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Resources & Tips

Estate and Gift Tax Exemptions and Planning inTampa, Florida

Why You Need to Know the Value of Your Assets

02 Jul 2014
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MBA Site Administrator
Estate Planning, estate tax exemptions, Gift Planning, gift tax exemptions, Tax Benefits, Tax Break, Tax Deductions, Tax Exemption, Tax Preparation Services, Tax Return, Tax Savings
With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First, your estate...
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Buy a Home in St Petersburg Florida

If You’ve Put Your Home on the Market, You Need to Know the Tax Consequences of a Sale

25 Jun 2014
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Certified Public Accountant, IRS, MBA, real estate tax, real estate tax savings, real estate taxes, Tax Benefits, Tax Break, Tax Credits, Tax Deductions, Tax Filing, Tax Preparation Services, Tax Retuns, Tax Return, Tax Savings
Summer is a common time to put a home on the market. If you’re among those who are following this trend, it’s important to be aware of the tax consequences. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain — as long as...
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Tax Election on Restricted Stock Awards in Tampa

Consider the Sec. 83(b) Election to Save Tax on Restricted Stock Awards

18 Jun 2014
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Certified Public Accountant, MBA, Tax Benefits, Tax Break, Tax Deductions, Tax Election, Tax Elections, Tax Exemption, Tax Filing, Tax Preparation Services, Tax Retuns, Tax Return
Restricted stock is stock that’s granted subject to a substantial risk of forfeiture. Income recognition is normally deferred until the stock is no longer subject to that risk or you sell it. You then pay taxes on the stock’s fair market value at your ordinary-income rate. But...
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Tax deduction limits on meals and entertainment deductions.

Who’s Subject to the 50% Limit on Meal and Entertainment Deductions?

11 Jun 2014
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MBA, Tax Benefits, Tax Deductions, Tax Filing, Tax Preparation Services, Tax Retuns, Tax Return
In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the deduction. But which party? Last year, the IRS finalized regulations that...
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Retirement Tax Planning For When You Change Jobs

What To Do With Your Old Retirement Plan When You Change Jobs

04 Jun 2014
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Retirement Planning, Retirement Plans, Tax Filing, Tax Preparation Services, Tax Retuns, Tax Return
First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave your money in...
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Tampa Tax Preparation Summer Camp Deduction

Summer Day Camp May Save You Taxes

26 May 2014
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Tax Benefits, Tax Break, Tax Credits, Tax Deductions, Tax Exemption, Tax Filing, Tax Preparation Services, Tax Retuns, Tax Return
The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to...
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Tax Advantage in St Petersburg Florida

3 Tax Traps When Donating Real Estate to Charity

21 May 2014
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If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of: 1. If you donate real estate to a public charity, you generally can deduct the property’s fair market value. But if you donate it to a private foundation, your...
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FSA amendment health care tax benefits

Employers: Have You Amended Your FSA Plan?

13 May 2014
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Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that pays, or reimburses them for, qualified medical expenses not covered by insurance. A maximum employee contribution limit of $2,500 went into effect in 2013....
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Tax benefits and write offs with business and vacation travel

Don’t Lose Tax Benefits When Combining Business Travel With Vacation Pleasure

08 May 2014
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Business Travel, Tax Benefits, Tax Deductions, Vacation
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Generally, if the primary purpose of your trip is...
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