT for 2018 through 2025. Plus, even if you’re still in the AMT zone,...
Business Travel in St Petersburg Florida

Still important: The tax impact of business travel

With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes,...