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May 1, 2025
$600 doesn’t sound like much in the grand scheme of a year’s income. It could come from a few sales on Etsy, or maybe you rented your home out on Airbnb out for a couple of nights. From the perspective of the IRS, however, that $600+ represents taxable income that has historically gone unreported—and unsurprisingly, […]
April 2, 2025
Did you know that your coffee runs, client lunches, and even office parties could lower your tax bill? Business meal and entertainment expenses can be valuable deductions, but only if you know the rules. If you’re unsure whether a particular expense falls into one of the below categories, consult with your bookkeeper or other financial […]
March 13, 2025
Have you launched a new business venture, recently become self-employed, or found yourself side-hustling up a storm? If so, you might be wondering: “What can I deduct as a self-employed individual?” This tax season, make it your mission to get on top of your tax deductions and credits to relieve stress and boost your bank […]
February 5, 2025
Whether you’re a salaried employee, a freelancer, a small business owner, or a corporation, understanding and adhering to tax deadlines will help you effectively manage your tax obligations throughout the year, ensure compliance with tax laws, and avoid unnecessary penalties. But we know you have plenty going on in your life, and keeping track of […]
January 29, 2025
Every year, we receive numerous phone calls from taxpayers asking if their returns need to be changed because they have received Form 5498. The good news is that Form 5498 is informational and you don’t have to do anything with it. Form 5498 is like a receipt for your IRA activity. It doesn’t require any […]
January 21, 2025
Here at FSA, it’s our mission to make a positive impact on our community. (You can learn more about how we do this on our FSA Gives Back page.) We encourage our clients to do the same; not only because charitable giving is a powerful way to support causes you care about, but also because […]
January 14, 2025
When you’re looking for tax help, you’ll often see two sets of letters: CPA and EA. Both CPAs (Certified Public Accountants) and EAs (Enrolled Agents) are licensed professionals who can handle taxes. But the credentials mean different things, and the level of service they provide can vary. Here’s a clear breakdown to help you decide […]
January 7, 2025
Tax season is rarely anyone’s favorite time of year, but being prepared can make it a whole lot easier. For small business owners and managers of larger operations alike, having the right paperwork in place means fewer headaches, less last-minute scrambling, and a smoother process for everyone involved. The last thing you want is to […]
December 18, 2024
The IRS has ramped up its enforcement efforts. If you’ve heard the buzz about new agents, AI-driven audits, and an increased focus on higher earners and small businesses, you might feel a little uneasy. But no need to panic—just plan and prepare. Here’s what’s happening and what you can do to stay ahead. You may […]
December 9, 2024
Do you have a clear picture of your business’s inventory? Business owners will often go far too long without reviewing their inventory, only to find out it’s in desperate need of cleanup. The problem with keeping accurate inventory records is that it can take significant time and resources. This is why many small businesses put […]
December 3, 2024
Earlier this year, the Department of Labor (DOL) announced a rule intending to significantly raise the salary thresholds for overtime eligibility under the Fair Labor Standards Act (FLSA). However, on November 15, 2024, a Texas federal court struck down the rule, invalidating it nationwide effective immediately. UPDATE ON 2024 OVERTIME RULES: KEY TAKEAWAYS – A […]
November 20, 2024
Planning for retirement involves strategic financial decisions, which is why it’s important to understand the latest retirement savings plan contribution limits and what they mean for you and your ability to maximize your savings. Every year, the IRS sets new limits on how much you can contribute to different types of retirement plans. These limits […]
November 11, 2024
As the year comes to a close, it’s the perfect time to ensure you’re maximizing your tax savings and heading into the new year with confidence. Proactive tax planning can help you avoid surprises in tax season and fully capitalize on deductions, credits, and tax-efficient strategies. Below are some crucial areas to discuss with your […]
November 6, 2024
Nonprofit organizations, especially tax-exempt 501(c)(3) organizations, face unique accounting needs. Unlike for-profit entities that focus on maximizing profits, nonprofits prioritize fulfilling their missions and ensuring responsible stewardship of funds. Accounting automation helps nonprofits focus on their mission-driven goals while keeping their financials in check. Lift Jax, an organization dedicated to eradicating generational poverty in Jacksonville, […]
October 31, 2024
For many businesses, one of the biggest year-end tasks is sending and filing 1099 forms by the January 31st deadline. Depending on how many contractors your business has used this year, and how organized you’ve been about keeping good records, 1099 requirements can become a big project that you don’t want to leave until the […]
October 8, 2024
Even if selling your business isn’t on your radar right now, it’s important to remember that circumstances can change quickly. Having your financials in order before an opportunity or challenge arises can position you for success. Whether you’re selling your company, merging, or acquiring another, ensuring your business is financially prepared will help you get […]
October 2, 2024
