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B & M Tax & Accounting Office
4326 Park Blvd Ste G
Pinellas Park, FL 33781
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Welcome to B & M Tax and Accounting Office
If you're looking for high quality and personal service you've come to the right place. At B & M Tax and Accounting Office we'll give you the attention and personal service you come to expect and enjoy. We offer the best in accounting, bookkeeping business taxes and personal tax returns. B & M Tax and Accounting Office has been located in Pinellas Park since 1976. Let us put our experience to work for you.
About B & M Tax and Accounting Office
We have been in the mid-county area since 1976, serving small businesses and individuals with their income tax, payroll, bookkeeping and other accounting needs. Our clients are from all areas of business including Home Health companies. B & M Tax and Accounting Office is family-owned and operated right here in Pinellas Park, FL. Since our company opened its doors in 1976, we've treated every customer like they were a part of our family. Other companies may offer similar services, but our services are the best, and come with a personal touch. We put our experience to work for you.
B & M Tax and Accounting Office Services
At B & M Tax and Accounting Office, we take care to provide our customers high quality services personalized for their unique needs. We are available to take your inquiries 24 hours a day, 7 days a week. Our staff members are professional, courteous and efficient.
Business and Individual Tax Services
We prepare your business or individual returns from your records or help you in accumlating your data for filing. We have free e-filing always as one of our services to you. Our goal is to have you file accurate and timely tax returns!
Small Business Accounting/Bookkeeping
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits. Each month or quarter we will reconcile your bank account, produce an income statement and a balance sheet and clean up your general ledger. These tasks will provide the foundation for your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Quickbooks
We set up Quickbooks and train small businesses on how to use the software in the most efficient manner.
Part-Time CFO Services
Growing businesses often reach a point where they need professional financial advice, but can't afford a full-time CFO or controller. If you're fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. Part-Time CFO services provides you with experienced support at a small fraction of that cost. This service allows you to better understand the financial side of your business so you have less surprises and more control over the money, allows improved decision-making capabilities from clearly seeing the hard and true numbers of your business, provides a readily available sounding board to help you with those tough business decisions and help you clarify your business plans, provides comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business. Other CFO services include providing for sound financial controls, training and managing of your accounting staff, improved quality and timeliness of financial information, Budget preparation and monitoring, Profitability analysis by service or product line, Tax saving strategies, Trend analysis, Assistance in defining long-range plans and the quantification of goals, Cash management, Liaison with bankers, attorneys, vendors, insurance agents, etc, Assistance in obtaining financing from banks, including assistance with negotiations, Review/negotiation of insurance policies, Development of company accounting procedure manuals, Analysis of equipment purchases, expansions, etc, Mergers and acquisitions assistance, and Custom designed collection policies and procedures
Compilations
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. In compiling financial statements for a client, we present information that is the representation of management and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of their lending covenants.
Strategic Business Planning
A Strategic Business Plan is much more than a tool to obtain financing. Preparing a strategic plan helps you clarify your company's direction, ensures your key leaders are all "on the same page", and keeps both management and staff focused on the tasks at hand. A Strategic Plan is often needed when starting a new venture, product or service, expanding a current organization, product or service, buying a new business, product or service, or turning around a declining business.
New Business Formation
A methodical plan of action is needed to avoid the common pitfalls that many new small business owners make when starting their new venture. We will help you prepare an initial business plan, select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate, select the right accounting software by evaluating your budget needs and hardware, prepare and file required state and local licenses and permits, prepare and file your application for your Federal Employer Identification Number, develop a solid partnership or operating Agreement, as well as set up anything else that may be needed to ensure your success.
Internal Controls
We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.e assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.
B & M Home Health Accounting and Cost Report Services
At B & M Home Health division, our auditor experience is put to use as we handle all your standard accounting functions as well as provide finanacial support services to your agency from the initial schedules 1 - 7 through monthly and yearly services. These services include cost reporting, budgeting and financial reporting.
Home Health Agency Standard Accounting Functions
We handle all the accounting functions to get your agency started including set-up of the books on the accrual basis. We work with your staff from the start and can monitor your books and records on a monthly, quarterly or yearly basis. All these services are pointed at providing Medicare with accurate and timely reporting. Our many years of experience in the Home Health financial field is put to work with your team.
Cost Reporting Function
We help you and your staff file the annual Home Health cost report to ensure your compliance with Medicare cost reporting. Our experience is shared with you and your staff on an ongoing basis. We also can set-up Home Office reports on an as needed basis. We are always available to answer your questions about any of the reporting requirements.
Medicare Financial Compliance Function
We can put our experience to work on your team to ensure your financial books and records are flowing according to Medicare compliance. We can do this on a monthly, quarterly, or annual basis in an advisory function.
Current News for B & M Tax and Accounting Office
Filing Season Delayed by 10 Days
Taxpayers should note that the 2014 tax season opens on Jan. 31, 2014. In most years, the filing season opens on Jan. 21; however, due to the 16-day government shutdown that took place in October 2013, the filing season is delayed by 10 days this year. No returns, paper or electronic, will be processed by the IRS before this date. The April 15th tax deadline will remain in place.Filing Season Delayed by 10 Days.
