6 Last-Chance Tax Breaks: Do You Qualify?

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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...
Pass-Through Entities in St Petersburg Florida

Spotlight on Pass-Through Entities under the Tax Cuts and Jobs Act

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Will pass-through entities still be popular under the Tax Cuts and Jobs Act (TCJA)? The tax rules for pass-through entities, including S corporations, limited liability companies (LLCs), partnerships and sole proprietorships, have generally become more beneficial — but also more...
Deductions in St Petersburg Florida

Saving tax with home-related deductions and exclusions

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Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative...
Mileage in St Petersburg Florida

Deduct all of the mileage you’re entitled to — but not more

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Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes,...
Real Estate Expenses in St Petersburg Florida

Consider Section 179 Deductions for Real Estate Expenses

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The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn’t a no-brainer. Here are the pros and cons. Deductions for Qualified Real Property Costs...
Developments in St Petersburg Florida

10 Important Tax-Related Developments for 2016

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Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here’s a quick look at 10 key changes that you should be aware of during this tax season.   1. Stand-Alone HRAs On...
Tax Advantage in St Petersburg Florida

Are you timing business income and expenses to your tax advantage?

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Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of...
Medical Expense Deductions in St Petersburg Florida

How to Make the Most of Medical Expense Deductions

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With the ever-increasing cost of health insurance and medical care, you should be vigilant in finding ways to claim tax breaks related to health care. Unfortunately, that’s now harder than before because a change included in the Affordable Care Act (ACA) increased the...
Interest Deductions in St Petersburg Florida

Update on Home Mortgage Interest Deductions

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The federal income tax rules on qualified residence interest have been around for many years, but there’s always a steady flow of disagreements between the IRS and taxpayers on these rules. Here are some background materials and recent developments on qualified residence...
Home Office Expenses in St Petersburg Florida

Deduct home office expenses — if you’re eligible

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Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just...