Contact us for questions regarding your specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Affordable Care Act – Individuals     
Issue Number:    HC-TT-2014-19
For original post from the IRS visit www.irs.gov

New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption

Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get an exemption, is available on IRS.gov/aca.

The Affordable Care Act calls for each individual to have qualifying health insurance coverage for each month of the year, have an exemption, or make an individual shared responsibility payment when filing his or her federal income tax return.

You may be exempt if you:

• Have no affordable coverage options because the minimum amount you must pay for the annual premiums is more than eight percent of your household income,
• Have a gap in coverage for less than three consecutive months, or
• Qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage or belonging to a group explicitly exempt from the requirement.

On IRS.gov/ACA, you can find a comprehensive list of the coverage exemptions.

How you get an exemption depends upon the type of exemption. You can obtain some exemptions only from the Marketplace in the area where you live, others only from the IRS when you file your income tax return, and others from either the Marketplace or the IRS.

Additional information about exemptions is available on the Individual Shared Responsibility Provision web page on IRS.gov. The page includes a link to a chart that shows the types of exemptions available and how to claim them. For additional information about how to get exemptions that may be granted by the Marketplace, visit HealthCare.gov/exemptions.

Contact us for questions regarding your specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Issue Number:    IR-2014-90Inside This Issue
Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2014 and Years Ahead
For original post from the IRS , visit  www.IRS.GOV

WASHINGTON ― With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns.

In general, the American opportunity tax credit and lifetime learning credit are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the taxpayer and his or her spouse and dependents. The American opportunity tax credit provides a credit for each eligible student, while the lifetime learning credit provides a maximum credit per tax return. Though a taxpayer often qualifies for both of these credits, he or she can only claim one of them for a particular student in a particular year. Claimed on Form 8863, these credits are available to all taxpayers — both those who itemize their deductions on Schedule A and those who claim a standard deduction.

For those eligible, including most undergraduate students, the American opportunity tax credit will generally yield the greater tax savings. Alternatively, the lifetime learning credit should be considered by part-time students and those attending graduate school.

Both credits are available for students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions. Neither credit can be claimed by a nonresident alien, a married person filing a separate return or someone claimed as a dependent on another person’s return.

Normally, a student will receive a Form 1098-T from their institution by the end of January of the following year (Jan. 31, 2015 for calendar year 2014). This form will show information about tuition paid or billed along with other information. However, amounts shown on this form may differ from amounts taxpayers are eligible to claim for these tax credits. Taxpayers should see the instructions to Form 8863 and Publication 970 for details on properly figuring allowable tax benefits.

Five Easy Ways to Spot a Scam Phone Call
 
Issue Number:    IRS Special Edition Tax Tip 2014-18For original post from the IRS , visit  www.IRS.GOV 

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re due a refund. The refund is a fake lure so you’ll give them your banking or other private financial information.

These con artists can sound convincing when they call. They may even know a lot about you. They may alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS badge numbers. If you don’t answer, they often leave an “urgent” callback request.

The IRS respects taxpayer rights when working out payment of your taxes. So, it’s pretty easy to tell when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a sign of a scam. The IRS will never:

1. Call you about taxes you owe without first mailing you an official notice.
2. Demand that you pay taxes without giving you the chance to question or appeal the amount they say you owe.
3. Require you to use a certain payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement to have you arrested for not paying.

If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what to do:

• If you know you owe taxes or think you might owe, call the IRS at800-829-1040 to talk about payment options. You also may be able to set up a payment plan online at IRS.gov.
• If you know you don’t owe taxes or have no reason to believe that you do, report the incident to TIGTA at 1.800.366.4484 or atwww.tigta.gov.
• If phone scammers target you, also contact the Federal Trade Commission at FTC.gov. Use their “FTC Complaint Assistant” to report the scam. Please add "IRS Telephone Scam" to the comments of your complaint.

Remember, the IRS currently does not use unsolicited email, text messages or any social media to discuss your personal tax issues. For more information on reporting tax scams, go to www.irs.gov and type “scam” in the search box. 

Contact us for questions regarding your specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Deducting Moving ExpensesIssue Number:    IRS Summertime Tax Tip 2014-20
For original post from the IRS , visit  www.IRS.GOV 

If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips about moving expenses and your tax return.

In order to deduct moving expenses, your move must meet three requirements:

1. The move must closely relate to the start of work.  Generally, you can consider moving expenses within one year of the date you start work at a new job location. Additional rules apply to this requirement.

2. Your move must meet the distance test.  Your new main job location must be at least 50 miles farther from your old home than your previous job location. For example, if your old job was three miles from your old home, your new job must be at least 53 miles from your old home.