Alternative Minimum Tax (AMT)
Exemption amounts for the AMT, which was made permanent by the American Taxpayer Relief Act (ATRA) are indexed for inflation and allow the use of nonrefundable personal credits against the AMT. For 2014, the exemption amounts are $52,800 for individuals ($51,900 in 2013) and $82,100 for married couples filing jointly ($80,800 in 2013).
Kiddie Tax
For taxable years beginning in 2014, the amount that can be used to reduce the net unearned income reported on the child's return that is subject to the "kiddie tax," is $1,000 (same as 2013). The same $1,000 amount is used to determine whether a parent may elect to include a child's gross income in the parent's gross income and to calculate the "kiddie tax". For example, one of the requirements for the parental election is that a child's gross income for 2014 must be more than $1,000 but less than $10,000. For 2014, the net unearned income for a child under the age of 19 (or a full-time student under the age of 24) that is not subject to "kiddie tax" is $2,000.
Health Savings Accounts (HSAs)
Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent. Medical expenses must not be reimbursable by insurance or other sources and do not qualify for the medical expense deduction on a federal income tax return. A qualified individual must be covered by a High Deductible Health Plan (HDHP) and not be covered by other health insurance with the exception of insurance for accidents, disability, dental care, vision care, or long-term care. For calendar year 2014, a qualifying HDHP must have a deductible of at least $1,250 for self-only coverage or $2,500 for family coverage (unchanged from 2013) and must limit annual out-of-pocket expenses of the beneficiary to $6,350 for self-only coverage (up $100 from 2013) and $12,700 for family coverage (up $200 from 2013).
Medical Savings Accounts (MSAs)
There are two types of Medical Savings Accounts (MSAs): the Archer MSA created to help self-employed individuals and employees of certain small employers, and the Medicare Advantage MSA, which is also an Archer MSA, and is designated by Medicare to be used solely to pay the qualified medical expenses of the account holder. To be eligible for a Medicare Advantage MSA, you must be enrolled in Medicare. Both MSAs require that you are enrolled in a high deductible health plan (HDHP). Self-only coverage. For taxable years beginning in 2014, the term "high deductible health plan" means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,200 (up $50 from 2013) and not more than $3,250 (up $50 from 2013), and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $4,350 (up $50 from 2013). Family coverage. For taxable years beginning in 2014, the term "high deductible health plan" means, for family coverage, a health plan that has an annual deductible that is not less than $4,350 (up $50 from 2013) and not more than $6,550 (up $100 from 2013), and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $8,000 (up $150 from 2013).
AGI Limit for Deductible Medical Expenses
In 2014, the deduction threshold for deductible medical expenses remains at 10 percent (same as 2013, but up from 7.5 percent in 2012) of adjusted gross income (AGI); however, if either you or your spouse were age 65 or older as of December 31, 2013, the new 10 percent of AGI threshold will not take effect until 2017. In other words, the 7.5 percent threshold continues to apply for tax years 2013 to 2016 for these individuals. In addition, if you or your spouse turns age 65 in 2014, 2015, or 2016, the 7.5 percent of AGI threshold applies for that year through 2016 as well. Starting in 2017, the 10 percent of AGI threshold applies to everyone.
Eligible Long-Term Care Premiums
Premiums for long-term care are treated the same as health care premiums and are deductible on your taxes subject to certain limitations. For individuals age 40 or younger at the end of 2014, the limitation is $370. Persons more than 40 but not more than 50 can deduct $700. Those more than 50 but not more than 60 can deduct $1,400, while individuals more than 60 but not more than 70 can deduct $3,720. The maximum deduction $4,660 and applies to anyone more than 70 years of age.
Medicare Taxes
The additional 0.9 percent Medicare tax on wages above $200,000 for individuals ($250,000 married filing jointly), which became effective last year, in 2013, remains in effect for 2014, as does the Medicare tax of 3.8 percent on investment (unearned) income for single taxpayers with modified adjusted gross income (AGI) more than $200,000 ($250,00 joint filers). Investment income includes dividends, interest, rents, royalties, gains from the disposition of property, and certain passive activity income. Estates, trusts and self-employed individuals are all liable for the new tax.
Foreign Earned Income Exclusion
For 2014, the foreign earned income exclusion amount is $99,200, up from $97,600 in 2013.
Long-Term Capital Gains and Dividends
In 2014 tax rates on capital gains and dividends remain the same as 2013 rates; however threshold amounts are indexed for inflation. As such, for taxpayers in the lower tax brackets (10 and 15 percent), the rate remains 0 percent. For taxpayers in the four middle tax brackets, 25, 28, 33, and 35 percent, the rate is 15 percent. For an individual taxpayer in the highest tax bracket, 39.6 percent, whose income is at or above $406,750 ($457,600 married filing jointly), the rate for both capital gains and dividends is capped at 20 percent.
