by Fresh Start Tax | Mar 18, 2014 | Tax Help
Pompano, Deerfield, Boca Raton – Professional Bookkeeping Service – We can Help Grow your Business
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by Fresh Start Tax | Mar 18, 2014 | Tax Help
Professional Bookkeeping Services – Ft.Lauderdale 954-492-0088
Let us help grow and develop your business into its full potential!
We are a Ft.Lauderdale based PROFESSIONAL accounting firm that has been practicing since 1982 right here in South Florida.
We know what it takes to run a businesses whether it be small, midsized, large.
We look to assist, develop and grow our clients by handling the financial aspect of their businesses. Successful handling of the financial aspects of any businesses is crucial for thriving in today’s competitive environment.
Our experts have over 206 years of professional tax and accounting experience in handling the daily accounting and finance functioning of all kinds of businesses.
If you want to take your businesses to great heights you need to cut costs in whatever way you can.
Let us handle your accounting and bookkeeping work while you focus on running your businesses.
We guarantee our services will be more cost effective then what the average accounting firm in Ft.Lauderdale charges for the same work.
We assist you in keeping superb financial control on your businesses enabling you to grow!
If you are looking for ways to reduce the overhead cost of your businesses and focus on its core areas, Fresh Start Tax LLC is the destination for you.
You can call us for free consultation at 954-492-0088.
We excel at providing customized services for any type of businesses.
Small Business Accounting Services – Our small business accounting services include:
- Help Audit Proof tax returns
- Accounting and bookkeeping
- All tax services – corporate, partnership, multi-state, individual, etc.
- New business advisor and incorporations
- Business and financial consulting
- Full IRS Representation, Tax Attorneys, CPA’s, Former IRS
- Financial statement preparation
- Succession planning for officers
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by Fresh Start Tax | Mar 16, 2014 | Tax Help
Child Tax Credit – What you Need to Know
If you have a child under age 17, the Child Tax Credit may save you money at tax time.
Here are some key facts the IRS wants you to know about the child tax credit.
- Amount. The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child you claim on your tax return.
- Qualifications. A child must pass seven tests to qualify for this credit:
1. Age Test.
The child was under age 17 at the end of 2013.
2. Relationship Test.
The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister.
A child can also be a descendant of any of these persons. For example, your grandchild, niece or nephew will meet this test. Adopted children also qualify.
An adopted child includes a child lawfully placed with you for legal adoption.
3. Support test.
The child did not provide more than half of his or her own support for 2013.
4. Dependent test.
You claim the child as a dependent on your 2013 federal income tax return.
5. Joint return test.
A married child can’t file a joint return with their spouse they are filing jointly only to claim a tax refund.
6. Citizenship test.
The child must be a U.S. citizen, U.S. national or U.S. resident alien.
7. Residence test. In most cases, the child must have lived with you for more than half of 2013.
- Limitations. Your filing status and income may reduce or eliminate the credit.
- Additional Child Tax Credit. If you get less than the full Child Tax Credit, you may qualify for the refundable Additional Child Tax Credit. This means you could get a refund even if you owe no tax.
- Schedule 8812. If you qualify to claim the Child Tax Credit, make sure to check whether you must file Schedule 8812, Child Tax Credit, with your return.
- If you qualify to claim the Additional Child Tax Credit, you must complete and attach Schedule 8812.
Tax Tip – Child Tax Credit – Cut Your Tax Bill – Former IRS
by Fresh Start Tax | Mar 15, 2014 | Tax Help
Tips about Taxes and the Health Care Law
The health care law has provisions that may affect your personal income taxes.
How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age.
Tips about how the law may affect you:
1. Employment Status
If you are employed your employer may report the value of the health insurance provided to you on your W-2 in Box 12 with Code DD.
However, it is not taxable.
If you are self-employed, you can deduct the cost of health insurance premiums, within limits, on your income tax return.
2. Tax Favored Health Plans
If you have a health flexible spending arrangement (FSA) at work, money you put into it normally reduces your taxable income.
If you have a health savings account (HSA) at work, money your employer puts into it for you, within limits, is not taxable.
Money you put into an HSA usually counts as a deduction and can lower your taxes.
Money you take from an HSA to use for qualified medical expenses is not taxable income; however, withdrawals for other purposes are taxable and can even be subject to an additional tax.
If you have a health reimbursement arrangement (HRA) at work, money you receive from it is generally not taxable.
3. Age
If you are age 65 or older, the threshold for itemized medical deductions remains at 7.5 percent of your Adjusted Gross Income (AGI) until 2017; for others the threshold increased to 10 percent of AGI in 2013. Your AGI is shown on your Form 1040 tax form.
Tips about Taxes and the Health Care Law
by Fresh Start Tax | Mar 13, 2014 | Tax Help
Did you change your name last year?
Did your dependent have a name change?
If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS.
This is important because the name on your tax return must match SSA records.
If they don’t, you’re likely to get a letter from the IRS about the mismatch. And if you expect a refund, this may delay when you’ll get it.
Be sure to contact Social Security Administration if:
You got married or divorced and you changed your name.
A dependent you claim had a name change.
An example, this would apply if you adopted a child and that child’s last name changed.
File Form SS-5, Application for a Social Security Card, with the SSA to let them know about a name change.
Tip: You can get the form on SSA.gov by calling 800-772-1213 or at an SSA office.
You can file Form SS-5 at an SSA office or by mail.
Your new card will have the same SSN as before but will show your new name.
If you have an adopted child who does not have a SSN, use a temporary Adoption Taxpayer Identification Number on your tax form.
You can apply for an ATIN by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions, with the IRS.
Get the form on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
by Fresh Start Tax | Mar 11, 2014 | Tax Help
By the end of February, more than 48 million tax refunds had been issued the IRS today announced , an increase of 5.6 percent compared to the same time last year.
As of March 1, the average refund this year is $3,034, up 3 percent compared to the average refund amount for the same time last year.
Almost 88 percent of refunds to date have been directly deposited into the accounts of taxpayers, saving them time and a trip to the bank.
The number of returns filed electronically is up slightly from the same time last year however, the number of taxpayers filing from home computers is up 7.5 percent.
At the end of the fourth week of the filing season, the IRS had received almost 40 percent of the returns it expects to receive during 2014..
