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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 29, 2024
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 […]
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 19, 2024
The Department of Labor (DOL) recently announced a final rule that will significantly raise the salary thresholds for overtime eligibility under the Fair Labor Standards Act (FLSA). Effective July 1, 2024, the minimum salary threshold for executive, administrative, and professional (EAP) exemptions will increase to $844 per week (or $43,888 per year), with a further […]
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
Were you self-employed in 2020 or 2021 and had to miss work due to COVID-19? Perhaps you were sick or had to take care of a child or family member. If so, you may be eligible to claim tax credits. If you’re self-employed or part of the gig economy, you’ve likely been bombarded with ads […]
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 […]
April 3, 2024
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 […]
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 […]
January 10, 2024
In a significant move aimed at alleviating the financial burden on taxpayers, the Internal Revenue Service (IRS) has announced a waiver of nearly $1 billion in late-payment penalties for millions of individuals, businesses, trusts, estates, and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. Understanding the tax relief measures The […]
January 3, 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 […]
December 20, 2023
Research & development (R&D) drives innovation, competitiveness, and job creation in many industries. But in case you missed it, the Tax Cuts and Jobs Act (TCJA) altered Section 174 of the tax code that allowed companies to fully expense R&D costs in the year incurred. R&D costs are now amortized over five years for domestic […]
December 6, 2023
There’s a reason your car’s windshield is so much bigger than its rearview mirror. Sure, both can save you from having an accident, but there’s no doubt which piece of glass plays a bigger role in your safety. In the same way, you can panic when the tax deadline arrives, rush to take out a […]
November 30, 2023
As the year draws to a close, businesses need to gear up for the year-end financial flurry and ensure a smooth transition into the new year. We all know that January will be here before we know it, so we have put a year-end prep list together to help your business out. Here are 10 […]
November 16, 2023
MARCH 2024 UPDATE: The rules of engagement are changing for the Beneficial Ownership Information (BOI) filing requirement. On March 1, 2024, the U.S. District Court for the District of Alabama ruled the Corporate Transparency Act (CTA) unconstitutional in the case of National Small Business Association v. Yellen. This decision suspends the requirement for small businesses […]
October 25, 2023
As a small business owner, you wear many hats, but you can’t expect to be an expert in everything from fundraising to finances. That’s why many business owners and managers seek out specialist advisory services. Ultimately, advisory services provide expert advice to help you solve problems and reach important goals. When you know you have […]
October 3, 2023
If you weren’t prepared to file your federal tax return in mid-April, you hopefully requested an extension by filing Form 4868. But what happens if you still haven’t been able to put your tax information together and also missed the October deadline? You may also be interested in: Everything you need to know about filing […]
September 28, 2023
Medical professionals and nonprofits face unique challenges when it comes to managing their resources effectively, from unprecedented cost pressures, regulatory challenges, and diverse revenue sources. A robust Financial Planning and Analysis (FP&A) strategy is crucial to navigating these complexities and making data-driven decisions that lead to long-term growth and sustainability. What is Financial Planning and […]
September 20, 2023
Running a small business comes with its fair share of financial responsibilities. One crucial aspect of managing your business finances is understanding and maximizing tax deductions. By identifying and properly categorizing your expenses, you can significantly reduce your taxable income. We can also help you tackle those tasks now—our expertise includes implementing frameworks into your […]
September 11, 2023
In the world of small business finance, staying on top of your numbers is non-negotiable. But it’s not just about crunching numbers; it’s about understanding the story they tell. That’s where your financial statements come in to help you make informed decisions. The three major types of financial statements every small business owner should know […]
September 1, 2023
Your small business might offer the best product or service the market has ever seen, but if your finances aren’t in shape, you’re dead in the water. We know that not everyone’s a number nerd! Regardless of your feelings about your high school math classes, managing finances is one of the most critical aspects of […]
August 28, 2023
An income statement isn’t just a spreadsheet full of numbers designed to make your eyes cross—with the right understanding, the small business income statement tells the financial story of your business. Think of it as a backstage pass to your financial performance, revealing how much money you’re making, where it’s coming from, and where it’s […]
August 9, 2023
In accounting, the job is never done. We know all too well that, with process after process to deadline and cut-off, there’s barely a gap to breathe. But closing your books every month is time well-spent in the long run, helping you keep accurate records and a close eye on your finances throughout the year. […]
August 2, 2023
Sales tax for business owners is undoubtedly one of the most complex and specialized aspects of running a small business. With each state and locality having its own set of laws, tax rates, timetables, and exemptions, dealing with sales tax can be overwhelming and frustrating. And as online sales continue to surge, the complexities have […]