New Mileage Rates For 2010

The Internal Revenue Service has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 50 cents per mile for business miles driven
• 16.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations
  

The new rates for business, medical and moving purposes are slightly lower than last year’s.

E-File Florida wants to remind you that you must keep a detailed written record (Mileage Log) of all business, medical or charitable mileage to substantiate the mileage deduction. Things to keep track of include: The date, purpose of the trip and the actual miles driven (beginning odometer and ending ododmeter). It helps to have gasoline & maintenance receipts to further prove that you did indeed 'use' you car throughout the year and bolster your claim for deduction.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.

We cannot emphasize enough that GOOD RECORD-KEEPING is an essential must when it comes to claiming deductions on your tax return! If you have any questions or concerns, feel free to contact E-File Florida. We are here as a resource to you. Visit our website at www.efileflorida.com and sign up for our free Tax Tips newsletter. You can send inquiries to: info@efileflorida.com.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Latest Update On Extension of Homebuyers Tax Credit

Good News! President Obama signed H.R. 3548 on Friday morning, Nov. 6, 2009, enacting into law an extension and adjustment of the $8,000 tax credit for first-time buyers.

Here are some of the highlights of this new extension:

• Adds money for certain move-up buyers
• Creates one deadline for signing a contract and a later deadline for closing
• Changes income requirements
• Limits a purchased home's cost to $800,000
  

First-time Homebuyers

Most of the details for first-time homebuyers are the same rules that currently exist. The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a "first-time buyer."

• A purchase must be under contract by April 30, 2010.
• A purchase under contract by April 30 must close no later than June 30, 2010.
• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples. This increases the limits that were in place effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income.
• Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home's cost.
  

Current Homeowner Tax Credit

Here's some great news for homeowners that wish to 'upgrade' to another home. An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. In order to qualify, the owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years. This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify. Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.

Additional Changes

The new law requires a buyer to attach documentation about the home purchase to his or her income tax return. An audit found that some buyers are claiming the tax credit when they don't deserve it, and investigators continue to seek out fraud. To minimize tax abuse going forward, buyers won't receive the credit without submitting proof to the Internal Revenue Service (IRS).

E-File Florida is uniquely positioned to help taxpayers/homebuyers through the maze of purchasing their new home and applying for the First Time Homebuyer's Credit. We are licensed in real estate as well as income taxes. Feel free to call or email us with any questions you may have. We are here to serve YOU.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Update: First Time Homebuyer's Tax Credit

There is the potential for some really good news for those of you that are still wanting to purchase a new home. Early next week the U.S. Senate will be voting on an amendment that would extend the first-time homebuyer tax credit. If passed, the Dodd-Lieberman-Isakson amendment will:

• Provide the $8,000 tax credit to any buyer (not just first time).
  
• Set income limits at $150,000/$300,000 for single/married buyers.
  
• Make the credit available until June 30, 2010.
  

Those of you that already own a home can benefit if this amendment passes. You will be able to take advantage of the current housing prices & low interest rates to possibly move into a home that better suits your family. Under the provissions of this proposed amendement, you will now be able to take advantage of the First Time Homebuyer's Credit! Those of you that have been contemplating buying your first home may have an extra window of time to make it happen!

You can rest assured that we will be keeping a pulse on this one and will be passing on any new developments to you as soon as we get word.

E-File Florida is uniquely positioned to help taxpayers/homebuyers through the maze of purchasing their new home and applying for the First Time Homebuyer's Credit. We are licensed in real estate as well as income taxes. Feel free to call or email us with any questions you may have. We are here to serve YOU.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

End of the Year Tax Tips

As we begin to round the corner and head into the holiday season, there is no better time to take a look at year end tax strategies~ before life gets too crazy. I don't know about you, but around here the months of November-December all blend together in one big blurry mess!

Here are some tax saving tips to consider implementing before the end of the year to keep your income taxes as low as possible:

Review New Tax Credits and Deductions
There are some new tax credits and deductions available for 2009. People who purchased a new car or truck can write off sales tax even if they don't itemize as part of the new vehicle sales tax deduction. Home buyers should review if they are eligible for the $8,000 tax credit for first-time home buyers. Homeowners should also review whether it would be advantageous to take the additional standard deduction for property tax in lieu of itemizing.

Boost Tax Deductible Expenses
Make an extra mortgage payment. The extra interest you pay will be added to this year's mortgage interest by your lender, boosting your itemized deductions.

Pay Your Property Taxes
Real estate taxes are tax deductible. If your property tax bill is due early next year, consider paying it it now and take the deduction. If you paid last year's proeprty tax bill in 2009, and you pay this year's tax bill before the end of the year, you will get 2 years worth of property tax deductions on your 2009 tax return!