3. You must meet the time test.  After the move, you must work full-time at your new job for at least 39 weeks the first year. If you’re self-employed, you must meet this test and work full-time for a total of at least 78 weeks during the first two years at the new job site. If your income tax return is due before you’ve met this test, you can still deduct moving expenses if you expect to meet it.

See Publication 521, Moving Expenses, for more information about these rules. It’s available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

If you can claim this deduction, here are a few more tips from the IRS: 

• Travel.  You can deduct transportation and lodging expenses for yourself and household members while moving from your old home to your new home. You cannot deduct your travel meal costs.
• Household goods and utilities.  You can deduct the cost of packing, crating and shipping your things. You may be able to include the cost of storing and insuring these items while in transit. You can deduct the cost of connecting or disconnecting utilities.
• Nondeductible expenses.  You cannot deduct as moving expenses any part of the purchase price of your new home, the cost of selling a home or the cost of entering into or breaking a lease. See Publication 521 for a complete list.
• Reimbursed expenses.  If your employer later pays you for the cost of a move that you deducted on your tax return, you may need to include the payment as income. You report any taxable amount on your tax return in the year you get the payment.
• Address Change.  When you move, be sure to update your address with the IRS and the U.S. Post Office. To notify the IRS file Form 8822, Change of Address.

Premium Tax Credit – Changes in Circumstances.  If you purchased health insurance coverage from the Health Insurance Marketplace, you may receive advance payment of the premium tax credit in 2014. It is important that youreport changes in circumstances, such as when you move to a new address, to your Marketplace. Other changes that you should report include changes in your income, employment, family size, or eligibility for other coverage. Advance credit payments provide premium assistance to help you pay for the insurance you buy through the Marketplace. Reporting changes will help you get the proper type and amount of premium assistance so you can avoid getting too much or too little in advance.


Additional IRS Resources:

• Publication 5152: Report changes to the Marketplace as they happen  English | Spanish
• Can I Deduct My Moving Expenses? – Interactive Tax Assistant tool
• Tax Topic 455 – Moving Expenses
• Form 3903, Moving Expenses

IRS YouTube Videos:

• Premium Tax Credit: Changes in Circumstances – English | Spanish |ASL
• Premium Tax Credit – English | Spanish | ASL
• Moving Expenses – English | Spanish | ASL

IRS Podcasts:

• Premium Tax Credit Changes in Circumstances – English | Spanish
• Premium Tax Credit – English | Spanish
• Moving Expenses – English | Spanish

Contact us for questions regarding your specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Six Tips for People Who Owe TaxesIssue Number:    IRS Summertime Tax Tip 2014-18
For original post from the IRS visit IRS.gov

While most people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. Here are six tips for people who owe taxes:

1. Pay your tax bill.  If you get a bill from the IRS, you’ll save money by paying it as soon as you can. If you can’t pay it in full, you should pay as much as you can. That will reduce the interest and penalties charged for late payment. You should think about using a credit card or getting a loan to pay the amount you owe. 

2. Use IRS Direct Pay.  The best way to pay your taxes is with the IRS Direct Pay tool. It’s the safe, easy and free way to pay from your checking or savings account. The tool walks you through five simple steps to pay your tax in one online session. Just click on the ‘Pay Your Tax Bill’ icon on the IRS home page.

3. Get a short-term extension to pay.  You may qualify for extra time to pay your taxes if you can pay in full in 120 days or less. You can apply online at IRS.gov. If you received a bill from the IRS you can also call the phone number listed on it. If you don’t have a bill, call 800-829-1040 for help. There is usually no set-up fee for a short-term extension.

4. Apply for a monthly payment plan.  If you owe $50,000 or less and need more time to pay, you can apply for an Online Payment Agreement on IRS.gov. A direct debit payment plan is your best option. This plan is the lower-cost, hassle-free way to pay. The set-up fee is less than other plans. There are no reminders, no missed payments and no checks to write and mail. You can also use Form 9465, Installment Agreement Request, to apply. For more about payment plan options visit IRS.gov.

5. Consider an Offer in Compromise.  An Offer in Compromise lets you settle your tax debt for less than the full amount that you owe. An OIC may be an option if you can’t pay your tax in full. It may also apply if full payment will cause a financial hardship. You can use the OIC Pre-Qualifier tool to see if you qualify. It will also tell you what a reasonable offer might be.

6. Change your withholding or estimated tax.  You may be able to avoid owing the IRS in the future by having more taxes withheld from your pay. Do this by filing a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. The IRS Withholding Calculator on IRS.gov can help you fill out a new W-4. If you have income that’s not subject to withholding you may need to make estimated tax payments. See Form 1040-ES, Estimated Tax for Individuals for more on this topic.

To find out more see Publication 594, The IRS Collection Process. You can get this booklet on IRS.gov. You may also call 800-TAX-FORM to get it by mail.


