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March 1, 2023
Tangible returns, property returns, personal property returns, tangible personal property returns, TPP, DR-405… you’re forgiven if you’re confused about personal and business property tax, especially because it differs from state to state. In Florida, tangible personal property (TPP)—as we’re going to call it—is a tax on businesses (not individuals, so don’t be fooled by the […]
February 1, 2023
If you’ve been going to town (literally) on business meals and entertainment expenses for the last two years, you may need to start second-guessing some of those starters as deduction percentages have decreased to pre-COVID levels for 2023. The Consolidated Appropriations Act of 2021, signed by the President on December 27, 2020, made changes to […]
January 31, 2023
Over the last few decades, the foreign affairs of U.S. citizens have come under increasing levels of government scrutiny. On November 4, 2022, the IRS issued a new draft set of instructions for an S-corporation’s 2022 Schedules K-2 and K-3; instructions for partnerships followed on December 23, 2022. The IRS finalized these instructions for 2022 […]
January 31, 2023
Recent 401(k) and IRA changes could have a significant impact on your personal finances and retirement savings, and it’s worth reassessing your savings plan. In December of 2022, President Biden signed the Secure 2.0 Act of 2022, a bipartisan retirement savings law that includes numerous retirement policy changes that will go into effect over the […]
January 19, 2023
It’s officially tax season, and that means many small business owners are scrambling to clean up their books from the previous year in order to hand information over to their tax preparers. While some small business owners dread this time of the year, others have taken control of their books and are prepared. But what […]
January 18, 2023
Roth conversion (converting from a Traditional to a Roth IRA) can be an attractive prospect when the market is down; you can move your balance to the Roth IRA while the taxable amount is lower and then let it grow tax-free in the Roth account. There are various reasons to convert a Traditional IRA to […]
January 10, 2023
Any financial planner worth their salt will not simply sell you financial products, review your portfolio, or conduct an insurance analysis or retirement assessment. Of course, these elements are essential parts of a financial plan, but by no means do they represent the whole. The core of your financial plan is you—not the products, services, […]
December 20, 2022
The Work Opportunity Tax Credit (WOTC) is available to employers that hire individuals from targeted groups that have traditionally faced barriers to employment. For each WOTC-eligible employee hired, you’ll be able to reduce your federal tax liability. The WOTC is one of the most underutilized tax credits available to businesses. Read on to find out […]
December 7, 2022
These days, it’s not uncommon for at least part of your home to double as office space. Whether you work from the couch or run your business from a designated room, you should know the tax implications of setting up a home office and claiming the home office deduction. Does it raise your chance of […]
December 1, 2022
Tackling home improvements and reducing your tax bill at the same time? Sounds like a win-win! The recently passed Inflation Reduction Act includes expanded tax credits for energy-efficient home improvements, which some analysts have estimated could save over 100 million households $37 billion a year on their energy bills. The 2022 Inflation Reduction Act extended […]
November 29, 2022
Ongoing research and development (R&D) is a cornerstone of a prosperous economy, which is why the IRS provides a federal R&D tax credit under Internal Revenue Code Section 41. But the scope of R&D isn’t limited to large-scale scientific development (such as large pharmaceutical companies working on a new drug); small businesses also can and […]
November 22, 2022
Amid rampant inflation, the Great Resignation, economic uncertainty, and the new normal of the working world, many businesses will soon be adding another challenge to the list: higher tax bills brought about by changes to tax regulations. In this blog post, we take a closer look at some of the big tax changes on the […]
November 16, 2022
IMPORTANT UPDATE: On November 10th, 2022, a court struck down the Biden-Harris Student Debt Relief Plan, and the administration has now stopped accepting applications for federal student loan forgiveness. The department says it will hold the applications of borrowers who have already applied. For now, borrowers should sit tight and wait to see what happens. […]
November 9, 2022
While January 31 may seem far away, now is the time to start organizing your information for 1099s. As a business, you’re required to send a Form 1099 to all contractors and vendors to whom you paid more than $600 in the calendar year. We can help you determine who needs a 1099 and offer […]
November 7, 2022
In the third quarter of 2022, the hottest topics were inflation, market swings, and what’s ahead for our economy. In our October 25th, 2022, economic update, we addressed these topics, as well as proposed legislation and what to expect in the upcoming tax season. We also discussed ways to protect your savings and how to […]
November 1, 2022
Adding to the list of tax credits made available in the last few years, the recently-passed Inflation Reduction Act (IRA) introduced and expanded on several tax credits, including tax incentives for purchasing electric vehicles and installing high-efficiency home improvements. These tax credits and deductions can really add up on your personal income tax return by […]
