Tax Tips

How can you save taxes creating your business? This is the most common reason for individuals when they decide to incorporate in Florida.

Tax Saving Tips - Alain Abad

Simplified option for home office deduction The IRS may have good news for you if you work at home as an employee or are self-employed and take a home office deduction. Starting in 2013, you can use a simplified option for determining your deduction, based on $5 per square foot of home use for business (up to 300 square feet). When you take the simplified deduction, you can still deduct mortgage interest and real estate taxes in full as itemized deductions. In addition, you don’t have to worry about calculating depreciation on your home, or recapturing depreciation later when you sell your home..

Simplified option for home office deduction

Energy credits Thanks to an extension through 2015, you can still get an energy efficiency tax credit for qualifying energy-efficient products such as windows and doors, biomass stoves, and insulation. The credit is 10% of the cost of your qualified energy efficiency improvements installed during the year, plus any residential energy property costs. Your total credit for all years after 2005 cannot be more than $500.

Energy credits

Tax Scams Don't fall victim to tax scams. Remember — if it sounds too good to be true, it probably is. If you know of a tax fraud, you can report it to the IRS by sending completed Form 3949-A, Information Referral, to Internal Revenue Service, Fresno, CA 93888. Download the form or call 1-800-829-3676 to order by mail.

Tax Scams