Tax Season Tips From a Real CPA
Having earned her undergraduate and master’s degrees in the Sunshine State, Hema Rupnarain, CPA, PA, has in-depth knowledge of the area and her customers. Now she wants to make sure Central Floridians in her territory are well-informed for the upcoming tax season.
In late 2013, the IRS announced tax-filing season would be delayed. Filing for 2014 cannot begin until January 28, but that start date could be pushed back as far as February 4. This most likely means tax refunds will be delayed as well, but in the meantime, Hema suggests staying informed about some specific points of change:
Starting in tax year 2013, a new tax rate of 39.6 percent has been added for those whose income exceeds $400,000 or $450,000 for married taxpayers filing a joint return. The other marginal rates remained the same as in years prior.
The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service of charitable organizations.
There are numerous tax breaks that were set to expire on December 31, 2013, including the elimination of the following deductions: Teachers’ Deduction for unreimbursed expenses, State and Local Sales Taxes Deduction, Mortgage Insurance Premium Deduction and the Provision for the Exclusion of Discharge of Principal Residence Indebtedness.
And exciting news for residents of The Villages—Hema’s newest office opened in The Villages in June 2013 to expand her service offerings to the city’s growing population.
“As with the Ocala office, The Villages’ office will provide a full range of tax and accounting services to individuals and small business owners,” she says. “Client service is my No. 1 priority, and this is another step forward in providing the exceptional service my clients deserve.”
When she’s not busy at one of the offices, Hema is deeply involved in the community. Not only does she serve as chair elect for the Mid-Florida Chapter of the Florida Institute of Certified Public Accountants, but she is also a board member for Junior Achievement of Marion County and Program Coordinator for the Ocala-Silver Springs Rotary Club. She shares her knowledge and experience in the world of finance as an adjunct professor in accounting at the College of Central Florida.
Hema Rupnarain, CPA, PA
1306 E Silver Springs Blvd., Ocala
The Villages Office
13940 N US Highway 441, Suite 206, The Villages