Clark’s Tax

Tax season is over but you have till Oct 15 to file with extension.

The simplified home office deduction allows you to deduct $5 per SF of the space used up to $1500. No need to track actual expenses.

Personal extended tax returns due October 15. Get on it!

Business extention due September 15

Tax season is over!

Merry Christmas and Happy Chanuka!

Child Tax Credit (partially refundable) Taxpayers with qualifying children may claim the Child Tax Credit, providing a credit of up to $2,000 per qualifying child for tax year 2024. To qualify, the following requirements must be met: The child must have a Social Security number The child must be under age 17 at the end of 2024 The child must be claimed as a dependent on your tax return For 2024, a portion of the credit, known as the Additional Child Tax Credit (ACTC), is refundable, with up to $1,700 per child refundable.

Do you have a Florida business that you want to incorporate? You can do it yourself for $87.50 direct to the state.

Articles of Incorporation for Florida Profit Corporation - Sunbiz

Self employment tax is 15.3% for sole proprietors, LLCs, and partnerships. If you net $50k from your business, that would be $7,650 on top of your income tax. https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes

Want to reduce this tax — message me.

Self-employment tax (Social Security and Medicare taxes) | Internal Revenue Service Self-employment tax rates, deductions, who pays and how to pay.