By trevor7812 June 25, 2012
For both 2012 and 2011 Hallmark Accountants have won best of Tampa from U.S. Commerce Association. A demonstration of there commitment to the service to their clients. ...read more
We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from Hallmark Accountants LLC. Let us know what you think! Read It Now Here ...read more
By Hallmark CPA Group LLC December 24, 2012
We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from Hallmark Accountants LLC. Let us know what you think! Read It Now Here ...read more
By Hallmark CPA Group LLC June 26, 2012
Hallmark Accountants, LLC If you own a home that is available for both personal and rental use, you have what is commonly known as a vacation home. Vacation homes are a hybrid: they are not purely rental properties, nor are they purely personal use properties. Since they are special, they have their own very specialized tax issues. A vacation "home" could be a house, condo, motor home, boat, or similar property. In order to qualify, it must have a sleeping place, toilet, and cooking facilities. If the home is rented for less than 15 days, you are not required to report the income. However, if you rent the home for 15 days or more, and you or family members use the home for personal use, you may have to allocate rental expenses. The amount of personal use determines the classification of your home for tax purposes. If you rent your vacation home for more than 14 days, all your rental income is reportable. Whether you treat the income and expenses as a second residence or as rental property depends on the personal use of your vacation home relative to the time the home is rented out. If you limit your personal use to not more than 14 days or 10% of the time the home is rented, all rental expenses are deductible. If you use the property for more than 14 days or 10% of the number of days it's rented, the rules change. Your rental deductions (except for taxes and mortgage interest) are limited to the amount of your rental income. The rules are complex, but a basic understanding of the rules and good recordkeeping will help you get the best tax breaks from your vacation home. Give us a call if you would like more information.call our office (813) 283 - 0642www.HallmarkAccountants.com ...read more
By Hallmark CPA Group LLC June 25, 2012
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more
