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Accounting Business Taxes

Understanding the 2024 & 2025 Tax Brackets and Inflation Adjustments Updated for 2025

October 15, 2025

Understanding the 2024 & 2025 Tax Brackets and Inflation Adjustments Updated for 2025

Tax season can feel like a puzzle, with new numbers and changing rules every year. Even when tax rates stay the same, inflation adjustments and new legislation can affect how much you owe,  or how much you save.

As we file 2024 tax returns (due April 15, 2025) and plan ahead for 2025, here’s what you need to know about updated tax brackets, standard deductions, and key IRS changes that impact your bottom line.

The Good News: Tax Rates Stay the Same, But Thresholds Rise

The seven federal tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 37%) remain unchanged for 2024 and 2025. However, the income thresholds that determine which rate applies to you have been adjusted upward to reflect inflation, preventing “bracket creep,” where you’d owe more taxes simply because of cost-of-living pay increases.

These adjustments mean you’ll need to earn more to move into a higher bracket in 2025 than you did in 2024.

2025 Federal Income Tax Brackets (For Returns Filed in 2026)

Here’s how the 2025 brackets compare across filing statuses:

Filing Status Tax Rate Taxable Income Range (2025)
Single 10% $0 – $11,925
12% $11,926 – $48,475
22% $48,476 – $103,350
24% $103,351 – $197,300
32% $197,301 – $250,525
35% $250,526 – $626,350
37% $626,351+
Married Filing Jointly 10% $0 – $23,850
12% $23,851 – $96,950
22% $96,951 – $206,700
24% $206,701 – $394,600
32% $394,601 – $501,050
35% $501,051 – $751,600
37% $751,601+
Head of Household 10% $0 – $17,000
12% $17,001 – $64,850
22% $64,851 – $103,350
24% $103,351 – $197,300
32% $197,301 – $250,500
35% $250,501 – $626,350
37% $626,351+

(Source: IRS Revenue Procedure 2024-40)

These brackets rose about 2.8% from 2024, providing modest relief to taxpayers.

Standard Deduction Increases Again in 2025

The standard deduction — which reduces your taxable income before rates are applied — also rises for 2025:

 

Filing Status 2024 2025 Increase
Single / Married Filing Separately $14,600 $15,000 +$400
Married Filing Jointly $29,200 $30,000 +$800
Head of Household $21,900 $22,500 +$600

If you’re 65 or older or blind, you can add:

  • +$1,600 per qualifying spouse (married filing jointly)
  • +$2,000 if single or head of household

Other 2025 IRS Adjustments

In addition to bracket and deduction increases, several key IRS thresholds are changing:

  • Alternative Minimum Tax (AMT) exemption:
    • $88,100 (single) / $137,000 (married filing jointly)
  • Earned Income Tax Credit (EITC):
    • Maximum credit for 3+ children: $8,046
  • Foreign Earned Income Exclusion:
    • Increases to $130,000
  • Health Flexible Spending Account (FSA) Limit:
    • $3,300 (up from $3,200)
  • Parking & Transit Fringe Benefits:
    • $325 per month (up from $315)

Each of these small shifts helps offset inflation’s impact on day-to-day finances.

New for 2025: Additional Deductions Under the “One Big Beautiful Bill” (OBBB)

A major new law – the One Big Beautiful Bill Act – introduces several temporary deductions starting in 2025 and lasting through 2028.

These include:

  • Overtime Income Deduction:
    Deduct up to $12,500 (single) or $25,000 (joint) of qualified overtime pay.
  • Tip Income Deduction:
    Allows certain service employees to deduct tip income that’s already reported.
  • Senior Deduction:
    An extra $6,000 for taxpayers age 65+ (subject to income limits).
  • Vehicle Loan Interest Deduction:
    Proposed deduction for interest on qualifying personal vehicle loans.

Note: These may apply even if you take the standard deduction, a rare opportunity for many middle-income taxpayers.

Because these deductions are new and subject to income limits, consulting a professional tax advisor is essential to determine eligibility.

