M Kermali, CPA, PA

01/16/2026

07/29/2025

New Deduction for Seniors

Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.

Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must include the Social Security Number of the qualifying individual(s) on the return and file jointly, if married, to claim the deduction.

02/01/2025

IRS increases the standard mileage rate 2025.

Beginning Jan. 1, 2025, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

70 cents per mile driven for business use, up 3 cents from 2024.
21 cents per mile driven for medical purposes, the same as in 2024.
21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces, unchanged from last year.
14 cents per mile driven in service of charitable organizations, equal to the rate in 2024.

11/04/2024

Tax Credits for New Clean Vehicles Purchased in 2023 or After

Good for you and for the planet. Buying a qualified new clean vehicle may result in a clean vehicle tax credit. Watch this video for additional information a...

11/04/2024

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

09/03/2024

The Internal Revenue Service announced tax relief for individuals and businesses in Florida that were affected by severe storms and flooding that began on Aug. 1, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

FL-2024-07, Aug. 9, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in Florida that were affected by severe storms and flooding that began on Aug. 1, 2024.

12/14/2023

IRS issues standard mileage rates for 2024
* 67 cents per mile driven for business use, up 1.5 cents from 2023.
* 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023.
*14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.

12/08/2023

2024 Back-to-School Sales Tax Holiday January 1, 2024 Through January 14, 2024
During the sales tax holiday period, tax is not due on the retail sale of:
• Clothing, footwear, and certain accessories with a sales price of $100 or less per item
• Certain school supplies with a sales price of $50 or less per item
• Learning aids and jigsaw puzzles with a sales price of $30 or less
• Personal computers and certain computer-related accessories with a sales price of $1,500 or less, when purchased for noncommercial home or personal use

12/07/2023

IRS expands work on aggressive Employee Retention Credit claims; 20,000 disallowance letters being mailed, more action and voluntary disclosure program coming.

The mailing reflects just part of the ongoing IRS review of these claims. In this group, two categories of claims have been identified and are being disallowed:

*Entity not in existence during period of eligibility: The ERC applies to qualified wages for periods between March 13, 2020, and Dec. 31, 2021. Entities established after Dec. 31, 2021, are not entitled to the ERC under the law passed by Congress.
*There are no paid employees during the period of eligibility: The ERC is intended as a credit against qualified wages paid. Entities that did not pay any wages are not eligible for ERC.