call us: 305-936-8333

email: info@miamibeachcpa.com

​​​​​Personal Tax Tips For 2017 Filings


Medical Expenses

  • It's difficult to reach the percentage of adjusted gross income you need to spend on medical expenses to be eligible. But if you qualify, you shouldn't overlook all possible expenses. Sometimes, it's even best for married couples to consider filing separately if one partner has high medical bills.


Moving Expenses

  • If you moved more than 50 miles for work and stayed employed, you might be able to deduct reasonable moving expenses. No itemization is necessary.


Mortgage Interest Points

  • Points paid on a home mortgage are usually deductible as interest. If the mortgage is for the purchase or improvement of your principal residence, you can either deduct the full amount of the points in the year of payment or, if you're not itemizing your deductions that year, pay back the points over the loan term.


Retirement Plan and Other Investment Strategies

  • One of the most powerful tax shelters available is a qualified retirement plan. Within certain limits, contributions to fund the plan are immediately tax deductible, plan investment earnings are tax deferred, and plan participants do not have to pay income taxes on benefits until they receive their distributions.
  • If you believe  a Roth IRA  is better than a traditional IRA, and you want to remain in the market for the long term, consider converting traditional-IRA money invested in beaten-down stocks ( or mutual funds) into a Roth IRA if eligible to do so. Keep in mind, however, that such a conversion will increase your adjusted gross income.

  • Realize losses on stock while substantially preserving your investment position. This can be done by selling the original holding, then buying back the same security at least 31 days later.​





​ Business Tax Tips​​


Business Automobiles
You can claim deductions for the business-related use of an auto using either the standard mileage rate method or the actual expense method. You should use the method that will yield the largest deduction.    


Home Office Expenses                                                                     
To qualify for a deduction related to an office in the home, you must have an area of your home used exclusively as your principal place of business. This includes a placeof business where you meet or deal with patients, clients, or customers.

Profit-Sharing Plans
Unlike other plans, a profit-sharing plan is flexible. It can be designed so that the employer is not required to make an annual contribution.


Net Operating Loss 

The  Tax Cuts and Jobs Act  discontinues NOL carryback, so now is the time to carryback!



 

tHE "tax cuts and jobs act"   BRINGS  substantial BENEFICIAL changes in 2018. We are adding to our Blog with updates as they come in.


CONSIDER EXPENcING AS MUCH AS POSSIBLE IN 2017, DUE TO HIGHER TAX RATES, AND EVEN CONSIDER EXTENDING YOUR FILING DATE SO YOU HAVE TIME TO GATHER THE INFORMATION.



INCOME TAX Tips

Call us: 305-936-8333

Email: info@miamibeachcpa.com


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WWW.MiamiBeachCPA.COM Call 305-936-8333