The TCJA passed by Congress and signed into law by President Trump is a sweeping tax package. Below is an outline of some changes and the TCJA’s impact on individual and business tax filers. Individual Tax Change Highlights Tax Brackets There are seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your income […]
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Tax Alert: TCJA New Tax Brackets
The Tax Cuts and Jobs Act (TCJA) passed by Congress and signed into law by President Trump is a sweeping tax package. Many in the tax profession are calling its passage and enactment the greatest change to the tax code in over 30 years! One change that will affect everyone is the new tax brackets. […]
Popular Mileage Tracking Apps
Whether you’re traveling for business, charity, medical purposes, or pleasure, it is important to track your mileage for tax purposes. The IRS has documentation requirements in order to claim business mileage deductions. You will need to keep a mileage log for each year you claim this deduction. Your mileage log must include the starting mileage […]
Standard Mileage Rates for 2018 Up from 2017 Rates
The 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes have been issued. Beginning January 1, 2018, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 54.5 cents for every mile of business […]
College Tax Benefits
With the fall semester coming to a close, it’s important for parents and students to think about tax benefits that can help with college expenses. There are two college tax credits that can apply to students enrolled in an eligible college, university, or vocational school: the American Opportunity Tax Credit and the Lifetime Learning Credit. […]
Employers that hire Holiday Help: Understand the Health Care Law’s Rules Around Seasonal Workers
As an employer, your size – for purposes of the Affordable Care Act – is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities, and requirements are dependent upon your organization’s size and the applicable […]
Four Things to Remember about Hobby Income and Expenses
From scrapbooking to glass blowing, many Americans enjoy hobbies that are also a source of income. You must report income on your tax return even if it is made from a hobby. However, the rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There […]
THF Congratulates Christie and William on Receiving their CPA License!
THF congratulates Christie Battles and William Groom on receiving their CPA license. Christie Battles received her bachelor’s degree in accounting and her master’s degree in accounting with a focus on assurance services from Florida State University. Christie began working in public accounting in January 2014 when she joined the THF team. At THF, Christie is […]
Job Hunting Expenses – Can They Be Tax Deductible?
Did you know if you are looking for a new job, you may be able to deduct some job-hunting expenses on your federal income tax return? Here are five facts to know about deducting costs related to job searches: Same Occupation. Expenses are tax deductible when the job search is in your same line of […]
Tax Benefits for Educators
As teachers, administrators, and aides have kicked off the new school year, taxes may not be heavy on their minds just yet. However, knowing what to track throughout the school year can help reduce the burden at tax time. There are three key work-related tax benefits that may help educators reduce what they pay in taxes. […]
2017 Best of Tallahassee
Tallahassee Magazine is proud to spotlight the top 2 businesses voted per category in the 2017 “Best of Tallahassee” at their event on Nov. 1 at The Hangar at Million Air Tallahassee (at Tallahassee International Airport). Readers voted some 200 regional businesses as best in their field for 2017, the 18th year of issuing these awards. The winners represent fine dining, trendy clothes, […]
5 Helpful Tips about Employee Business Expenses
Taxpayers who pay unreimbursed work-related expenses out of their own pocket may be able to deduct them, if certain criteria is met. In general, the deduction for employee business expenses is part of a taxpayer’s itemized deduction shown on Schedule A of their personal tax return and is deductible to the extent that the expenses […]
5 Things to Know to Avoid Surprises at Tax Time
The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages; however, taxpayers often have taxes withheld from certain other income including pensions, bonuses, commissions, and gambling winnings. Individuals who do not pay tax withholding, like the self-employed, as well as those who earn income such as dividends, interest, capital gains, […]
THF Congratulates Chandler, Allan, Lee, Phil, and Samantha on their Promotions!
THF congratulates Chandler Russell and Allan Franklin on their promotions to Senior in the Assurance Services Department and Lee Lovett, Phil Focaracci, and Samantha Pettis on their promotions to Senior in the Tax Services Department. Chandler joined THF in 2015 and has over two years of public accounting experience. She has provided a range of […]
Tips to Keep in Mind When Selling a Home
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Here are some tips to keep in mind when selling your home: Gain. If there is a gain from the sale of the main home, the homeowner may be able to exclude up […]
THF Promotes Ying, Alyssa, Paola, Elaine, and Jeannie on their well-deserved promotions!
THF congratulates Ying Wang on her promotion to Senior Manager in the Tax Services Department; Alyssa Roti, Paola Blackburn, and Elaine Sutter on their promotions to Manager in the Tax Services Department; and Jeannie Lim on her promotion to Retirement Plan Specialist in the Tax Services Department. Ying joined THF in 2007 and has over […]
Tips on How to Reconstruct Records After a Hurricane
If you’re a victim of a natural disaster, you may need to reconstruct records to prove your losses for insurance purposes. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 11 tips to help you reconstruct your records: To establish the extent of the damage, you should take […]
THF Promotes Brian Walgamott, Mike Rosciam, and Kim Rogers!
THF congratulates Brian Walgamott on his promotion to Director, Tax Services, Mike Rosciam on his promotion to Director of IT & Assurance Services, and Kim Rogers on her promotion to Director of Office Management. Brian joined THF in 2008 and has nine years of public accounting experience working in areas of tax compliance, planning, and […]
THF Congratulates Chandler, Tim, and Jorge!
THF congratulates Chandler Russell on receiving her CPA license along with Tim Icardi and Jorge Rivera for passing the CPA exam. Chandler Russell grew up in Tallahassee and went to Maclay High School. She then proceeded to receive her bachelor’s and master’s degree in accounting from the University of Alabama. Chandler began working for THF […]
What You Should Know About Your Moving Expenses
With the end of the year quickly approaching, individuals may looking to relocate for a new job. Be sure to keep up with all those receipts, because the cost of moving may be deductible on your tax return. The IRS will let you deduct your moving expenses so long as you meet two basic “tests”: […]