October 28, 2022
It’s no secret that being a business owner can be an incredible opportunity, while also presenting significant challenges on a daily basis. Business owners are battling many different fronts, from keeping employees and customers happy to keeping up with rising demand and the costs associated with doing business. This is especially true when an economic […]
October 27, 2022
The Employee Retention Tax Credit (ERTC), also known as the Employee Retention Credit (ERC), is one of the few significant COVID-19 relief options that could still be advantageous for eligible businesses. But the rollout of the ERC was complex and subject to significant changes, which led to the rise of questionable companies creating confusion among […]
October 21, 2022
When it comes to financial planning, saving for retirement is a top priority. When we picture our golden years, we hope to be able to enjoy financial freedom, live comfortably, and perhaps even provide for others after we’re gone. One of the most popular vehicles for people with earned income to save for retirement is […]
October 10, 2022
Don’t forget: there are some big changes in 2022 for anyone earning more than $600 through an online platform. Whether you’ve generated income from Etsy, Airbnb, eBay, VRBO, Uber, or Amazon, you can expect to receive a Form 1099-K, which is also filed with the IRS. So, is 1099-K income taxable? And how will the […]
September 28, 2022
Do you have a clear picture of your business’s inventory? Oftentimes business owners will go far too long without reviewing inventory, only to find out it’s in desperate need of cleanup. While the year-end inventory count is a valuable internal control, only checking inventory once a year can lead to incorrect information accumulating over 12 […]
September 23, 2022
The word audit can send a business owner into a nervous panic. But an audit isn’t always a serious issue, especially when conducted internally. Yes, there are audits performed by the IRS if there is reason to believe that taxes have not been paid accurately. However, small business owners often don’t realize that they should […]
September 20, 2022
The Inflation Reduction Act of 2022 was signed into law by President Biden on August 16, 2022. In addition to new taxes and credits, the Act directs $80 billion to the Internal Revenue Service (IRS). In this blog post, we summarize the Act’s tax revenue provisions, tax credits and deductions, IRS provisions, and how your […]
September 7, 2022
2022 not your year for earning potential? Many of us are still feeling the effects of the pandemic reflected in our income, AND we now have inflation to deal with. Perhaps you’ve been forced to take a break from work due to personal circumstances, or maybe your business just hasn’t done that well this year. […]
August 29, 2022
Whether you’re running a business, handling your personal affairs, or both, there’s no escaping the need for some level of financial accounting, bookkeeping, financial planning, and tax preparation. For many people, handling these financial elements is, at best, a drag; at worst, a costly omission or mishap. Fortunately, there are people out there who specialize […]
August 24, 2022
While building a successful family business takes a significant amount of time, effort and money, it can all come toppling down if you haven’t created a strong estate plan. According to PwC’s 10th Global Family Business Survey insights, family businesses make up more than half the world’s GDP and are massive contributors to social and […]
August 18, 2022
After months of negotiations, the Inflation Reduction Act of 2022 has been signed into law by President Biden. This act is a massive climate, healthcare, and tax bill that has the power to drive some real changes in our economy in the coming years. Here’s what we want our clients to know now. What is […]
August 10, 2022
This has been an interesting year for the markets and economy. There’s been a lot of change and volatility, but it’s nothing we haven’t seen before. In natural business cycles, companies will grow as demand grows. They’ll beef up supplies to meet anticipated demand and do more to capitalize or build more into their buildings […]
July 27, 2022
“More than 50% of Americans think that estate planning is at least somewhat important, but only 33% have a will or living trust.” – Caring.com Nobody likes to think about what will happen when they’re gone, but ensuring your estate is in order will help to prevent unnecessary family squabbles and reduce the tax burden […]
July 26, 2022
For companies looking to provide their employees with the tax benefits as a regular 401(k) plan without all the hassle, setting up a safe harbor 401(k) means they can skip the onerous annual testing requirements and expenses associated with nondiscrimination tests typically required for a traditional 401(k). In this article, we discuss the problems a […]
July 21, 2022
Once you’ve checked your tax return off the list for the year, it can be tempting to check out and enjoy your hard-earned income. As much as we’d all enjoy a long break from thinking about taxes, the truth is that it’s time to start tax planning for next year. By starting to plan now, […]
July 20, 2022
We may be in the heat of summer, but that doesn’t mean taxes are off-topic. In fact, summer is an ideal time to check in on your tax planning strategy and regular bookkeeping efforts. Proactive tax planning and preparation are key to a smooth tax season, ensuring you can take advantage of deductions and credits. […]