Why It All Matters

Understanding inflation adjustments and new deductions helps you plan more effectively.

  • You keep more of what you earn.
    With higher thresholds and deductions, you may stay in a lower bracket.
  • Tax planning opportunities are expanding.
    The OBBB Act creates new ways to reduce taxable income.
  • 2025 sets the stage for future tax law shifts.
    Many provisions from the 2017 Tax Cuts and Jobs Act are still set to expire after 2025, meaning big changes may be on the horizon for 2026 and beyond.

Let Brock CPA Help You Make the Most of 2025

Tax laws are complex and ever-evolving — but you don’t have to navigate them alone.
The professionals at Brock CPA in Jacksonville specialize in tax planning, preparation, and proactive financial strategy for individuals and businesses.

Call us at (904) 330-0268
Email: dbrock@brockcpa.com
Visit: brockcpa.com

You can also explore official IRS resources at irs.gov.

Brock CPA is a full-service Jacksonville accounting firm providing tax planning, business consulting, and financial strategy for families and businesses across Florida.

Accounting Advisory Business Taxes

How to Avoid Tax Filing Errors: Tips for Individuals and Small Businesses

February 11, 2025

Photo credit: Nataliya Vaitkevich via Pexels

How to Avoid Tax Filing Errors: Tips for Individuals and Small Businesses

Tax season is upon us, often bringing a collective sigh of stress and dread for individuals and small business owners in Florida. While the process of filing taxes can be daunting, it doesn’t have to be when getting insider tips from a top CPA in Jacksonville like Brock CPA. We’re here to help you avoid common tax filing errors that can save you from potential headaches and costly penalties. You’ve come to the right place! So, grab a snack, take a few deep breaths, and let’s dive into some valuable tips straight from the professionals at Brock CPA that will help you navigate the tax filing landscape with ease.

1.   Gather All Necessary Documents

First things first, you need to ensure that you have all of the necessary documents ahead of starting your tax filing. For individuals, this includes W-2 forms from employers, 1099 forms for additional income, and receipts for deductible expenses. Jacksonville small business owners should have their bank statements, receipts, profit and loss statements, and any other relevant financial records. We can’t stress the importance of proper documentation enough: once your taxes are filed, that’s it. So, do a well-rounded check of the previous year’s income, loss, and potential deductibles to ensure you have everything you need to make your 2025 tax filings go as smoothly as possible.

2.   Double-Check Personal Information

Believe it or not, one of the most common mistakes individuals and small business owners in Florida make when filing their taxes is incorrect personal information. Ensure that your name, social security number, and other personal details are accurately entered when you file your taxes. Even the smallest typo can lead to significant delays in processing your Florida tax return.

3.   Understand Deductions and Credits

It can be overwhelming, but taking the time to understand which credits and deductions you’re eligible for can greatly benefit both individual tax filers and small business owners in Jacksonville. For individuals, common tax deductions include mortgage interest, student loan interest, and medical expenses. Jacksonville small business owners can benefit from deductions on expenses such as office supplies, travel, and employee salaries. Missing out on these crucial deductions and credits can mean paying higher taxes than necessary.

4.   Keep Detailed Records

Maintaining organized and detailed records throughout the year can greatly assist in ensuring a smooth tax filing process when the time comes. This is especially crucial for Florida small businesses, where tracking expenses and income accurately is imperative. Good record-keeping habits can also protect you in the case of a tax audit.

5.   Stay Updated on Florida Tax Laws

Tax laws in Florida change frequently, so it’s essential to stay informed about any updates that may affect your tax filing. Likewise, signing up for Brock CPA’s monthly e-newsletter can help keep individuals and small businesses in Florida up-to-date on changes, as well as getting our insider tips and tricks to facing tax season head on. This will help you stay compliant and lower stress come tax season!

6.   File On Time

We can’t stress this enough: file on time! Individuals and small business owners in Florida can avoid penalties by filing by the tax deadline, which this year lands on April 15th, 2025. If you need more time, you can consider filing an extension. Just remember, an extension only gives you more time to file, not to pay any taxes owed.