Donate to Charity
It pays to be charitable, especially at the end of the year. Donating cash is always a good idea. You can also donate household goods, clothing, and other items. Under the Pension Protection Act, you will need a written receipt for all charitable donations, and donated items must be in good or better condition. You can also deduct the cost of driving for charity at 14 cents per mile. You cannot take a charity deduction, however, for the value of your time or services when volunteering. Remember, always obtain a receipt from the charitable organization to substantiate your gift giving, whether you give cash or items

Pay Doctor Bills
You can take a deduction for medical expenses exceeding 7.5% of your adjusted gross income. Remember, medical expenses include insurance premiums, co-pays, prescription medications, prescription eye-glasses, contact lenses/cleaning solutions and dental expenses.

Boost Business Expenses
Business owners and independent contractors can buy office supplies, invest in new equipment, or pay bonuses to their employees. They should also review their retirement plans or decide about setting up a retirement plan. Many retirement plans need to be established by the end of the year if owners want to make tax-deductible contributions for the year. You will want to review what constitutes a legitimate business expense just to make sure it will be tax-deductible. Call or email us with any questions.

Max Out Your Retirement Savings
Contributions to a qualified retirement plan can reduce your taxable income.

Make The Most of Your Flexible Spending Account
You should use up any funds in your Flexible Spending Accounts, or risk losing that money forever. Use your FSA funds to buy eyeglasses, medications, or get a checkup.

Organize Your Financial Records
Good record-keeping can really pay off at tax time. Not only will it make your tax preparation easier and faster, but you might uncover enough tax deductions to be able to itemize. More importantly, the IRS will require receipts and other records in the event of an audit. Entrepreneurs and sub-contractors should be using accounting software such as Peachtree, QuickBooks, or Microsoft Office Accounting to ensure that all their income and expenses are recorded properly. Individual taxpayers may want to use Microsoft Money or Intuit's Quicken to keep track of their personal spending. As an added bonus, these programs provide reports that summarize your tax deductions for faster tax preparation. I can't stress this point enough: KEEP GOOD RECORDS!


Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Another Dirty Little Word: Savings

Saving money is not a matter of math. Most people will not save money when they get that next pay raise, or when the car is finally paid off. They will not follow through with their New Year's resolutions to save. Most will not save when the kids are grown. The truth is, you will only save money when it becomes an emotional priority to YOU!

We all know that we need to be saving, but most people just don't save like they know they need to. Why not? Usually, there are competing short term wants that get in the way. The goal to save isn't enough of a priority in the face of ordering out for pizza, or getting the latest techno-gadget. So, we purchase and consume all of our dollars away and worse, spend money we don't even have and go into debt.

Debt means monthly payments that control our paychecks and our future. Debt causes us to constantly be in a state of financial panic. Debt causes incredible undue stress on relationships and families.

Do you really want to continue on that road? Most people readily say that they would love it if they had 3 months, 6 months or even a year's worth of salary as financial reserve in the bank. But few attain that worthy goal. Not because they can't, but because they won't make it a priority to SAVE and not overspend.

I spoke about it in my last blog post...that other Dirty Little Word called a budget. I can't stress enough how important it is to set yourself up on a budget. It really DOES NOT MATTER how little or how much you make. When you pre-determine how you will spend your earnings by thoughtful planning, budgeting and debt elimination, you will begin to be on the road to financial well-being.

I highly recommend Mvelopes as a budgeting tool to get you on the road to financial heath. Click on the link above and take the program for a free 14 day test drive. Plug in to the tutorials. Listen to and watch them. Learn how easy it is to use this tool. It really is a user friendly program.

Being on a budget will finally give YOU control over your finances and your future, financially speaking. It will SAVE you thousands and thousands of dollars. It will enable you to begin SAVING! Ultimately, it will give you choices to enjoy life. Isn't that what we all want?

E-File Florida is interested in helping you achieve financial wellness. We are uniquely positioned to help you achieve this goal by offering guidance in tax planning, real estate and personal budgeting.

You can contact E-File Florida at 954-583-8534 or visit us on the Internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

A Dirty Little Word

For many people, the word "budget" seems to be a dirty little word. All kinds of fears and concerns are given as a response for not being on a budget. Some of the most common ones I have personally heard are:

"I have my budget in my head"
"I don't have a steady income week to week or month to month for that matter. A budget doesn't really apply to my situation."
"I don't have the time to write down every little thing that I spend money on. That's just ridiculous to me!"

Maybe you can relate to some of these sentiments. I would venture to say that most of us can relate to wanting to be on a financial plan that eventually leads us to our desired goals. Those goals vary from person to person but here are some common desires:

Have Savings in place for a rainy day
Paying off Debt
Buy a new home
Buy a new car
College education fund for your children
Vacation
Not having to live Paycheck to Paycheck!

I want to highly encourage you, if you are not already doing so, to establish and live by a personal budget. A budget is actually a very liberating tool in your life. It assigns a placement for every dollar you earn. It pre-determines, by careful thought and planning, where you can best put your dollars to work for you. By following your plan, you will reach your desired goals after a given time. That's what we all desire. To live life, free from the bondage of debt. To spend without the guilt. To be in a position of being able to bless, rather than from a position of personal need. Ultimately, to have choices!

