As an accountant in St. Cloud, FL I ask my clients the following question. Do your taxes burden you a lot? Indeed, this can be quite problematic and you might feel a strain on your budget at times. So how can you minimize your taxes and maximize your refund? The answer lies in hiring a skilled accountant in St Cloud FL, and you will actually be surprised by the effect this can have on your taxes.
Your accountant in St Cloud FL can guide you about what you should write off on your form, advise you about increasing your deductions and help you in availing tax credits. As such, you pay significantly lower amounts of taxes. Though the strategy of each accountant in St Cloud FL is different, it should more or less be formulated around the following.
Check for stock losses
The year 2013 was a good time for the stock market, but you cannot ignore the fact that there were investments that failed. These are ordinary losses and can be deducted as capital losses, which offsets capital gains and income.
The above strategy will decrease your taxes, but what if you want to bring them down even more? This will be the case when the stock belongs to your corporation or when it belongs to one that meets the requirements highlighted in ‘Section 1244 Stock’.
Check for securities that are not worthy
There are some investments that provide you with no returns at all, and leave you with worthless stock and securities. Got one of these? Deduct the loss on your return form. You can file a return claim if you do it within seven years from time when the security became worthless. As such, if you have any security that became worthless after2006, you can file a return for it prior to the 15th of April, 2014.
Pay no taxes on your home sale gain
Did you sell off your property the year before? If you were the first owner and used it as your primary residence for around two years, you do not need to include the gain on the return. The maximum amount you can exclude is $250,000 if you file singly and twice of this if you file jointly.
You can avail this benefit even if you sold your home before last year. However, you will have to evaluate the gain and your tax basis. Your accountant in St Cloud FL can help you with it.
Deduct charitable costs
Do your work for a nonprofit organization? Itemize your deductions, and you will be able to write off the expenses that are incurred. As an example, if you use your car to ship meals, you can deduct fuel costs by 14 cents for every one mile that you try. Similarly, if you buy something for a charitable cause, you can deduct these as well if they are less than $250. If they are more, only an acknowledgment from the charity organization can help you in availing this as a deduction.
If you need more information about our St. Cloud, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.