7.   Seek Professional Help

Whether your tax situation is simple or complex, don’t hesitate to reach out to the tax professionals at Brock CPA in Jacksonville, Florida. We provide valuable advice for individuals and small businesses in Florida, can ensure accuracy, and help you maximize your deductions and credits.

By following Brock CPA’s tax filing tips, you can minimize the risk of errors and ensure a smoother tax filing experience. Remember, staying organized, informed, and proactive can make a world of difference. Ready to connect with the tax professionals at Brock CPA to make your 2025 tax season a better overall experience? Drop us a line at 904-330-0268 or visit our contact page to get started. Happy filing!

Brock CPA
Budgeting Business

Top Financial Resolutions for 2025: A Guide for Families and Businesses

January 18, 2025

Top Financial Resolutions for 2025: A Guide for Families and Businesses

As we step into 2025, it’s the perfect time to reassess your financial goals and chart a path toward greater stability, savings, and success.

Whether you’re an individual looking to strengthen your personal finances or a business owner planning for sustainable growth, these top 10 financial resolutions for 2025 can help you make smarter money moves in the year ahead.

1. Streamline Your Budget and Boost Your Savings

Resolution: Refresh Your Personal and Business Budgets

Start 2025 by reviewing your income, expenses, and spending habits. Inflation and lifestyle creep can quietly erode savings, but a well-structured budget can reverse that trend.

  • Identify recurring expenses that can be reduced or renegotiated (subscriptions, utilities, vendor contracts).
  • Redirect those savings into high-yield savings accounts or short-term Treasury investments, both of which continue to offer competitive returns in 2025.
  • Automate transfers to ensure consistent savings.

Pro tip: For business owners, regularly review cash flow statements and operating margins to spot inefficiencies early.

2. Optimize Your Tax Strategy Before Year-End

Resolution: Implement Proactive Tax Planning

Don’t wait until next April to think about taxes. The IRS introduced new 2025 tax brackets, standard deduction increases, and deductions (including several under the new One Big Beautiful Bill Act).

Working with a CPA can help you:

  • Maximize available credits and deductions.
  • Strategically time income and expenses for optimal tax efficiency.
  • Take full advantage of Florida’s business-friendly tax environment, including no personal state income tax.

Pro tip: Ask your CPA about the new 2025 deductions for overtime, tip income, and senior taxpayers.

3. Diversify Your Investments for Long-Term Growth

Resolution: Rebalance and Review Your Investment Portfolio

Market conditions are shifting in 2025, with moderate interest rates and a strong emphasis on diversification.

  • Ensure your portfolio aligns with your current goals and risk tolerance.
  • Explore alternative investments (such as REITs or green bonds) alongside traditional assets.
  • Reinvest dividends and capital gains strategically to maximize compounding.

For business owners, consider diversifying business investments, such as upgrading equipment, expanding digital infrastructure, or funding employee retirement plans.

4. Strengthen Your Retirement Plan

Resolution: Increase Contributions and Review Your Strategy

Retirement savings are one of the most powerful ways to reduce taxes and build long-term wealth.

  • The 401(k)-contribution limit for 2025 increased to $23,000, with an additional $7,500 catch-up for those age 50 or older.
  • IRA limits also increased to $7,000 (with a $1,000 catch-up).
  • For small business owners, explore SEP IRAs or SIMPLE 401(k)s to maximize retirement benefits for both you and your employees.

Even modest increases in contributions can have a significant impact over time.

5. Reinforce Your Emergency Fund

Resolution: Build or Replenish Your Financial Safety Net

Economic uncertainty remains a reality, and having an emergency fund provides peace of mind.

Aim to save at least 3–6 months of essential expenses in a liquid, interest-bearing account.
For business owners, maintain a similar cushion for operating costs, payroll, and unexpected downturns.

Pro tip: Automate monthly deposits and review your emergency savings target annually.

6. Leverage Technology for Smarter Financial Management

Resolution: Adopt Digital Tools to Stay Organized

In 2025, AI-powered financial platforms are transforming the way individuals and businesses manage money.