It is my desire that you will seriously consider establishing a personal budget to help you gain your financial footing. I have personally been using a budgeting program called Mvelopes. It is an excellent program that is intuitively user friendly and I recommend it. This budgeting program is based on an envelope system. It is very simple to understand. You create an "envelope" for each category in your budget. When you receive your paycheck, you fund your "grocery" envelope, for example, with your pre-determined amount of grocery money for the week. When you go to the grocery store, you have that amount of money available to you. If you have money left over in that envelope, then you have extra grocery money that will accrue for your shopping pleasure next time you go to the grocery store. Simple. I like it! It may take you about an hour or so to actually set the program up, but after you do, it's smooth sailing.

I will write about many of the features of this budgeting program in future writings. For now, if you would like to take a test drive, sign up for a free trial
here. I highly recommend it!

E-File Florida is interested in helping you achieve financial wellness. We are uniquely positioned to help you achieve this goal by offering guidance in tax planning, real estate and personal budgeting.

You can contact E-File Florida at 954-583-8534 or visit us on the Internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Beware of Fake Emails From The IRS!

The Internal Revenue Service never contacts taxpayers via e-mail. So if you have received an email claiming to come from the IRS, chances are the email is a scam. Here's how you can protect yourself:

Identifying Scam Emails
Does the email ask for your credit card, bank account, PIN, password, or other sensitive information? "The IRS does not send out unsolicited e-mails or ask for detailed personal and financial information. Additionally, the IRS never asks people for the PIN numbers, passwords or similar secret access information for their credit card, bank or other financial accounts." (Source: IR-2007-109)

Common Themes in Email Scams
Email scams often trick you into thinking you have a missing refund, are under criminal investigation, refers to a non-existent tax form, or asks for your credit card number.

Don't Click on Links or Open Attachments
The email probably contains links to Web sites or attachments. Do not click on those links or open any attachments. Those Web pages or attachments could contain malicious software or code designed to hijack your computer.

Forward the Email to the IRS for Investigation
You can forward to the email to the IRS. Investigators at the tax agency will use the information contained in the emails to track down the criminals. To forward the email, make sure your email software is displaying all the headers in the message. Many email programs show only the most important headers by default. Once you are displaying all the headers, forward the fake email to phishing@irs.gov. "The IRS can use the information, URLs and links in the bogus e-mails to trace the hosting Web sites and alert authorities to help shut down these fraudulent sites." (Source: IR-2006-49) The IRS will probably not acknowledge the receipt of your email.

Delete the Email
After forwarding the email to the IRS, delete the email. You might also want to run a scan of your computer using your antivirus or internet security program.

Contacting the IRS
If you have any concerns or questions about your taxes, you should contact the IRS directly at 1-800-829-1040.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

The New and Improved Tuition Credit

The IRS renames the Hope College credit for 2009 and 2010-It will now be known as the American Opportunity tax credit-and hikes its value from $1,800 to $2,500 for 2009 and 2010. This credit will be good for next year's tax return, but it's something to keep in mind in the here and now.

Because a tax credit reduces your tax bill dollar for dollar, this basically means Uncle Sam will give you up to $2,500 per year for each qualifying college student in your family. Unlike the old Hope credit, which was available only for a student's first two years of college, the new American Opportunity credit can be claimed for four years of post-high-school education. You get the maximum credit if you spend at least $4,000 in qualifying expenses, which now include the cost of books as well as tuition and fees.

The student must be enrolled at least half-time in a program pursuing an undergraduate degree or other recognized educational credential. You can claim the credit for expenses paid for yourself, your spouse, or a child who is claimed as a dependent on your tax return. If the student is claimed as a dependent on a parent's tax return, the parent gets the credit, regardless of who actually pays the qualifying expenses.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Should you borrow against your 401K?

We know it's tempting, but DON'T DO IT!

We know that we're all in the midst of a very difficult economy. Most of us have felt a serious pinch in the pocketbook lately. During these times, please fight the temptation to borrow against your 401K. For one thing, it's probably not worth what it was just a year ago and if you make a withdrawl your'e doing it with very depreciated funds in your account. Secondly, as if Uncle Sam doesn't get enough of our hard-earned money.... Here's an example of how you can be taxed twice for the same money.

Suppose you borrow $10,000 from your 401k. You're borrowing pre-tax money, right? (One of the benefits of having a 401k) You need to pay back that money, of course ... but when you pay it back, you're paying it back with AFTER-tax money - money that you're getting taxed on that year. BUT here's the kicker: When you take out that money when you retire, you pay tax on it once again. Ouch!! So, please give careful consideration when thinking that borrowing against your 401K is a good idea. It has more tax implications than meet the eye, on the surface.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

First Time Homebuyer Tax Credit

Summer is definitely upon us! Along with the heat, summertime is historically a busy time for families to move. Things are starting to heat up in the real estate market again we're getting plenty of inquiries about the First Time Homebuyer's Tax Credit. This tax credit is an excellent opportunity for anyone seeking home ownership, but there is a time limit on it. If you or anyone you know is looking to take advantage of a buyer's market, low interest rates AND a huge tax credit, YOU MUST ACT QUICKLY!