Key takeaways: The IRS has released its final regulations regarding retirement plans and IRA Required Minimum Distributions (RMDs). Changes to 401(k) and IRA rules could significantly impact your retirement savings and overall financial strategy. It’s time to reassess your plan to ensure you’re maximizing your benefits. In December 2022, President Biden signed the Secure 2.0 […]
September 18, 2024
The IRS is taking steps to bring more clarity and compliance to digital asset reporting by releasing the draft Form 1099-DA. Set to be used by brokers to report certain sale and exchange transactions starting in 2025, this form aims to simplify tax reporting for digital assets and enhance transparency in an often opaque market. […]
September 9, 2024
When it comes to having a hurricane preparedness plan for your business, you’ve probably seen all the lists of supplies to stock and ways to prepare your property to minimize damage. But most people don’t think about the implications for their business and finances until after the storm has passed. As we navigate an unpredictable […]
August 20, 2024
We take pride in nurturing the next generation of finance professionals through our comprehensive internship program. This summer, we had the pleasure of welcoming Chloe Shaw, a senior finance student from Florida State University (FSU). Over the years FSU has consistently brought us talented and motivated individuals like Chloe, so we appreciate our continued partnership […]
August 14, 2024
If you have a profitable S-Corporation (S-Corp), it’s worth taking a moment to remind you about reasonable S-Corp wages… before the State of Florida does! How S-Corp payroll works S-Corporations are unique because they provide the limited liability of a corporation and the pass-through taxation of a partnership. In an S-Corp, you typically pay yourself […]
August 7, 2024
Tax accounting generally follows straightforward principles: you earn income, pay expenses, and then pay taxes on the net income. However, S-Corp flow-through taxes can be complex and often require extra attention to detail. Following proper procedures can significantly reduce your tax liability. Three key areas where S-Corp shareholders can save on taxes are health insurance, […]
July 29, 2024
As we progressed through the second quarter of 2024, several factors continued to influence market dynamics—and your financial plan. We recently hosted a webinar to delve into these pressing issues and offer insights pertinent to the current economic climate. Here are some of the key takeaways from the session. What’s next for inflation and interest […]
July 23, 2024
A significant change is on the horizon that will impact many people’s estate and gift plans. The current tax laws, which have been favorable to individuals looking to transfer wealth to their heirs, expire on January 1, 2026. At that time, the laws will revert to pre-2018 provisions, potentially affecting your financial strategies and future […]
July 17, 2024
Individual Retirement Accounts (IRAs) are very useful tools for retirement savings. They offer tax advantages that encourage people to save for their future. There are two core types of IRAs that most people are familiar with: traditional and Roth. While they share many similarities, they offer different tax treatments. If you have both types, you […]
July 10, 2024
Converting a Limited Liability Company (LLC) to an S-Corporation (S-Corp) can offer several advantages for business owners, including tax savings. However, before you make any permanent changes, you’ll need a careful understanding of the legal and financial implications. In this article, we’ll explore the key aspects of converting an LLC to an S-Corp, including the […]
July 2, 2024
Florida has introduced a new tax credit initiative (p111) aimed at assisting businesses that help cover the costs of childcare for their employees, effective for the 2024-2025 fiscal year. This move is designed to alleviate the financial burden of childcare, enabling more parents to participate fully in the workforce. Here’s a detailed look at what […]
June 26, 2024
Commercial property owners in Duval County, Florida, who manage rentals are all too familiar with the sales taxes associated with commercial property leases—especially since Florida is the only state that imposes sales tax on commercial rent. As of June 1, 2024, there are significant updates to the commercial rental sales tax rate in Florida. Property […]
June 12, 2024
Important Update – August 20, 2024: A federal judge in Texas, District Judge Ada Brown, has blocked a new Federal Trade Commission (FTC) rule that aimed to make it easier for employees to leave jobs and work for competitors. The judge ruled that the FTC had overstepped its authority and that the rule was “arbitrary and […]
June 5, 2024
State entity-level taxation has become a hot topic due to the significant limits individuals face when deducting state and local taxes on their individual returns. Under current tax law, these deductions are capped at $10,000. This cap includes real estate taxes, property taxes, sales taxes, and state income taxes. For many taxpayers, particularly those in […]
June 3, 2024
Trusts are a powerful estate planning tool, offering flexibility, control, and potential tax benefits. Understanding how trusts are taxed is essential for effective tax planning. Trust taxation can be complex, as it varies depending on the type of trust and its activities. We’ll explore how irrevocable trusts and revocable trusts are taxed, how trust distributions […]
May 29, 2024
In tough economic times, many once-thriving business owners find themselves needing to tap into their tax-deferred retirement savings to make ends meet or cover a large bill. It happens more often than many people think, and it’s precisely why the IRS has rules for early retirement distributions. If you find yourself in the situation of […]