July 15, 2022
If you’re like many people, you put off filing your taxes until the due date is about to fall on your head. We get it—taxes can be a major source of stress, but they don’t have to be! With effective tax planning, you may be able to reduce your tax payable or secure a larger […]
July 14, 2022
Your home is probably one of the most significant purchases you’ll ever make in your life. It’s also one that comes with a lot of pride and emotion. Now, it’s time to sell. Of course, you want to make a profit, but what about the tax implications? Here’s what you should know if you’re selling […]
July 14, 2022
Given that the average annual cost (tuition, fees, and room and board) of college has increased 11% at public colleges and 14% at private colleges (over and above increases in the Consumer Price Index), it’s no surprise that college expenses can be overwhelming. In the 2021-2022 year, the average total cost of attendance for in-state […]
July 14, 2022
A budget is an essential part of any business. While developing the budget may sound daunting, it should really empower you as a business owner to make educated and informed decisions. Business budgets will help you prepare financially, relieve the stress of the unknown, and provide support in reaching your business goals. What exactly is […]
June 28, 2022
U.S. inflation continues to make headlines, with the most noticeable impact on the costs of real estate, fuel, and food prices. With inflation on the minds of consumers, our goal is to empower you to make informed decisions about your finances. Here is a quick primer on inflation, interest rates, and ways to safeguard your […]
June 22, 2022
The child and dependent care tax credit helps to offset the cost of child or dependent care for families that pay for care while they work—whether that’s child care, summer camp, babysitting, adult day care, or another form of care for qualifying dependents. Over the years, the child and dependent care tax credit has undergone […]
June 14, 2022
Every Floridian knows when the hurricane tracker tells you you’re in the “Cone of Uncertainty”, it’s time to read Tampa area Chief Meteorologist Denis Phillips’ seven hurricane rules. But what if Denis Phillips was a financial planner rather than a meteorologist? What would he say about the market? I imagine a calm, Denis Phillips-like financial […]
June 7, 2022
All too often, we see people missing out on great tax-saving opportunities because they simply don’t know about them. And with tax laws changing every year, it’s not always easy to keep up with the latest tax deductions, credits, and exemptions. Our list of frequently missed tax breaks may help you uncover money-saving opportunities this […]
June 1, 2022
We are still dealing with COVID. We’ve seen empty shelves and inflation. We’ve watched Build Back Better drift from headlines to the dusty recesses of media memory. We’re staring down a bear market. As a result, our team has had many clients looking at their portfolios, watching the headlines, and raising questions about their investments. […]
May 24, 2022
While the family office concept has been around for decades, it has seen significant growth in the past 10 years. We attribute this to many of the factors driving other changes in the business world: greater home connectivity and access to information, as well as the tremendous amount of change and upheaval in the wealth […]
May 21, 2022
Key performance indicators (KPIs) are essential for business owners to track over time in order to make well-informed business decisions. This data will help business owners make decisions that directly impact the business today and in the future. KPIs should be monitored on a regular basis (monthly, weekly, etc.). The data being measured needs to […]
May 10, 2022
“Join me in inviting @elonmusk to move @Twitter to the freest state in the nation! Florida would benefit the company as a whole—we have no state income tax and the perfect business climate. It’s time to book a one-way ticket,” said Florida CFO Jimmy Patronis in a tweet after it was announced that Elon Musk […]
May 4, 2022
What would you do with a significantly lower tax bill, or even a refund this year? Thanks to special tax rules affecting short-term rental property, you may be able to significantly improve your cash flow by commissioning an engineering firm to conduct a cost segregation study for your short-term rental property. Thanks to the Tax […]
April 26, 2022
Last week’s blog covered some of the 2022 tax changes that may cause your tax situation to be quite different than it was in 2021. Here are some additional changes that may impact your return for the next filing season. Standard Mileage Rates Mileage Type 2021 2022 Standard mileage rate for business driving/mile 56¢ 58.5¢ […]
April 21, 2022
Although filing your 2021 tax return may still be top of mind, there’s no better time to start planning for the tax changes coming in 2022. Every year brings with it a long list of tax law changes that can affect your bottom line, so it’s important to familiarize yourself with what’s new and what’s […]
March 24, 2022
Self-employed? Here are 7 frequently overlooked ways to make the tax laws work for you Have you launched a new business venture, recently become self-employed, or found yourself side-hustling up a storm? This tax season, make it your mission to get on top of your tax deductions and credits to relieve stress and boost your […]
