Tampa Tax Prep

Whether during uncertain or robust economic times, CPAs remain in high demand. Your business is thriving? You need an accountant. Your business is failing? You need an accountant. According to IBISworld, the accounting services market was a $143.4 billion profession last year. Whether in taxes, auditing or consulting, CPAs play a vital role in helping companies and individuals solve compliance issues and chart their course for better business solutions—from valuation to financial planning, from attestation to IRS representation, from consulting to estate planning.

Reach out anytime by email, or mention us to a friend who you think might benefit from a free call with a Florida licensed CPA. [email protected]

The deadline is coming up, don't be late.

Failure to File Penalty | Internal Revenue Service Calculate, pay or remove the Failure to File Penalty when you don’t file your tax return by the due date.

The Earned Income Tax Credit is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible.

People who earned $63,398 or less in 2023 may be eligible for this valuable tax credit.

Other workers at risk for overlooking the EITC include those:

Living in non-traditional homes, such as a grandparent raising a grandchild.
Whose earnings declined or whose marital or parental status changed.
Without children.
With limited English skills.
Who are veterans.
Living in rural areas.
Who are Native Americans.
With earnings below the filing requirement.
Taxpayers can check their eligibility and how much they qualify for at www.IRS.gov/eitc

The EITC is a tax credit for certain people who work and have low to moderate income. A tax credit usually reduces tax owed and may also result in a refund.

For tax year 2023, the EITC is as much as:

$7,430 for a family with three or more children.
$600 for taxpayers who don’t have a qualifying child.

Earned Income Tax Credit (EITC) | Internal Revenue Service If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.

Credits for new clean vehicles purchased in 2023 or after

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
The credit is available to individuals and their businesses.
To qualify, you must:
• Buy it for your own use, not for resale
• Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

Credits for new clean vehicles purchased in 2023 or after | Internal Revenue Service You may qualify for a clean vehicle tax credit up to $7,500 if you buy a new, qualified plug-in electric vehicle or fuel cell electric vehicle.

Info for the hustlers: Are you making extra cash selling stuff or providing a service?

Are you making extra cash selling stuff or providing a service? If you sell items or provide a service and get paid by payment card or through a payment app, you may get a Form 1099-K reporting those transactions. Learn m...

https://www.irs.gov/newsroom/taxpayers-should-file-their-tax-return-on-time-to-avoid-costly-interest-and-penalty-fees

Taxpayers should file their tax return on time to avoid costly interest and penalty fees | Internal Revenue Service Tax Tip 2022-42, March 17, 2022 — Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty.

Hey everybody in the Bay Area! Here's an : Taxpayers should hang up if tax season scammers come calling.

Taxpayers should hang up if tax season scammers come calling | Internal Revenue Service Tax Tip 2023-02, January 9, 2023 — The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

: Here’s how to tell the difference between a hobby and a business for tax purposes.

Here’s how to tell the difference between a hobby and a business for tax purposes | Internal Revenue Service Tax Tip 2022-57, April 13, 2022 — A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit.

: How a taxpayer’s filing status affects their tax return.

How a taxpayer’s filing status affects their tax return | Internal Revenue Service Tax Tip 2022-13, January 25, 2022 — A taxpayer’s filing status tells the IRS about them and their tax situation. This is just one reason taxpayers should familiarize themselves with each option and know their correct filing status.

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