Consider using tools that:

  • Track and categorize spending automatically.
  • Integrate business accounting, invoicing, and payroll.
  • Provide real-time financial dashboards for decision-making.

Apps like QuickBooks, YNAB (You Need A Budget), or AI-based financial planners can streamline daily financial tasks and free up time for strategic planning.

7. Review and Update Your Insurance Coverage

Resolution: Reassess Personal and Business Protection

Life changes quickly, and your insurance coverage should evolve with it.

  • Review health, life, home, and auto policies for updated coverage and cost-effectiveness.
  • Business owners should evaluate general liability, cyber liability, and business interruption policies to ensure adequate protection.
  • Consider umbrella policies to bridge potential coverage gaps.

Schedule annual reviews with your insurance agent to ensure your policies reflect current realities.

8. Strengthen Your Credit and Manage Debt Wisely

Resolution: Monitor and Improve Your Credit Health

A strong credit profile unlocks lower interest rates and better financing options.

  • Check your credit report at least twice per year for accuracy (you can do this free at AnnualCreditReport.com).
  • Pay down high-interest debt and avoid carrying large credit card balances.
  • If you own a business, separate personal and business credit — and establish strong payment histories for both.

Pro tip: Aim for a personal credit score above 740 and a business credit score above 80 to qualify for the best terms.

9. Invest in Technology to Boost Business Efficiency

Resolution: Modernize Your Operations

Technology is no longer optional, it’s a competitive advantage.

In 2025, consider investments that improve productivity and profitability, such as:

  • Cloud-based accounting or project management software
  • AI automation tools for invoicing or customer management
  • Upgraded cybersecurity systems

These upgrades can increase efficiency, reduce errors, and ultimately strengthen your bottom line.

10. Partner with a Trusted CPA for Guidance and Growth

Resolution: Build a Year-Round Relationship with Your CPA

Financial success isn’t just about numbers; it’s about strategy.
Working closely with a certified public accountant can help you make informed decisions all year long.

At Brock CPA, we help individuals and businesses:

  • Minimize taxes through proactive planning
  • Build smarter budgets
  • Plan for retirement and long-term growth
  • Stay compliant with Florida and federal tax laws

Regular consultations ensure you’re on track, and ready for any opportunity or challenge 2025 may bring.

Plan Smart, Stay Focused, and Prosper in 2025

Setting realistic and measurable financial resolutions is the first step toward a more secure and prosperous future.
Whether you’re saving for your family, scaling your business, or planning your legacy, these strategies can help you achieve your 2025 goals with confidence.

Call Brock CPA at (904) 330-0268
Email: dbrock@brockcpa.com
Visit: brockcpa.com

Brock CPA is a full-service Jacksonville accounting firm providing tax planning, business consulting, and financial strategy for families and businesses across Florida.

Accounting Advisory Business Taxes

End-of-Year Tax Strategies for Jacksonville Businesses: How to Optimize Your Finances Before 2025

December 18, 2024

End-of-Year Tax Strategies for Jacksonville Businesses: How to Optimize Your Finances Before 2025

Photo credit: Leeloo The First via Pexels

2024 is coming to a close, and Jacksonville businesses have a unique opportunity to optimize their finances and prepare for the upcoming year. Businesses can better their chances of significant savings and position themselves in a stronger financial position in 2025 by implementing strategic tax planning at the end of the fiscal year. Brock CPA is a full-service accounting firm in Jacksonville, Florida specializing in supporting local business growth and financial optimization. On our blog this month, we’re going to talk through practical tax strategies that Jacksonville businesses can implement at the end of the year to set themselves up for success in 2025. Let’s go!

Maximizing Deductions

Make sure you’re taking advantage of all of the available deductions, like those for business-related travel, meals, and entertainment. These deductions often add up and account for more than you might anticipate. It’s always a good idea to review your expenses and see if there are any additional deductions you can make to benefit your business come 2025.