Here are some basic facts about this tax credit:

Dollar Amounts of the Homebuyer Tax Credit
The tax credit is worth 10% of the purchase price of the home. For 2009, the maximum credit is $8,000 (or $4,000 for married couples filing separately).

Qualifying as a First-Time Homebuyer
For the purpose of this tax credit, a first-time homebuyer is defined as someone who has not owned a primary residence in the three-year period ending on the date of purchasing the home. Married couples are considered first-time buyers if neither spouse has owned a residence in the previous three years.

Limited Time Period for Purchasing a Residence
The credit has a very limited life-span. Individuals will need to purchase a residence after April 9, 2008, and before December 1, 2009.

What is a Primary Residence?
A primary residence is a residence in which an individual lives most of the time. A primary residence can be a house, condominium, co-operative apartment, houseboat, or mobile home. Because the tax credit is for people who purchase their primary residence, individuals may qualify for the tax credit even if they own a vacation home or rental property as long as those properties were not their primary residence for at least three years preceding the purchase of their new home.

Income Phase-out Range
The credit is phased out for individuals with modified adjusted gross income between $75,000 and $95,000. For married couples filing a joint return, the phase out range is $150,000 to $170,000.

When to Claim the Credit
The taxpayer can claim the tax credit on his/her next tax return in January, 2010. The IRS will also allow the purchasers to file an amended 2008 return to claim the credit, if they want the cash sooner.

E-File Florida is uniquely positioned to help taxpayers/homebuyers through the maze of purchasing their new home and applying for the First Time Homebuyer's Credit. We are licensed in real estate as well as income taxes! Feel free to call or email us with any questions you or anyone you refer may have. We are here to serve YOU!

You can contact E-File Florida at 954-583-8534 or visit us on the Internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

$15000 Homebuyers Tax Credit

Well, so much for that idea! Working to accommodate the new, lower overall limit of the bill, our elected officials effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home.

I find it pretty amazing that with our economy in the toilet the way it is, especially in the mortgage and housing market, of all the things they would cut, they chose to cut this provision that could have potentially given a real spark to our down-trodden economy.

All is not lost, though. Instead of the new $7500 first-time homebuyer's credit, that credit is now replaced with an $8000 first-time homebuyer's credit. First-time is defined as not having an ownership interest in a personal residence for the past 3 years. You must purchase your new home before July 1, 2009. The credit is equal to 10% of the purchase price of the new home up to a limit of $8000. Unlike the $7500 tax credit that was really an interest free loan that would need to be repaid to Uncle Sam over the next 15 years, this new version of the homebuyer's tax credit is a true credit. It does not need to be repaid! That's good news.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Homebuyer's Tax Credit May Reach $15000

I'm keeping a close watch on this one! As part of the $900 BILLION tax stimulus package that President Obama is proposing, the senate approved a new homebuyer's tax credit up to $15000! The details are sketchy at this point, but if this truly passes, it could be the spark that our economy needs. Especially in the housing market.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers. Exactly what they mean by "existing residences," I'm not sure.

I'm keeping a pulse on this one. Check back often for the latest news.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at http://www.efileflorida.com/ for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Earned Income Tax Credit

Here's a few things you may not know about the Earned Income Tax Credit (EITC):

The Earned Income Tax Credit is for people who work, but have lower incomes.

1. A quarter of all taxpayers that qualify don't claim the credit. The Earned Income Tax Credit is money you can use to make a difference in your life. Just because you didn't qualify last year, doesn't mean you won't this year. As your financial situation changes from year-to-year you should review the EITC eligibility rules to determine if you qualify.

2. If you qualify, it could be worth up to $4,800 this year. If you qualify, you could pay less federal tax or even get a refund. The EITC is based on the amount of your earned income and whether or not there are qualifying children in your household.

3. Your filing status cannot be Married Filing Separately. Your filing status must be married filing jointly, head of household, qualifying widow or single.

4. You must have a valid Social Security Number. You, your spouse (if filing a joint return) and any qualifying child listed on Schedule EIC must have a valid SSN issued by the Social Security Administration.

5. You must have earned income. This credit is called the "earned income" tax credit because you must work and have earned income to qualify. You have earned income if you work for someone who pays you wages or you are self-employed.

6. Married couples and single people without kids may qualify. If you do not have qualifying children, you must also meet the age and residency requirements as well as dependency rules.

7. Special rules apply to members of the U.S. Armed Forces in combat zones. Members of the military can elect to include their nontaxable combat pay in earned income for the EITC. If you make the election, the combat pay remains nontaxable, but you must include in earned income all nontaxable combat pay you received.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Is my Tax Stimulus Payment Taxable Income On My 2008 Tax Return?

This seems to be a popular question this year. Last year's Tax Stimulus Payments are Not Taxable! That's good news, but it has caused some confusion about filing this year's 2008 tax return. Taxpayers that did not receive their stimulus payment last year may qualify for the Recovery Rebate Credit on this year's tax return.

