As of July 1, 2026, Florida allows business owners to form Series LLCs. We’ve already started getting questions from clients about whether this new structure can reduce taxes or simplify ownership.
The short answer? It may simplify your business structure, but it doesn’t automatically reduce your tax bill.
Series LLCs Are Now Available in Florida…What Does That Mean for Taxes? Read More »
If you read our original guide on OBBBA, this is the sequel nobody asked for but everyone needs. When the law passed, filing season was still a ways off. Now, that we’re officially in the “this actually matters” phase, we think it’s worth revisiting the key changes, along with the inflation-adjusted numbers that apply this year.
2026 Tax Filing Season Changes You Need to Know Read More »
As we observe National Retirement Security Month this October, let’s take some time to pause and think about the future. Even if retirement feels far away, the earlier you understand your options, the more secure your tomorrow becomes. Let’s take a look at traditional vs. Roth IRAs.
National Retirement Month: Traditional vs. Roth and Everything In Between Read More »
As the temperature rises and tourists flood in, many small businesses shift into high gear. Whether you’re running a smoothie shack, a beachfront boutique, or a seasonal pop-up, summer hiring can be either the key to success or a fast track to tax trouble.
The Sand Between the Forms: Navigating Seasonal Summer Hiring Read More »
Choosing the right business structure is one of the most important decisions for any entrepreneur. Beyond legal and operational considerations, each structure has unique tax implications that can impact your profits, personal liability, and administrative burden.
Understanding the Tax Implications of 5 Different Business Structures Read More »
As we step into 2025, staying informed about changes in tax legislation is essential for both individuals and businesses. Tax laws are continuously evolving, and understanding these updates can help you make informed financial decisions, minimize liabilities, and maximize potential deductions. Here’s an overview of some key changes for 2025 and their implications for taxpayers.
Navigating Tax Legislation Changes: What Taxpayers Need to Know for 2025 Read More »
When a disaster strikes, taxpayers may face significant financial losses. As hurricane season comes to a close and we begin rebuilding from the recent destruction, here’s what you need to know about the rules surrounding disaster losses.
Weathering the Storm: A Tax Guide for Disaster Recovery Read More »
Teaching is a profession that may demand more than just time and effort, but also personal investment. Teachers often spend their own money on classroom supplies, professional development, and other expenses that benefit their students. Fortunately, the IRS offers tax deductions to help offset some of these costs. One of the most significant deductions available
Tax Deductions for Teachers: What You Need to Know Read More »
As educational expenses continue to rise, families are increasingly turning to tax-advantaged savings accounts to help manage the costs of education. Each with their own set of benefits and restrictions, two popular options are 529 Plans and Education Savings Accounts (ESAs). Understanding 529 Plans A 529 Plan is a tax-advantaged savings plan designed to encourage
529 Plans and Education Savings Accounts (ESAs) Read More »
Selling a primary residence can be both exciting and overwhelming. To make informed decisions, it’s important to understand the tax implications. Here’s a comprehensive guide to help you navigate the tax aspects of selling your home. Capital Gains Tax Your gain is essentially the difference between the selling price and your home’s adjusted basis. The
Selling Your Primary Residence: A Tax Guide Read More »
As the landscape of work evolves, an increasing number of entrepreneurs and employees are embracing the flexibility of remote work. For those who have transformed a portion of their homes into a dedicated workspace, there’s a potential tax advantage awaiting discovery. Not every home office qualifies for tax deductions, specific criteria must be met in
Navigating Home Office Deductions for Your Business Read More »
In the evolving American labor market, 1099 employment has become a significant aspect for many working individuals. This form of employment represents a category of work that differs from traditional full-time employment. Understanding 1099 employment is crucial for both workers and employers to understand the responsibilities and expectations of both parties. 1099 employment refers to
Understanding 1099 Employment Read More »
If you itemize deductions on your tax return, you may be able to include any charitable contributions made during that filing year. Itemizing donations entitles taxpayers to charitable contribution deductions. Qualifying organizations, typically 501(c)(3), serve the public, providing a valuable service to the community and do not operate for profit. In general, these organizations are
Charitable Donations – Non-Cash Contributions Read More »
Similar to getting a real estate appraisal or checking the value of your stock, you can determine what your business is worth by having a valuation prepared by an accounting professional. A business valuation is the analytical process of determining the current or projected worth of a company. It can help determine where a company stands in the market.
