For the 2017 tax year, most taxpayers can claim an exemption for themselves and reduce their taxable income on their 2017 tax return. You may also be able to claim an exemption for each of your dependents. Each exemption normally allows you to deduct $4,050 on your tax return. Here are seven key points to […]
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Celebrating Women in Business
The 7th Annual Celebrating Women in Business panel discussion and networking event is taking place March 30th from 1PM- 5PM. The panel includes some of Florida’s best and brightest businesswomen. This event is intended to provide women business leaders with an opportunity to gather and exchange ideas, information and best practices. The panel includes one […]
THF Welcomes Andrea Medley to the Firm!
THF welcomes Andrea Medley to the firm! Andrea, a Carrabelle native, attended Florida State University and earned her bachelor’s degree in accounting and her master’s degree in accounting with a specialization in taxation. Since 2005, Andrea has been providing a range of tax, consulting, and compliance services to a variety of industries including insurance, financial […]
The New NFP Financial Reporting Standard ASU 2016-14: The Top 5 Things Your Board Should Know!
The ASU 2016-14 was recently modified to update the current model. The changes improve information in financial statements and notes and allows NFP organizations to better tell their story. This applies to all NFPs and is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. WARNING: This blog contains intense, […]
THF Congratulates Becca Collins for Receiving Her CPA License!
THF congratulates Becca for receiving her CPA license! Becca Collins received her bachelor’s degree in accounting from the University of South Florida, as well as her master’s degree in accounting, with a specialization in audit and systems. Becca began working for THF as a Staff Accountant in the Assurance Services department in our Tampa office. […]
Tax Credits That Can Result in a Refund for Individual Taxpayers
If you are not required to file a tax return, you may want to do so, because you might be eligible for a tax refund. Some taxpayers might qualify for a tax credit that can result in money in their pocket. You need to file a 2017 tax return to claim these credits. Four tax […]
THF Welcomes Jeff, Mike, and Madeline to the Firm!
THF welcomes Jeff DaMotta, Mike Yuhas, and Madeline Ruttenbur to the firm! Jeff, originally from Connecticut, received his bachelor’s and master’s degree in accounting from the University of South Florida. He will be working as a Staff Accountant in the assurance services department in our Tampa office. Jeff recently passed all four parts of the […]
Make the Most of Your HSA
If you’re hoping to build retirement wealth in a health savings account (HSA), it helps to have a game plan. There’s a growing buzz and excitement around HSAs. HSAs have a triple tax advantage. Contributions are tax-deductible, typically grow tax-free, and can be withdrawn without incurring taxes as long as you use them for qualified […]
Taxpayers Beware of Unsolicited Calls from the IRS
Taxpayers who get an unsolicited phone call from the IRS should be cautious – it’s probably a scam. These scammers will use your personal information to gain access to your bank or other accounts. When a scammer calls, it might be a recording or an actual person claiming to be from the IRS. Sometimes they […]
THF Celebrates 25 Years!
In 1993, when Ernst & Young decided to leave the Tallahassee market, John Perry Thomas, Winston Howell, and Bill Ferguson made the decision to buy the practice and change the name. Now, 25 years later, THF has expanded to Tampa and employs approximately 85 people (more than 4 times the size of our firm […]
THF Welcomes Steve Stevens!
THF welcomes Steve Stevens to the firm! Steve, a Pensacola native, attended Florida State University and earned a bachelor’s degree in both accounting and a bachelor’s degree in finance. Steve has over 28 years of work experience, 13 of which have been in public accounting. Steve is a licensed CPA and will serve as a […]
Florida Chamber Economic Outlook Summit Overview
THF recently sponsored the Florida Chamber of Commerce’s Economic Outlook Summit which was held in conjunction with the kick-off of the legislative session. Below are some points from the meeting that may be of interest to you or our clients. Mark Wilson, President & CEO, FL Chamber of Commerce Mark’s comments focused on several points […]
Tax Cuts and Jobs Acts (TCJA) Overview
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 […]
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 […]