Additional IRS Resources:

• Tax Topic 202 – Tax Payment Options
• Payment Plans, Installment Agreements

IRS YouTube Videos:

• Owe Taxes But Can't Pay? – English | Spanish | ASL
• Online Payment Agreement – English | Spanish | ASL
• Offer in Compromise – English
• IRS Withholding Calculator – English | Spanish | ASL

IRS Podcasts:

• Owe Taxes But Can't Pay? – English
• Online Payment Agreement – English | Spanish
• IRS Withholding Calculator – English | Spanish

Contact us for questions regarding your specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Five Basic Tax Tips about Hobbies
IRS Summertime Tax Tip 2014-15
For original post from the IRS visit IRS.gov

Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship.

You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a hobby. Here are five tax tips you should know about hobbies:

1. Is it a Business or a Hobby?  A key feature of a business is that you do it to make a profit. You often engage in a hobby for sport or recreation, not to make a profit. You should consider nine factors when you determine whether your activity is a hobby. Make sure to base your determination on all the facts and circumstances of your situation. For more about ‘not-for-profit’ rules seePublication 535, Business Expenses.

2. Allowable Hobby Deductions.  Within certain limits, you can usually deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is appropriate for the activity.

3. Limits on Hobby Expenses.  Generally, you can only deduct your hobby expenses up to the amount of hobby income. If your hobby expenses are more than your hobby income, you have a loss from the activity. You can’t deduct the loss from your other income.

4. How to Deduct Hobby Expenses.  You must itemize deductions on your tax return in order to deduct hobby expenses. Your expenses may fall into three types of deductions, and special rules apply to each type. See of Publication 535 for the rules about how you claim them on Schedule A, Itemized Deductions.

5. Use IRS Free File.  Hobby rules can be complex and IRS Free File can make filing your tax return easier. IRS Free File is available until Oct. 15. If you make $58,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

For more on these rules see Publication 535. You can get it on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:

• Business or Hobby? Answer Has Implications for Deductions
• Publication 525, Taxable and Nontaxable Income
• Publication 529, Miscellaneous Deductions
• Publication 17, Your Federal Income Tax
• IRC Section 183: Activities Not Engaged in For Profit (Audit Technique Guide) – details on the factors to determine ‘for profit’ or ‘not-for-profit’

Contact us for questions regarding you specific tax situation (305)310-5517 
Toll Free: (877)365-7263

July 2014 monthly sales and use tax returns are due on or before Wednesday, August 20, 2014. 
Visit http://dor.myflorida.com for official notification from DOR.

 Your paper tax return and payment must be postmarked or hand-delivered no later than August 20th.

You must file a tax return even if you do not owe tax.
If you owe no tax and are not claiming any deductions or credits, you may Telefile by calling 800-550-6713. When you telefile, you do not need to mail your tax return. Keep the telefile confirmation number for your records.

Tax returns and payments sent after the due date noted above are subject to penalty and interest. Failure to receive a due date reminder is not grounds for waiver of penalties and interest charged for lateness.

If you have already submitted your return and payment, or you file and pay electronically, please disregard this reminder.

Note: Taxpayers who timely file and pay sales tax electronically automatically receive due date reminders and are eligible to deduct a collection allowance. The collection allowance is 2.5% (.025) of the first $1,200 of the Amount Due (Line 10), up to $30 per collection period.

Contact us for questions regarding you specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Job Hunting Expenses
Issue Number:   IRS Summertime Tax Tip 2014-14
Visit IRS.gov for original post.

Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs.

Here are some key tax facts you should know about if you search for a new job:

• Same Occupation.  Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation.
• Résumé Costs.  You can deduct the cost of preparing and mailing your résumé.
• Travel Expenses.  If you travel to look for a new job, you may be able to deduct the cost of the trip. To deduct the cost of the travel to and from the area, the trip must be mainly to look for a new job. You may still be able to deduct some costs if looking for a job is not the main purpose of the trip.
• Placement Agency. You can deduct some job placement agency fees you pay to look for a job.
• First Job.  You can’t deduct job search expenses if you’re looking for a job for the first time.
• Work-Search Break.  You can’t deduct job search expenses if there was a long break between the end of your last job and the time you began looking for a new one.
• Reimbursed Costs.  Reimbursed expenses are not deductible.
• Schedule A.  You usually deduct your job search expenses on Schedule A, Itemized Deductions. You’ll claim them as a miscellaneous deduction. You can deduct the total miscellaneous deductions that are more than two percent of your adjusted gross income.
• Premium Tax Credit.  If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

For more on job hunting refer to Publication 529, Miscellaneous Deductions on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to get it by mail.