May 15, 2024
Planning for our children’s (or grandchildren’s) future education has been on many of our minds since they were infants. However, in a changing world, it’s never certain whether our children will attend college. And if they do, how can we be sure they will need the full extent of our savings? These questions can leave […]
May 8, 2024
When it comes to health insurance expenses for certain categories of employees, the tax rules get a little complicated. IRS Notice 2008-1 addresses one of these specific groups: 2-percent shareholders of S corporations. These individuals have unique considerations regarding health insurance costs. Reporting health insurance premium payments incorrectly can impact both the company and the […]
May 7, 2024
As we step into the second quarter of 2024, investors are grappling with a host of uncertainties, from the trajectory of interest rates to the impact of inflation on the economy. Our recent Tax and Market Update shed light on these pressing issues and provided clarity amid economic uncertainty. Here are some of the key […]
May 1, 2024
For small business owners, bookkeeping can be a struggle. Many aren’t in a position to add accounting staff, or they see bookkeeping as an area to cut costs by doing it themselves. Almost inevitably, whether it’s because the business grows or there’s just too much else to do, the books fall behind. Below are the […]
April 24, 2024
18 APRIL 2025 UPDATE: After April 18, 2025, taxpayers will no longer be able to file amended returns to claim the credits associated with Form 7202. Consequently, Form 7202 will become obsolete and will not be applicable for any tax years beyond 2021. It’s important to note that these credits were specifically designed for the […]
April 17, 2024
Today’s interconnected world has opened the windows of the World Wide Web to allow businesses to collaborate with talent from across the globe. If you’re a U.S. employer engaging foreign contractors, you need to ensure the proper completion of Form W-8BEN: the Certificate of Foreign Status of Beneficial Owners for United States Tax Withholding and […]
April 11, 2024
How do you feel about investing in an election year? As frequently happens, election season is stirring up a lot of emotions. Some of the things keeping Americans up at night are questions like, “How will this election affect the stock market? My child’s college savings fund? My retirement fund?” These are valid concerns, especially […]
March 20, 2024
According to figures from the US Bureau of Labor Statistics (BLS), the number of self-employed people in the US was 10.01 million in December 2023. So, how are those 10 million Americans saving for retirement? Many people who leave the corporate world in favor of self-employment also leave their company retirement benefits behind, but that […]
March 13, 2024
After months of searching, countless open houses, and endless deliberation, you’ve finally found your dream home. Like many homebuyers, your mortgage requires Private Mortgage Insurance (PMI). The premium will most likely be included in your monthly payment, and you may be wondering whether PMI is tax deductible. Key points: Mortgage Insurance Premiums (MIP) or Private […]
February 27, 2024
You’ve always dreamt of being your own boss. You’ve spent nights crafting business plans and plotting your success. But, let’s get real—the thought of starting from ground zero is nothing short of terrifying! What if you could step into an existing business, one with a proven track record and a loyal customer base? Buying an […]
February 21, 2024
Combined sales of battery electric vehicles (BEV), hybrid vehicles, and plug-in hybrid electric vehicles in the United States rose to 16.3% of total new light-duty vehicle (LDV) sales in 2023, up from 12.9% in 2022. Could EV tax credits be playing a role? With the recent passage of the Inflation Reduction Act (IRA), the federal […]
February 13, 2024
Let’s be honest: none of us enjoys handing hard-earned money over to the IRS, but we’re all responsible for paying taxes. The good news is that taking advantage of tax-efficient investing and using tax-advantaged accounts allows you to retain more of your earnings and defer tax liabilities. Why is tax-efficient investment important? Taxes can eat […]
February 7, 2024
A burgeoning tech entrepreneur had an idea she believed could fetch $100 million in five years. She set up her business as a C-corporation—an unconventional move for a small startup. Why? Because she understood the potential of qualified small business stock under Section 1202. If you’re starting a small business with the intention of eventually […]
January 27, 2024
Hiring independent contractors for your business can reduce paperwork and tax payments, but it does require using 1099 forms for reporting purposes. There are numerous 1099s to report different types of non-employment income to the IRS during the tax year. In this quick cheat sheet, we’ll break down the differences between Forms 1099-MISC and 1099-NEC […]
January 18, 2024
Don’t forget: some big changes are coming for anyone earning more than $600 through a third-party settlement organization (TPSO). Whether you’ve generated income from Etsy, Airbnb, eBay, VRBO, Uber, or Amazon, you can soon expect to receive a Form 1099-K, which is also filed with the IRS. So, is 1099-K income taxable? And how will […]
January 17, 2024
Held in January 2024, our 2023 wrap-up and 2024 financial planning webinar covered a number of key topics to ensure that our clients are well informed and equipped for the year ahead. Here are some of the key takeaways from the session: New tax credits for energy efficiency Homeowners eyeing energy-efficient upgrades, such as air-conditioning […]