Utilizing Tax Credits

Likewise, look for any available tax credits that your business might qualify for, such as energy efficiency credits, or credits for hiring certain employees. Taking advantage of the credits and deductions available to you could greatly impact your tax planning in 2025.

Deferring Income

If possible, try deferring some of that end-of-the-year income until 2025. This can help reduce your taxable income for 2024, and could potentially lower your tax liability.

Accelerating Expenses

Prepaying for expenses like rent, utilities, and supplies before the end of the year can help Jacksonville businesses take advantage of deductions in the current tax year. This is a helpful workaround for businesses that need a bit more wiggle room when it comes to their deductions.

Reviewing Inventory

Review your current inventory to see if there is any excess stock that you can sell at the end of the year at a discount. Not only does this help reduce your taxable income, it also frees up storage space, a win-win!

Investing in Equipment

Psst, we have two words: depreciation deductions. Purchasing new equipment or technology for your Jacksonville business at the end of the year instead of at the beginning can provide tax benefits through depreciation deductions, while also improving your business operations.

Contributing to Retirement Plans

Contributing to retirement plans like 401(k)s or IRAs can reduce your taxable business income, especially if you maximize your contributions before the year ends.

Consulting with a Tax Professional

Our best piece of advice for Jacksonville businesses looking to optimize their finances ahead of the new year? Team up with a dedicated tax professional in Jacksonville who knows local businesses, like Brock CPA. We provide small businesses in Jacksonville the tax support they need to make the best and most strategic decisions, ultimately leading to business longevity and long-term growth. We’ll provide personalized advice based on your business’s unique situation, identify additional tax strategies, and ensure your business is in compliance with all tax laws.

 

Are you ready to set your Jacksonville business up for financial success and a stress-free tax season this 2025? Call Brock CPA at 904-330-0268 or visit our contact page to drop us a line!

Accounting Advisory Business Taxes

Key Points in Florida’s New Omnibus Tax Bill

August 20, 2024

Key Points in Florida’s New Omnibus Tax Bill

Photo credit: Alexander Grey via Unsplash

You might’ve seen the recent news, our own Governor DeSantis signed a new omnibus tax bill (House Bill 7073) on May 7, 2024 that will have a great impact on Floridians across the state, providing significant tax relief. The bill presents $1.07 billion in tax relief for Florida families, bringing the total savings to $1.5 billion for fiscal year 24- 25. House Bill 7073 also notably adopts the current Internal Revenue Code (IRC), finally in alignment with federal tax regulations. As Jacksonville’s leading certified public accounting firm, Brock CPA is excited to see how these changes can positively impact our clients in the near future. In this blog, we’re going to discuss some of the most noteworthy changes in the omnibus tax bill, and how it affects you.

 

Automatic Due Date Extension

The new omnibus tax bill enacts automatic due date extensions for corporate income tax and sales tax in the event of federally declared states of emergencies or disasters. These due date extensions will provide significant relief for businesses during times of turbulent weather climate, something as Floridians we are all too familiar with. It’s a convenient measure considering the fiscal impacts the COVID-19 pandemic had on businesses across the country just 4 years ago.  The measure applies to taxpayers during any taxable year that a disaster or emergency takes place, and is automatically extended to 15 days for corporate income tax, and 10 days for sales tax.

 

Unique Abilities Tax Credit

Florida businesses employing individuals with a disability, as defined by statute, could be eligible for a tax credit of up to $1,000 per employee. The credit equals one dollar for each hour the employee works during the taxable year and is capped at 1,000 hours. The tax credit is applicable to individuals who have been employed for at least 6 months, and applies to taxable years beginning on January 1, 2024. The max amount of tax credits to be granted is $5 million over the next three years. The program encourages Florida companies to make diverse hires, which allows our communities to remain tolerant and welcoming of all unique individuals.

