Of course, gaining a few tax advantages isn’t a good reason to get married, but, if you’ve found that special someone who believes in you and makes you feel kind of weak in the knees when they look at you that certain way, then the tax benefits are icing on the cake. 

Tax Benefits of Being Married When Filing Your 1040 Tax Return 

In some situations, married couples may find themselves facing what is referred to as a “marriage penalty.” It’s not really a penalty, it’s simply that sometimes it may be more to your advantage of the ability to file as single even though you are married.  

There are other potential benefits, ranging from being able to claim more in charitable deductions to estate protection. An experienced Tampa accountant, like Brian Sanders – the second generation of the Sanders family to take the helm at the Tampa CPA firm of Walter S. Sanders & Associates, can help you determine what is the best tax strategy for you and your spouse to pursue when the time comes to file your 1040s. 

Other Benefits to Being Married 

The List, a TV magazine show, reports that there are also quite a few surprising benefits to being married that have nothing to do with your taxes, including: 

• Living longer

“Living with a partner lowered the mortality rate for men by 80 percent and for women by 59 percent, according to researchers from Michigan State University and the University of Cincinnati,” The List says. 

• Enjoying a better night’s sleep 

The List looked specifically at research related to married women, who, they say researchers concluded sleep better. “The happier the women reported being in their marriages, the easier it was for them to fall and stay asleep.” 

• Reducing risky behavior 

“Over time, being married can actually change the way people behave for the better,” The List says. “One interesting way is that married people take fewer risks, including substance abuse.” 

If you are looking for love and someone special to file your 1040 tax return with, you might want to try one of the online dating sites. But, if you are looking for a Tampa CPA who can help you and your spouse determine an effective tax strategy, then we hope you will contact the tax specialists at Tampa’s Walter S. Sanders & Associates. 

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Whether you are filing your individual 1040s or are responsible for the taxes of a small business, you can avoid surprises at tax time by getting a clearer picture of your finances. One of the best ways you can do that is by creating a budget.  

Budget Basics

There are a lot of definitions of budget floating around out there. We like one from Nerd Wallet, which says, “A budget is a way to balance income, expenses and financial goals for a specific length of time.”

We like that definition because it brings your goals into the equation. If you think of a budget as just numbers, the idea of making everything balance can seem remote (or even worse, like a story problem from your high school math class!). When you tie those numbers to your goals – whether you want to take a dream vacation or buy a house – they start to have real meaning in your life. 

As the folks at Nerd Wallet explain, there are many different budgeting plans. Whichever method you adopt, it is important to remember that, “Any budget must cover all of your needs, some of your wants and — this is key — savings for emergencies and the future,” they say. 

At Nerd Wallet, they like to use the 50/30/20 rule as a basic framework for creating a budget:

• 50% of your income should be designated for your needs.
• 30% of your income can go toward the things you want.
• 20% of your income should be targeted toward savings and debt repayment.

If you have a small business in Tampa, QuickBooks might be a good tool for you to consider. But whether you are looking to set up a business or personal budget, the Tampa accounting firm of Walter S. Sanders & Associates is here to help.

The post Will This Be the Year You Make a Budget – and Stick to It? appeared first on Walter Sanders PA.

As High Tide Tax: The Price to Protect Coastal Communities from Sea Rise, a report issued by The Center for Climate Integrity and Resilient Analytics in 2019, explains, “The United States faces more than $400 billion in costs over the next 20 years, much of it sooner, to defend coastal communities from inevitable sea-level rise. This is approaching the cost of the original interstate highway system and will require the construction of more than 50,000 miles of coastal barriers in 22 states in half the time it took to create the nation’s iconic roadway network.”

Local Impacts of Climate Change

According to the report, there are 14 states that will be hit particularly hard – to the tune of $10 billion or more in costs. greater between now and 2040. More than 130 counties face at least $1 billion in costs. Can you guess which state is at the top of that list? Yes, it is the Sunshine State. 

Takeaways from the report for those of us in Tampa include: 

• Florida is by far the most heavily impacted state, with costs reaching nearly $76 billion statewide. 
• 23 counties in Florida are facing at least $1 billion in seawall expenses alone (and often far greater price tags according to local estimates)
• Of those 23 counties, the report says that both Hillsborough and Pinellas Counties made the top 10. Pinellas County ranked eighth with an estimated cost of $3 billion needed for seawalls. Hillsborough County, which the report says is looking at a cost of $2.7 billion to construct seawalls, was tenth. 
• Among Florida cities, the report says The City of Tampa ranks third, with almost $940 million needed for seawalls. 

“These costs reflect the bare minimum coastal defenses that communities need to build to hold back rising seas and prevent chronic flooding and inundation over the next 20 years,” the report’s authors say.

As business consultants in Tampa, the tax specialists at Walter S. Sanders & Associates, believe it is important to understand the implications because individual businesses and families will also be facing the costs of climate change.

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If you’re one of those people who are always on the lookout for the silver lining – even on the darkest of days, you’re going to love this story!  

Alone Together with a Dog

It turns out that lots of people have decided that this is a good time to get a dog. (Of course, our Tampa QuickBook pros and business consultants think any time is a good time to get a dog.)  

It’s not hard to understand why. If you live alone, staying Safer at Home is much easier with a dog to keep you company. Being home also means you don’t have to worry about coming home to find your new puppy has chewed up your shoes – you’re right there to provide the training and guidance the little guy needs. And there are probably more than a few parents who finally gave in to their child’s request for a dog as a way to provide the child with a playmate they don’t have to stay six feet away from. 

Well, it turns out that so many people thought that this would be a good time to add a dog to the family that some shelters are actually running out of dogs!

As iheartdogs, reported, “First, Chicago Animal Care and Control adopted out all their dogs, and many other organizations have followed in their footsteps. Now, Friends of Palm Beach County Animal Care and Control has also had a significant milestone. During the coronavirus quarantine, the Florida shelter successfully emptied one of their three kennels! All the dogs in that kennel found their forever families, leaving the staff and volunteers with plenty to celebrate.”

Tampa CPA Brian Sanders, a tax specialist who can help you with your 1040 tax return, was also celebrating. Brian is a real dog lover.

The post Our Tax Specialists Have Gone to the Dogs! appeared first on Walter Sanders PA.