The IRS has received a number of recurring questions involving stimulus payments and the recovery rebate credit. Here are some important tips to keep in mind:

Taxability:
Again, the economic stimulus payment is not taxable and it should not be reported as income on the 2008 Form 1040, 1040A or 1040EZ.

Refund delays:
IRS personnel are aware of reports that errors in claiming the recovery rebate credit could delay tax refunds for as much as eight to 12 weeks. These reports are false. As the IRS detects and corrects return errors concerning the recovery rebate credit, refund delays are currently no longer than about one week.

One payment:
In addition, the IRS notes taxpayers will receive a single refund that includes any recovery rebate credit to which they are entitled. The IRS will not be issuing separate recovery rebate credit payments.

Refund amounts:
The IRS reminds taxpayers they should not use their regular refund from last year in calculating the recovery rebate credit. Some taxpayers may be confusing their regular tax refunds with the economic stimulus payment they received when completing their 2008 tax return.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

Are You a Rental Property Owner Facing Foreclosure? Read on.....

I'm getting phone calls every other day from investors facing foreclosure on their rental properties. What are the tax consequences of such an occurence? They can be costly! The Mortgage Forgiveness Debt Relief Act does not cover rental properties. What this means is that when the bank forecloses on your investment property, you may likely be issued a 1099C form. (Your tax liability depends on whether you have a recourse or non-recourse loan. Recourse means you, the borrower, has personal liability for the loan, in addition to the risk of losing your real property. ) The IRS will also recieve a copy of the same form. This form shows the amount of "cancelled debt" that will be considered income to you. In other words, if your mortgage on your rental property was $200,000 and the bank was only able to sell it for $120,000, the difference of $80,000 is now considered cancelled debt income to you. You must add this amount on your tax return and be taxed on an additional $80,000 income. OUCH!

I want to propose an idea if you are an investor who unfortunately finds him/herself in this situation. It's called a Deed in lieu of foreclosure.

A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts their credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy.

In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Sometimes, the lender will not proceed with a deed in lieu of foreclosure if the outstanding indebtedness of the borrower exceeds the current fair market value of the property. This is an important point. If you have equity in this property, no matter how small, you may want to contact your lender to see if this is something you can work out. Other times, lenders will agree since they will end up with the property anyway and the foreclosure process is costly to the lender. Be sure that the lender agrees, in writing, to forgive any deficiency (the amount of the loan that isn’t covered by the sale proceeds) that remains after the house is sold.

Because of the requirement that the instrument be voluntary, lenders will often not act upon a deed in lieu of foreclosure unless they receive a written offer of such a conveyance from the borrower that specifically states that the offer to enter into negotiations is being made voluntarily. This will enact the parol evidence rule (get it in writing!) and protect the lender from a possible subsequent claim that the lender acted in bad faith or pressured the borrower into the settlement. Both sides may then proceed with settlement negotiations.

Neither the borrower nor the lender is obliged to proceed with the deed in lieu of foreclosure until a final agreement is reached.

For you New Yorkers out there....the Home Equity Theft Prevention Act has created some confusion regarding this frequently-used method of settlement. It is unclear whether HETPA applies to deeds in lieu of foreclosure since there is no clear exclusion as there is for a referee's deed, for example. The 2-year right of recission is not a risk that banks or title insurers are comfortable with, especially given the complexities of compliance, so many banks and title insurers in New York are not willing to work with deeds in lieu.

Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at http://www.efileflorida.com/ for more great tax tips and articles.

IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).

How Much Should You Pay For Your Tax Preparation?

The price you will pay for tax preparation services depends upon one thing: How complex your tax return is. The more complicated your return, the higher the price will be.

This is true whether your preparer charges a flat-rate, an hourly rate, or has a price for each tax form.For a relatively straightforward tax return (for income such as wages, interest, and dividends, and no itemization), expect to pay between $125 and $200. If you are self-employed, a landlord, or have brokerage trades to report, expect to pay between $200 and $450. If you claim the Earned Income Credit, expect to pay between $150 and $200 due to the complexity of the EIC tax form.

In my experience, retail and independent tax offices tend to charge about the same for tax preparation. It is advisable and wise to seek the services of either a CPA or an Enrolled Agent. Enrolled Agents are Federally licensed by the IRS in the specific area of taxation.

Your tax preparation fee should include electronic filing of your return, or extra copies of the return to file on paper, as well as a brief consultation before or after your taxes are prepared to discuss any concerns you have.

Feel free to visit our website at www.efileflorida.com for more informative articles and tax tips.

Pay Stub Loans/Tax Returns

OK. Every year around this time I undoubtedly receive several phone calls that goes something like this: " Hi. I have my last paycheck stub of the year and I'd like to go ahead and file my tax return. I really need the money. My company probably wont give me my W2 until the very last minute (Jan 31st). When can I come in and get that done?" My typical response is, we're not allowed to submit your tax return without your official W2. "Well, that 'other big chain tax store' (we won't mention any names, but you know who they are) will do it, OR, the guy down the street at such and such company did it for my co-worker."