There are a number of reasons why one would be interested in getting their business valuated…
Valuation of a Business Read More »
Tax identity theft is easier now more than ever with the ability to electronically file tax returns. However, there are steps you can take now to avoid having your identity stolen. Most tax identity thieves will file the fraudulent returns early in the tax year, so you can avoid this by filing your return as
How to avoid being a victim of identity theft Read More »
Did you accrue foreign taxes to a country outside of the US but are subject to US tax on the same income? Did you know that you may be able to qualify for either a credit or a deduction on those taxes? If you meet the following, you might qualify for a Foreign Tax Credit.
-The taxes must be imposed on you
-You must have paid or accrued the tax
-The tax must be the legal and actual foreign tax liability
-The tax must be an income tax
Foreign Tax Credit Read More »
Filing an extension for your tax return is simple, and almost everyone is eligible. But is it worth it? We cover the pros and cons of a tax extension below. What is a Tax Extension? A tax extension is a formal request to the IRS to extend your time to file your taxes. If approved,
Filing an Extension for your Tax Return – Pros and Cons Read More »
Your CPA is your number one resource for filing your taxes, but there are some things they cannot do (we know, hard to believe!). The IRS protects your privacy and limits what CPAs can do after they’ve filed your taxes.
CPAs are different than accountants. While CPAs are always accountants, it’s not always the other way around. CPAs go through continuing education, are licensed by a governing body, and monitored to ensure they follow all codes of conduct.
The Cans and Cannots of Your CPA Read More »
Health Savings Accounts help taxpayers minimize their taxes and save for medical expenses. It’s an interest-bearing account that allows you to cover your qualified medical expenses without paying taxes on the income. However, if you spend the money on ineligible items, you must pay taxes and penalties on the funds. The good news is that
Eligible Expenses of a Health Savings Account You May Not be Aware Of Read More »
The holiday season is fast approaching and many will soon be thinking about charitable contributions. We’re highlighting charitable contribution deductions and what you should know. Read on for important information.
Charitable Contribution Deduction – What is It? Read More »
You contribute to your retirement accounts to withdraw funds in retirement, right? But there are many rules you must understand before you take those distributions. Knowing them now may help you determine how best to invest in your retirement and when to withdraw funds to minimize your tax liabilities. Taxability of Traditional and Roth Distributions
Retirement Distributions – Everything you Must Know Read More »
Running a small business requires business owners to handle many tasks, and often budgeting gets put on the back burner. However, it is one of your most important tasks as a business owner. Unfortunately, many business owners avoid budgeting because they don’t understand it.
Most of this misunderstanding comes down to small business owners’ most common budgeting errors. Here are the top small business budgeting errors you should avoid to make budgeting easier.
5 Common Small Business Budgeting Errors to Avoid Read More »
Retirement planning should start as early as possible in your career. The more you save in your younger years, the more time your money has to grow. But what about the tax liabilities? This is something many people worry about. Most people know the tax deductions you get when you contribute to a traditional 401K
Can Retirement Planning Help you Pay Lower Taxes? Read More »
The IRS has strict filing deadlines, and your payment must be in on time in order to be compliant. But the IRS has 3 years to come back and claim an error or ask questions about your tax return and 10 years to collect any payments you owe and didn’t make. If you’re expecting a
Is there a Statute of Limitations on Tax Refunds? (Spoiler alert: yes) Read More »
15 to file your taxes. If October 15 falls on a Holiday or weekend, the deadline will be the next business day. Most taxpayers get the extension granted as long as they file it on time, but what happens afterward is what you must know.
I’ve Filed a Tax Extension, Now What? Read More »
A new refundable recovery rebate credit for 2020 has been signed into law as part of the Consolidated Appropriations Act of 2021. These payments will be paid in advance to individuals by January 15, 2021 and are in addition to the direct stimulus payments received in 2020. The new rebate is in the amount of