Additional IRS Resources:

• The “What Ifs” for Struggling Taxpayers
• Publication 4128, Tax Impact of Job Loss
• Publication 5152: Report changes to the Marketplace as they happen English | Spanish

IRS YouTube Videos:

• Job Search Expenses – English | Spanish | ASL
• What If – English | Spanish | ASL
• Premium Tax Credit: Changes in Circumstances – English | Spanish |ASL
• Premium Tax Credit – English | Spanish | ASL

IRS Podcasts:

• Premium Tax Credit Changes in Circumstances – English | Spanish
• Premium Tax Credit – English | Spanish

Contact us for questions regarding you specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Vacation Home Rentals 
Issue Number:    IRS Summertime Tax Tip 2014-13
Visit IRS.gov for original post.

If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home. Here is some basic tax information that you should know if you rent out a vacation home:

• Vacation Home.  A vacation home can be a house, apartment, condominium, mobile home, boat or similar property.
• Schedule E.  You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss. Your rental income may also be subject to Net Investment Income Tax.
• Used as a Home.  If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
• Divide Expenses.  If you personally use your property and also rent it to others, special rules apply. You must divide your expenses between the rental use and the personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use.
• Personal Use.  Personal use may include use by your family. It may also include use by any other property owners or their family. Use by anyone who pays less than a fair rental price is also personal use.
• Schedule A.  Report deductible expenses for personal use onSchedule A, Itemized Deductions. These may include costs such as mortgage interest, property taxes and casualty losses.
• Rented Less than 15 Days.  If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income.
• Use IRS Free File.  If you still need to file your 2013 tax return, you can use IRS Free File to make filing easier. Free File is available untilOct. 15. If you make $58,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website.

Publication 527 is available on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to get it by mail.


Additional IRS Resources:

• Tax Topic 415 - Renting Residential and Vacation Property
• Rental Income and Expenses - Real Estate Tax Tips

IRS YouTube Videos:

• Renting Your Vacation Home – English | Spanish | ASL

IRS Podcasts:

• Renting Your Vacation Home – English | Spanish

Contact us for questions regarding you specific tax situation (305)310-5517 
Toll Free: (877)365-7263

Get Tax Help “en Español” at IRS.gov
Issue Number:    IRS Summertime Tax Tip 2014-12
For original post from the IRS visit IRS.gov


It can be hard to understand taxes in any language. It can be even more difficult if English isn’t your first language. The IRS provides many free products and services on its Spanish language web pages. Make IRS.gov/espanol your first choice to visit for tax help in Spanish. Here are some of the tax resources “en Español” that you can get from the IRS this summer:

• Get answers 24/7.  IRS.gov/espanol is available all day, every day for individuals and businesses. You can even get help in Spanish for your unique circumstances ― like tax centers for agricultural workers andtruckers. You can also get help if you’re facing financial difficulty at the “Centro Tributario para Asistir a Contribuyentes Desempleados.”
• Use IRS Free File.  IRS Free File is the best way to e-file your federal income tax return for free. Available only on IRS.gov in English orSpanish, IRS Free File is fast, easy, and safe. Use Free File through Oct. 15 if you still need to file your 2013 tax return.
• Get health care tax information.  The IRS website also has information about the Affordable Care Act tax provisions in both English and Spanishto educate individuals and businesses on how the health care law may affect them. The pages provide information about tax provisions that are in effect now and those that will go into effect in 2015 and beyond. Visitors will find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.
• Use IRS online tools.  Order free transcripts and get them within 5 to 10 business days. Check the status of your refund through “¿Dónde está mi reembolso?” You can also use “Asistente EITC” to find out if you’re eligible for a tax credit for people who work but don’t earn a lot of income.
• Get tax forms and publications.  View and download several tax forms and publications in Spanish from IRS.gov/espanol. 
• Get the latest on new tax laws.  You can get the most up-to-date information on tax law changes by typing “Noticias en Español” in the IRS.gov search box. You can sign up to get tax tips in Spanish by email.
• Get tips at the Multimedia Center.  Video tax tips and audio podcasts on various IRS topics are available in English and Spanish. Search using the keywords “Centro Multimediático.”
• Follow IRS on Twitter.  Connect with the IRS through social media. Get the latest IRS tax news and information “en Español” through Twitter@IRSenEspanol.
• Check out IRS2Go. The free IRS app for smartphones and android devices is also available in English and Spanish.

The official IRS website address is IRS.gov. Don’t be fooled by sites that end in .com, .net, .org or designations other than .gov.


IRS YouTube Videos:

• IRS Information Available in Spanish – English | Spanish | ASL

IRS Podcasts:

• IRS Information Available in Spanish – English | Spanish

Contact us for questions regarding you specific tax situation (305)310-5517 
Toll Free: (877)365-7263