Tax Deadline Extended Hourglass

IRS Extends the Tax Filing and Paying Deadline for Individuals

|Comments are Off
For the second year in a row, April 15 won’t be “Tax Day” due to the COVID-19 pandemic. The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year will be extended. This article explains what the new deadline is and...
Collectibles in St Petersburg Florida

Do you know the tax impact of your collectibles?

|Comments are Off
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

|Comments are Off
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

|Comments are Off
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

|Comments are Off
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)

|Comments are Off
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

|Comments are Off
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,...
Affordable Care Act in St Petersburg Florida

3 Affordable Care Act Taxes Postponed by Congress

|Comments are Off
On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund...

6 Last-Chance Tax Breaks: Do You Qualify?

|Comments are Off
The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As...
Individuals in St Petersburg Florida

Tax Reform Law: Topics of Special Interest for Individuals

|Comments are Off
As you’ve heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit on deducting state and local...