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Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Business Expense Worksheet For Schedule C or Form 2106

Business Expense Report for Schedule C or Form 2106 Self-Employed or Employee

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Home Office Worksheet

Fill out this worksheet if you are seeking deductions for your qualified home office. Accurate square footage numbers can be found on your local property appraiser's website.

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How to Maximize Tax Deductions

Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize. It is important that all of the technical requirements for your deductions are met. In addition, certain items are deductible only to the extent they exceed a percentage threshold. By reducing your adjusted gross income, you increase the amount of itemized deductions you can claim, because the floor limitation amounts are reduced accordingly.

A strategy commonly used in year-end individual tax planning is to determine the best timing for claiming itemized deductions. Generally, it is beneficial for taxpayers to defer income and accelerate expenses. This strategy may enable you to itemize your deductions if you claimed the standard deduction in the past.

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Non-Cash Donation & Contribution Worksheet

Take this filled out worksheet to Goodwill or the charity of your choice, have them sign off on it, give us a copy, and then keep it in your tax records. It helps you keep track of what you may actually deduct and serves as support should the IRS request more information.

Note the suggestions listed on the bottom of the form, including the suggestion to take photos of the items.

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Properly Document Your Charitable Donations

Over the years, the IRS has seen numerous taxpayers attempt to claim deductions for non-cash donations which are essentially worthless. As a result, the level scrutiny these deductions are being given has greatly increased.

We have prepared a worksheet to help you document your non-cash deductions. Take photos of your items, fill out the form, and then have a representative sign your sheet when they are dropped off.

Download the worksheet here:<

Note that past a certain dollar amount you will need an independent appraisial, as well as a completed Form 8283 - Noncash Charitable Contributions<.

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Sarasota's Real Estate Market & The Tax Benefits of Home Ownership

Buying a home is the single most valuable investment many families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The gulf coast of Florida's real estate market (specifically Sarasota's, Bradenton's, North Port's, & Venice's markets) was hit hard with some strong correction after the bubble. As a CPA Firm in Sarasota, Florida, we have been helping our clients deal with the effects, but also have seen improvements as home values have increased.

If you are undecided as to a purchase or sale, it is important to know that the tax law provides numerous incentives to home ownership, including the following:

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Tax Tips on Dependents and Exemptions

Even though every tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include those covering dependents and exemptions. The IRS has issued important facts about dependents and exemptions, and reminds parents of the tax benefits for children.

Exemptions reduce your taxable income.<

There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.

Your spouse is never considered your dependent.<

On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.

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Travel and Entertainment From A Tax Perspective

Although modernized communication has reduced the need for in-person contact, it is still sometimes necessary for businesses to send employees out of town on business, or to entertain clients and customers. How travel and entertainment expenses are handled can have an impact on your net income, your paperwork burden, and on the tax results for you and your employees.

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Vehicle Depreciation and Deductions

In general, if you use your vehicle in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, "car" includes a passenger vehicle, van, pickup or panel truck.

Personal vs. business miles. Business use of your car can include traveling from one work location to another work location within your tax home area; visiting customers; attending a business meeting away from the regular workplace; and traveling from home to a temporary workplace if you have one or more regular places of work. The costs of travel between home and a regular place of work, however, are nondeductible commuting expenses.

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