I want to say it loud and clear. You must have a valid and current W2 in order to file your income tax return. If, by Feb 15th, after exhausting every effort to get your W2 from your employer has failed, then and only then can we submit a "Substitute W2" form based on that last paycheck stub.

I want to help clarify some of the confusion out there. We all know that certain companies have huge advertising budgets. You may hear something on TV that sounds something like this: "Bring in your last pay stub and let us see if you qualify for up to $1000." The only reason they ask for the paystub is for proof of income. What you are applying for has nothing to do with a tax return! It is merely a line of credit! PERIOD! If you have a decent credit score and proof of income, they will open up a line of credit (aka- A Loan) for UP TO $1000. It may not be the full $1000. You may only qualify for $400, for example. Just depends. They will pre-load these funds on a Debit Mastercard for you and say, "Have a nice day."

There is an initial cost associated with this line of credit and that does not include the high interest that you will pay when the loan needs to be repaid by the Feb 15th due date!

Don't take my word for it. Call these companies and ask the right questi0ns. These are NOT BASED on your anticipated tax refund!!! It's just kind of easy for it to sound that way in the advertisements, if you're not paying close attention.

I hope that this helps clear up some of the confusion.

As licensed tax professionals, we must adhere to a code of ethics. We are not allowed to submit a tax return without a W2, if you were an employee.

Feel free to call us with any questions at 954-583-8534. You may also visit our website at www.efileflorida.com for more informative tips and articles.

IRS Mileage Rates Adjusted for 2008

The standard mileage rate for business use of a car, van, pick-up or panel truck is 50.5 cents per mile from Jan. 1, 2008, to June 30, 2008, up 2 cents from 2007. The rate is 58.5 cents for each mile driven during the rest of 2008.

From Jan. 1, 2008, to June 30, 2008, the standard mileage rate for the cost of operating a vehicle for medical reasons or as part of a deductible move is 19 cents per mile, down a penny from 2007. The rate is 27 cents from July 1 to Dec. 31.

The standard mileage rate for using a car to provide services to charitable organizations is set by law and remains at 14 cents a mile. Special rates apply to the Midwest disaster area.

Visit our website at www.efileflorida.com for more up to the minute informative tips and articles. If you would like to schedule and appointment for professional income tax preparation, call us at 954-583-8534. New customers, mention this blog and recieve a $25 discount!

Expiring Tax Breaks Renewed

Several popular tax breaks that expired at the end of 2007 were renewed for tax-years 2008 and 2009. As a result, eligible taxpayers can claim:

The deduction for state and local sales taxes on Form 1040 Schedule A , Line 5
The educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
The tuition and fees deduction on Form 8917 and
The District of Columbia first-time homebuyer credit on Form 8859

In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.

The non-business energy property credit for insulation, exterior windows, exterior doors, furnaces, water heaters and other energy-saving improvements to a main home is not available in 2008 but will return in 2009.

Visit our website at www.efileflorida.com for more up to the minute informative tips and articles. If you would like to schedule and appointment for professional income tax preparation, call us at 954-583-8534. New customers, mention our blog and recieve a $25 discount!

Economic Stimulus Payments Tax Free

Economic stimulus payments are not taxable, and they are not reported on 2008 tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit he or she can get. The credit is figured like last year's economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007. A taxpayer may qualify for the Recovery Rebate Credit if, for example, she did not get an economic-stimulus payment or had a child in 2008.

Visit our website at www.efileflorida.com for more informative articles and tips. Feel free to call us at 954-583-8534 if you would like to schedule an appointment for professional tax preparation.

Earned Income Credit

Earned Income Credit (EIC) January, 2009


There are a few changes that have been made to the qualifications for the Earned Income Credit. This credit helps those taxpayers whose income is under a certain amount (listed below) and typically have dependant children living with them. Some single people may qualify as well.

The following paragraphs explain the changes to the credit for 2008.

The amount of credit increased. The maximum amount of the credit has increased. The most you can get is:

$2,917 if you have one qualifying child,
$4,824 if you have more than one qualifying child, or
$438 if you do not have a qualifying child.

The earned income amount increased. The maximum amount of income you can earn and still get the credit has increased for 2008. You may be able to take the credit if:

You have more than one qualifying child and you earn less than $38,646 ($41,646 if married filing jointly), You have one qualifying child and you earn less than $33,995 ($36,995 if married filing jointly), or You do not have a qualifying child and you earn less than $12,880 ($15,880 if married filing jointly).

The maximum amount of AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.

Feel Free to visit our website for more great tips and articles at www.efileflorida.com. If you have a question regarding the Earned Income Credit, call us at 954-583-8534.

First-Time Homebuyers Tax Credit

Buying Your First Home?

Take Advantage of the New Tax Credit

Now may be a good time to purchase a home, since there are alot of good deals awaiting those with a down payment to facilitate a purchase. Congress has come up with a novel way to help first-time homebuyers afford the down payment on a home.

For home purchases made after April 8, 2008 and before July 1, 2009, a first-time homebuyer can receive a refundable tax credit equal to 10% of the purchase price of the home. This credit is capped at $7500 ($3750 for married taxpayers filing separately).