Pease and PEP (Personal Exemption Phaseout)
Both Pease (limitations on itemized deductions) and PEP (personal exemption phase-out) have been permanently extended (and indexed to inflation) for taxable years beginning after December 31, 2012, and in 2014, affect taxpayers with income at or below $254,200 for single filers and $305,050 for married filing jointly.
Estate and Gift Taxes
For an estate of any decedent during calendar year 2014, the basic exclusion amount is $5,340,000, indexed for inflation (up from $5,250,000 2013). The maximum tax rate remains at 40 percent. The annual exclusion for gifts also remains at $14,000.
Adoption Credit
In 2014, a non-refundable (only those individuals with tax liability will benefit) credit of up to $13,190 is available for qualified adoption expenses for each eligible child.
Earned Income Tax Credit
For tax year 2014, the maximum earned income tax credit (EITC) for low and moderate income workers and working families rises to $6,143, up from $6,044 in 2013. The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.
Child Tax Credit
For tax year 2014, the child tax credit is $1,000 per child.
Child and Dependent Care Credit
If you pay someone to take care of your dependent (defined as being under the age of 13 at the end of the tax year or incapable of self-care) in order to work or look for work, you may qualify for a credit of up to $1,050 or 35 percent of $3,000 of eligible expenses in 2014. For two or more qualifying dependents, you can claim up to 35 percent of $6,000 (or $2,100) of eligible expenses. For higher income earners the credit percentage is reduced, but not below 20 percent, regardless of the amount of adjusted gross income.
Individuals - Education
American Opportunity Tax Credit and Lifetime Learning Credits. The American Opportunity Tax Credit (formerly Hope Scholarship Credit) was extended to the end of 2017 by ATRA. The maximum credit is $2,500 per student. The Lifetime Learning Credit remains at $2,000 per return.
Interest on Educational Loans
In 2014 (as in 2013), the $2,500 maximum deduction for interest paid on student loans is no longer limited to interest paid during the first 60 months of repayment. The deduction is phased out for higher-income taxpayers with modified AGI of more than $65,000 ($130,000 joint filers).
Individuals - Retirement
Contribution Limits
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $17,500. Contribution limits for SIMPLE plans remains unchanged at $12,000. The maximum compensation used to determine contributions increases to $260,000 (up $5,000 from 2013).
Income Phase-out Ranges
The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by an employer-sponsored retirement plan and have modified AGI between $60,000 and $70,000, up from $59,000 and $69,000 in 2013. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by an employer-sponsored retirement plan, the phase-out range is $96,000 to $116,000, up from $95,000 to $115,000. For an IRA contributor who is not covered by an employer-sponsored retirement plan and is married to someone who is covered, the deduction is phased out if the couple's modified AGI is between $181,000 and $191,000, up from $178,000 and $188,000. The modified AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly, up from $178,000 to $188,000 in 2013. For singles and heads of household, the income phase-out range is $114,000 to $129,000, up from $112,000 to $127,000. For a married individual filing a separate return who is covered by a retirement plan, the phase-out range remains $0 to $10,000.
Saver's Credit
In 2014, the AGI limit for the saver's credit (also known as the retirement savings contribution credit) for low and moderate income workers is $60,000 for married couples filing jointly, up from $59,000 in 2013; $45,000 for heads of household, up from $44,250; and $30,000 for married individuals filing separately and for singles, up from $29,500.
Businesses
Standard Mileage Rates
The rate for business miles driven is 56 cents per mile for 2014, down from 56.5 cents per mile in 2013.
Section 179 Expensing
For 2014 the maximum Section 179 expense deduction for equipment purchases decreases to $25,000 of the first $200,000 of business property placed in service during 2014. The bonus depreciation of 50 percent is gone, as is the accelerated deduction, where businesses can expense the entire cost of qualified real property in the year of purchase.
Transportation Fringe Benefits
If you provide transportation fringe benefits to your employees, in 2014 the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $130 down from $245 in 2013. The monthly limitation for qualified parking is $250.
Contact Us
Contact B & M Tax and Accounting Office
At B&M Tax and Accounting Office, we are here to assist you. If you have any unanswered questions, please let us know by simply calling us, emailing, using the contact us box on the right or just stopping by.
B & M Tax and Accounting Office
727-549-2122, 4326 Park Blvd Suite G, Pinellas Park, FL 33781
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General Info
Hours
Monday:
9:30am - 5:30pm
Tuesday:
9:30am - 5:30pm
Wednesday:
9:30am - 5:30pm
Thursday:
9:30am - 7:00pm
Friday:
9:30am - 7:00pm
Saturday:
11:00am - 3:00pm
Sunday:
Closed
Additional Information:
Additional hours are available by appointment
About Us
We have been in the mid-county area since 1976, serving small businesses and individuals with their income tax, payroll, bookkeeping and other accounting needs. Our clients are from all areas of business including Home Health companies.
B & M Tax and Accounting Office is family-owned and operated right here in Pinellas Park, FL. Since our company opened its doors in 1976, we’ve treated every customer like they were a part of our family. Other companies may offer similar services, but our services are the best, and come with a personal touch. We put our experience to work for you.