Big Firm Capacity, Small Firm Personality

Pensacola, FL

105 E. Gregory Sq.

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John Pharr CPA

Big firm capacity. Small firm personality.

850.435.8844

Author: Chris Taylor

Can You Itemize Your Miscellaneous Deductions?

Can You Itemize Your Miscellaneous Deductions? Miscellaneous deductions you paid for as an employee can reduce your tax bill if they are work related expenses, but you must itemize deductions when you file to claim these expenses. If you usually claim the standard deduction, it might be time for you to start thinking about itemizing to lower your taxes. Here are some tax tips that may help you reduce your taxes: Deductions Subject to 2% […]

Hurricane Tax Relief

Saved By the Hurricane Have you been so caught up with the craziness life is bringing you that you forgot to file taxes after your extension? Well, you’re in luck. The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance in the state of Florida. Lucky for you, the whole state of Florida, all 67 counties, is qualified by FEMA for individual or […]

Virtual Currency

As the times start to change and more Millennials are getting jobs, virtual currency is becoming more popular. Many retailers and online businesses now accept virtual currency for transactions, but the federal tax implications remain relatively unknown to many retailers. If you’re a retailer who accepts virtual currency such as Bitcoins for transactions, here’s what you need to know. Sometimes, virtual currency such as Bitcoins operate like “real” currency, i.e. the coin and paper money […]

Deductions for Hurricane Loss

Tax Tips for Those Affected By Natural Disasters Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because most standard insurance policies do not cover flood damage. Fortunately, tax relief […]

10 Key Facts About Home Sales

Ten Key Facts About Home Sales In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the […]

Is It Time To Change From an S-Corp to a C-Corp?

Under U.S. federal income tax law, a C-Corp is taxed separately from its owners. Current tax reform proposals put forth by the incoming Trump Administration and the Republican House of Representatives would greatly reduce tax rates on C-Corps. Such a reduction could turn out to be the largest tax rate reduction in U.S. history. The change may motivate many companies to terminate their S-Corp elections or otherwise transfer their operations to C-Corps. How the Environment […]