Sowell & Associates P.A.

Sowell & Associates P.A. Full service accounting firm that specializes in accounting services and various tax forms.

Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible...
02/07/2020

Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or SEP and benefit on your 2019 tax return.

A slightly lower IRS mileage rate means smaller tax deductions for business miles in 2020. The optional standard mileage...
01/30/2020

A slightly lower IRS mileage rate means smaller tax deductions for business miles in 2020. The optional standard mileage rate used to calculate the deductible costs of operating an auto for business has decreased by by one-half cent to 57.5 cents per mile. It was 58 cents for 2019 and 54.5 cents for 2018. This mileage rate comes into play if you don’t want to keep track of actual vehicle-related expenses. But you still must record certain information, such as the mileage, date and destination for each trip. The mileage rate can also be used for reimbursing employees. Many rules and limits apply. Contact us for details.

Many people who used to claim a tax break for making charitable contributions are no longer eligible. That’s because of ...
01/29/2020

Many people who used to claim a tax break for making charitable contributions are no longer eligible. That’s because of some tax law changes that went into effect a couple years ago. You can only claim a deduction if you itemize deductions on your tax return and your itemized deductions exceed the standard deduction. Today’s much higher standard deduction combined with limits or suspensions on some common itemized deductions means you may no longer have enough itemized deductions to exceed the standard deduction. If you do meet the rules for itemizing, there are still other requirements to claim a charitable deduction. Contact us with questions.

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect indi...
01/16/2019

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals beginning in 2019: 1) While the TCJA reduced the medical expense deduction threshold from 10% of adjusted gross income to 7.5%, the reduction applies only to 2017 and 2018. So for 2019, the threshold returns to 10%. 2) For divorce agreements executed (or, in some cases, modified) after Dec. 31, 2018, alimony payments won’t be deductible by the payer but will be excluded from the recipient’s taxable income.

We would like to wish everyone a Happy New Year
12/28/2018

We would like to wish everyone a Happy New Year

If you’re thinking about giving holiday gifts to employees or customers or throwing a holiday party, be sure to consider...
12/13/2018

If you’re thinking about giving holiday gifts to employees or customers or throwing a holiday party, be sure to consider the tax consequences, both for you and for the recipients of your generosity.

If your total itemized deductions for 2018 will exceed your standard deduction, bunching nonurgent medical procedures an...
12/13/2018

If your total itemized deductions for 2018 will exceed your standard deduction, bunching nonurgent medical procedures and other controllable expenses into 2018 may allow you to exceed the applicable floor and benefit from the medical expense deduction.

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more s...
11/27/2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Sec. 179 expensing and bonus depreciation both allow an immediate deduction for the cost of eligible asset purchases, rather than depreciating them over a number of years. The TCJA increases potential deductions under these breaks and expands the assets that are eligible. To qualify, you must place assets in service by the end of the year. So there’s still time to make purchases and reduce your 2018 taxes.

We are in our new location. Our new address is 120 Richard Jackson Blvd, Suite 200B, Panama City Beach, FL 32407. Our ...
11/14/2018

We are in our new location. Our new address is 120 Richard Jackson Blvd, Suite 200B, Panama City Beach, FL 32407. Our new mailing address is PO Box 9458, Panama City Beach, FL 32417. Our telephone number remains the same. Construction is still going on and we are still working to get settled in but we are fully operational. Until our phone system gets ported over, email will be the best form of contact.

Address

120 Richard Jackson Boulevard
Panama City Beach, FL
32407

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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