But, before you get too excited, you should know that the credit is essentially an interest-free loan that must be paid back over a 15 year period. Payments will be made in the form of additional tax on the homeowner’s federal tax return for the next 15 years. If the home is sold or no longer used as a primary residence before the 15 year period, the balance of the credit must be repaid in the year that the home is no longer the taxpayer’s primary residence. However, the credit repayment amount cannot exceed the gain from the sale of the residence to an unrelated person, and no repayment is required in a year after the death of the taxpayer.

A first-time homebuyer is a taxpayer (or spouse if married) who had no present ownership interest in a principal residence in the U.S.A. during the 3-year period before the purchase of the home to which the credit applies.

This credit is phased out for individuals with incomes between $75,000 and $95,000. Married taxpayers filing a joint return are phased out with incomes between $150,000 and $170,000.

The credit is not allowed for nonresident alien taxpayers, homes that are financed with tax exempt mortgage bonds, or property purchased from a related party (relative). There are also special rules to deal with divorce, casualty losses, involuntary conversions, etc.

If you would like to take advantage of this opportunity and see how this credit will help your situation, E-File Florida is uniquely qualified. Not only can we handle the tax aspects of this scenario, but we can also help you as real estate agents and help you to qualify for a mortgage. Feel free to contact us at 954-583-8534 or visit our website at www.efileflorida.com.

PROPERTY TAX DEDUCTIONS

New for 2008 and 2009, taxpayers who do not itemize can add to their standard deduction the cost of their real property taxes, not to exceed $500 ($1000 for taxpayers filing jointly).

Those who stand to benefit from this provision are taxpayers who pay property taxes but whose itemized deductions are less than the standard deduction.

Take for example, a retired married couple, both over age 65, who paid $2500 in property taxes and have no other significant itemized deductions. Prior to this law change, their 2008 standard deduction would have been $13000 (the $10,900 basic amount for joint filers plus $2100 as an additional amount for married couples both over 65). With the added real property tax deduction, the couple’s standard deduction is increased by the lesser of their property taxes or $1000. Therefore, for 2008, their standard deduction will be $14000. Assuming that they are in the 15% tax bracket, this will save them $150 of federal income tax.

Feel free to visit our website at www.EfileFlorida.com for additional tax tips and articles.

Tax Tips for 2009

Tax Tips for 2009 January, 2009

Hello again. Here we are, January 5th, 2009. It won't be long before your focus will be shifting to getting your tax return filed in hopes of a much needed refund! Below are just a few tips to act as a guide for you, in anticipation of preparing that 08 tax return:

1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.

2. Find your forms. Whether you file a 1040 or 1040-EZ, you can download all IRS forms and publications on the official IRS Web site at, IRS.gov or contact our office by visiting our website at www.efileflorida.com and/or calling 954-583-8534 for an appointment to have your tax return professionally prepared.

3. Do a little research. Check out Publication 17 on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return. Review Pub 17 to ensure you’re taking all credits and deductions for which you’re eligible.

4. Think ahead to how you will file. Will you prepare your return yourself or go to a preparer? Do you qualify to file at no cost using Free File on IRS.gov? Are you eligible for free help at an IRS office or volunteer site? Will you purchase tax preparation software or file online? There are many things to consider. So, give yourself time to weigh them all and find the option that best suits your needs.

5. Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it.

6. Double-check your return. Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct. These are the most common errors made by taxpayers.

7. Consider e-file. When you file electronically, the computer will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return.

8. Think about Direct Deposit. If you elect to have your refund directly deposited into your bank account, you will receive it faster than waiting for a check by mail.

9.. The official IRS Web site is a great place to find everything you may need to file your tax return: forms, tips, FAQs and updates on tax law changes. You can also visit our website at www.efileflorida.com for great tips and articles or to ask a question.

10. Relax. There is no need to panic. If you run into a problem, remember E File Florida is here to help you.

Tips For The Recently Married or Divorced

Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund.

• For recently married taxpayers, the tax scenario begins when the bride says "I do." If she takes her husband's last name, but doesn't tell the SSA about the name change, a complication may result. If the couple files a joint tax return with her new name, the IRS computers will not be able to match the new name with the Social Security Number (SSN).
• 
  After a divorce, a woman who had taken her husband’s name and made that change known to the SSA should contact the SSA if she reassumes a previous name.
  

It's easy to inform the SSA of a name change by filing Form SS-5 at a local SSA office. It usually takes two weeks to have the change verified. The form is available on the agency's Web site, www.socialsecurity.gov, by calling 800-772-1213 and at local offices. The SSA Web site provides the addresses of local offices.

Generally, taxpayers must provide SSNs for each dependent claimed on the tax return. For adopted children without SSNs, the parents can apply for an Adoption Taxpayer Identification Number, or ATIN, by filing Form W-7A with the IRS. The ATIN is a temporary number used in place of the SSN on the tax return. The form is available on the IRS Web site, IRS.gov, or by calling 800-TAX-FORM (800-829-3676).