 

Sales Tax Provisions

Within House Bill 7073, there are several sales tax holidays that should have Florida taxpayers rejoice. Parents and care providers can enjoy tax-free purchases for back-to-school items from July 29 – August 11, 2024, while recreational items and certain admissions are tax-free during “Freedom Month” which takes place July 1 – 31, 2024. Perhaps the one that applies to every Floridian across the states in some way or another, the “Disaster Preparedness Sales Tax Holiday” was from June 1 – 14, 2024 and takes place again from August 24 – September 6, 2024, providing – you guessed it – tax-free purchases of disaster preparedness items. From September 1 – 7, 2024, skilled workers can enjoy purchasing their required tools at a tax-free rate as well.

 

These are just a few of our favorite key points within the new omnibus tax bill, there are a plethora of excellent reforms outlined in the complete bill that we are excited to see in effect for our community and the families and businesses we work with. Brock CPA has been proudly serving Jacksonville, Florida since opening our doors in 2016. With a focus on small businesses, we’re dedicated to providing professional and reliable advice and services. See how we can help your family or small business and contact us to get started today.

Hiring a CPA
Accounting

Our Team is Growing!

June 26, 2024

Our Team is Growing!

For over 7 years, Brock CPA has been recognized as a leading accounting firm for locally-owned businesses and individuals in Jacksonville. From large-scale construction companies to small retail services firms, our team prides itself on providing comprehensive financial solutions tailored to meet diverse needs.

Brock CPA is excited to announce that we are eagerly expanding our team to continue to meet growing demands and ensure top-tier service for our clients. Our team works hard to foster a supportive environment where expertise meets innovation, and every team member plays a crucial role in our client’s successes. With that said, we believe that great talent often comes through personal recommendations, so if you know of any individuals in the accounting world that would be a great fit, we encourage you to send them our way!

We are currently seeking to hire a full-time Certified Public Accountant to join our growing team. Our firm values longevity and growth, and we are seeking the right individual who will contribute to our cohesive and supportive work environment for years to come.

This position offers a challenging yet rewarding opportunity for an established CPA with at least 3 years of experience in public accounting. Key responsibilities include:

  • Preparing and reviewing complex federal and state income taxes
  • Ensuring technical accuracy
  • Actively participating in tax planning and strategy meetings
  • Managing client relationships and internal staff

If you (or someone you know) are a detail-oriented professional with a passion for accounting and are ready to take the next step in your career, we encourage you to email your resume, salary requirements, and references to dstein@brockcpa.com. We look forward to welcoming a motivated individual who shares our commitment to excellence and client satisfaction!

Accounting Budgeting Taxes

Tax Benefits for Homeowners: Exploring Deductions and Credits in Florida

May 7, 2024

Tax Benefits for Homeowners: Exploring Deductions and Credits in Florida

While headlines may focus on rising interest rates and housing costs, homeownership in Florida remains a sound long-term investment. Owning a home offers stability, potential for appreciation, and a variety of tax benefits that can ease the financial burden. At Brock CPA, we’re here to help Florida homeowners navigate the ever-changing tax landscape and maximize their deductions and credits in 2024.

 

Why Homeownership Makes Sense in Florida

Despite recent market fluctuations, Florida’s housing market exhibits resilience. According to the Florida Realtors® https://www.floridarealtors.org/tools-research/reports/florida-market-reports, median sale prices are expected to remain steady in 2024, offering predictability for homebuyers. Additionally, Florida’s lack of state income tax makes it an attractive location for homeowners looking to keep more of their hard-earned money.

Owning a home also fosters a sense of community and allows you to personalize your living space. Long-term, homeownership can contribute to financial security as the property value potentially appreciates, building wealth over time.

 

Tax Advantages of Homeownership in Florida

Florida homeowners hold a distinct advantage: the Homestead Exemption. This exemption significantly reduces the taxable value of your primary residence, translating to lower property taxes. According to the Florida Department of Revenue https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx, the exemption can be as high as $50,000, offering substantial savings.

 

Federal Tax Deductions for Homeowners

Beyond the state level, homeowners across the U.S. can benefit from various federal tax deductions in 2024:

  • Mortgage Interest Deduction: A portion of the interest paid on your mortgage loan can be deducted from your taxable income. The Tax Cuts and Jobs Act of 2017 limits this deduction to the interest paid on mortgages up to $750,000 for new loans issued after December 15th, 2017, and $1,000,000 for loans issued before that date https://www.irs.gov/forms-pubs/about-publication-936.
  • Mortgage Points Deduction: Points, which are upfront fees paid to secure a lower interest rate, can be deducted in the year they are paid if certain criteria are met https://www.irs.gov/forms-pubs/about-publication-936.
  • Private Mortgage Insurance (PMI) Deduction: If you have a conventional loan with a loan-to-value ratio exceeding 80%, you may be able to deduct the PMI premiums you pay on your federal tax return https://www.irs.gov/forms-pubs/about-publication-936.

 

Important Note: Tax laws can be complex, and eligibility for deductions can change. It’s crucial to consult with a qualified tax professional at Brock CPA to determine which deductions apply to your specific situation.

Tax Credits Available to Florida Homeowners

While deductions lower your taxable income, tax credits directly reduce the amount of tax you owe. Here are some more potential tax credits for Florida homeowners in 2024:

  • Residential Property Insurance Premium Tax Credit (New in 2024!): Florida recently passed a bill offering a one-year tax credit for the cost of residential property insurance premiums https://www.flsenate.gov/Media/PressRelease/Show/4541[Link no longer available]. This credit applies to policies written between October 1, 2024, and September 30, 2025. Be sure to stay updated on the official application process for this new credit.
  • Energy Efficiency Tax Credits: The federal government offers tax credits for homeowners who install energy-efficient improvements in their homes. These credits can help offset the cost of upgrades like new insulation, high-efficiency windows, or solar panels https://www.energystar.gov/about/federal-tax-credits.

 

Additional Considerations for Florida Homeowners

  • Save Your Receipts: Keeping detailed records of homeownership expenses like mortgage interest, property taxes, and home improvement costs is crucial for claiming deductions and credits.
  • Consult a Tax Professional: Tax laws can be intricate, and Brock CPA’s experienced team can help you maximize your deductions and credits while ensuring compliance with federal and state regulations.

 

Owning a home in Florida is a significant financial decision. However, with its long-term value proposition, potential for appreciation, and various tax benefits, it can be a rewarding investment. By understanding and utilizing the available deductions and credits, you can significantly reduce your tax burden and make homeownership in Florida even more advantageous. Contact Brock CPA today to schedule a consultation and ensure you’re taking full advantage of all the tax benefits available to you.

irs updates its wheres my refund online tool
Accounting Business Taxes

The IRS Updates its “Where’s My Refund?” Online Tool

July 28, 2022

The Internal Revenue Service (IRS) has recently made improvements to its popular “Where’s My Refund?” tool, a feature that allows taxpayers to monitor their tax return status online.

This upgrade is especially crucial for those still waiting for their current tax returns, as well as those awaiting refunds from the previous two years due to the processing backlogs caused by the COVID-19 pandemic.

Taxpayers can now use the tool to check their refund status for any of the three most recent tax years, 2019, 2020, and 2021, by providing their Social Security number or ITIN, filing status, and the expected refund amount from their original tax return. The IRS has encouraged taxpayers to file their returns as soon as possible, and to take advantage of the updated online tool to check their refund status.

Read More
Business Taxes

Years of Neglect have Caused Chaotic Consequences for the IRS

May 16, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

Read More
Business

Brock CPA Welcomes Madison Parman

March 25, 2022

In 2018, the U.S. Supreme Court ruled in South Dakota vs. Wayfair that states can require online businesses to collect sales taxes, even if they do not have a physical presence in the state. After nearly 3 years, Florida is finally about to do so.

On April 19th, 2021, Governor Ron DeSantis signed into law a tax package, Senate Bill 50, to require out-of-state online retailers to collect sales taxes on purchases made by Floridians.

Beginning on July 1st, 2021, retailers selling more than $100,000 a year online will have to start collecting 6% sales tax from residents at the point of sale. Businesses who sell less than $100,000 a year online will be exempt from collecting this tax.

Read More

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