Feel free to visit our website at: www.efileflorida.com for more great tax tips and articles.

Social Security Administration
Form SS-5, Application for a Social Security Card (PDF)

Beware of Tax Scammers!

January 2009

Millions of taxpayers go online for tax forms, publications and other tax information intending to find this, the official IRS Web site, but not everyone ends up here.

Some people mistakenly find Web sites that are not connected to the IRS at all.
The official Web site for the IRS is IRS.gov, and all IRS.gov Web page addresses begin with http://www.irs.gov.

There are numerous phony Internet sites that impersonate federal or state tax agency sites. Scammers normally operate these sites to trick visitors into revealing personal and financial information that can be used to steal the visitors’ identity and access their bank accounts, credit cards and more.

Identity Theft:

Identity theft can happen in a number of ways.

It can start with an Internet search for the IRS or tax-related information that results in links to Web sites run by scam artists. It can also start with an e-mail. Some taxpayers have received bogus e-mail that claims to come from the IRS. These often direct the taxpayer to click on a link to a phony Web site resembling IRS.gov that asks for personal and financial information that can be used to steal the taxpayer’s identity. Such phony e-mail has been received by individuals, businesses and even charities.

As a rule, the IRS doesn’t send unsolicited e-mail and doesn’t use e-mail to discuss tax account information with, or request personal or financial information from taxpayers. Additionally, the IRS never asks people for PIN numbers or passwords for credit card, bank or other financial accounts, as the phony e-mails and Web sites often do.

In addition to Web sites run by scammers, there are commercial Internet sites that often resemble the real IRS site or contain some form of the IRS name in the address but end with a .com, .net, .org or other designation instead of .gov. These sites have no connection to the IRS.

To make sure you find the real IRS Web site, just type www.irs.gov into your Internet browser address box.

Feel free to visit our website at: www.efileflorida.com for more great tax tips and articles.

Related Items:

· How to Report and Identify Phishing, E-mail Scams and Bogus IRS Web Sites
· Suspicious e-Mails and Identity Theft

Valuable Tax Credits

January 2009 Tax credits can help you pay the cost of raising a family, going to college, saving for retirement or getting daycare so you can work or go to school. Credits cut your tax bill or boost your refund. Review your records now and see if you can get one of these popular but often overlooked credits.

• 
  Earned Income Tax Credit (EITC) — If you’re trying to make ends meet on about $41,000 or less, you may be eligible. The EITC helps low- and moderate-income workers and working families.
  Child Tax Credit — If you have a dependent under 17, you probably qualify. This credit is in addition to the regular exemption you can claim for each dependent.
• 
  Credit for Child and Dependent Care Expenses — If you pay someone to care for your child so you can work or look for work, you probably qualify. Care for a spouse or dependent who cannot care for himself or herself also qualifies.
• 
  Education Credits — The Hope credit and the lifetime learning credit help parents and students pay for post-secondary education.
  Saver’s Credit — This credit helps low-and moderate-income workers save for retirement. Put money in an IRA or 401(k) and you may be able to get this credit.

Feel free to visit our website at: www.efileflorida.com for more great tax tips and articles.

Keeping Good Tax Records

In a tax emergency, would you be ready? Well organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.


Fortunately, you don’t have to keep all tax records around forever. Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.


If you are an employer, you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.


If you are in business, there is no particular method of bookkeeping you must use. However, you must clearly and accurately show your gross income and expenses.


The records should substantiate both your income and expenses.Publication 552, Recordkeeping for Individuals, provides more detailed information on individual record keeping requirements.


Publication 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses, provide additional information on required documentation for taxpayers with business expenses.


These publications can be downloaded from IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676).


Feel free to visit our website at: www.efileflorida.com for more great tax tips and articles.

Choose Your Tax Preparer Wisely!

January 2009

Many people use a professional tax return preparer to help them with their tax returns. If you plan to use a return preparer this year, be careful when you choose one –– as careful as you would be choosing a doctor or lawyer.

Even when someone else prepares your tax return, you, the taxpayer, are ultimately responsible for all the information on the return. For that reason, you should thoroughly review the completed return before signing it and ask questions on entries you don't understand. Never sign a blank tax form.

• 
  Most tax return preparers provide honest service to their clients. But it’s always a good idea to be careful. When seeking someone to prepare your tax returns:
  Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.


• 
  Avoid preparers who base their fee on a percentage of the refund.
  Use a tax professional who signs the completed tax return and provides you a copy.


• 
  Consider whether the individual or firm will be around to answer questions months, or even years, after the return has been filed.


• 
  Check credentials. Only attorneys, certified public accountants (CPAs) and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.


• 
  Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and holds them to a code of ethics.


• 
  Ask friends and family whether they know anyone who has used the tax professional and whether they were satisfied with the service they received.
  Reputable preparers will ask to see receipts and other documentation and will ask numerous questions to determine whether expenses, deductions and other items qualify. By doing so they are trying to help you avoid penalties, interest or additional taxes that could result from an IRS audit.

Feel free to visit our website at: www.efileflorida.com for more great tax tips and articles.