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 »
When people think about taxes on investments or property, they often focus on the sale price. But from a tax perspective, an equally important number to consider is their basis.
Basis represents your investment in an asset as the starting point used to determine gain or loss when that asset is sold. Since basis can change over time due to improvements, depreciation and other adjustments, understanding how it works can help you understand accurate tax liability.
Understanding Basis Read More »
Few words make people more nervous during tax season than the word audit. It’s easy to imagine the IRS combing through every detail of your finances, looking for something wrong. In reality, audits aren’t as common as most people think. Most tax returns are processed automatically, and only a small percentage is selected for review.
6 Things That Can Raise IRS Audit Risk (and How to Avoid Them) 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 »
After the holidays pass, the ball drops and then suddenly it’s upon us: taxes. They’ve shaped our country from the moment people in powdered wigs started arguing about tea; and they continue to influence how we live, work and plan to this day. As we head into a new year (and a new tax season), let’s look at how the American tax system evolved into the modern system that has us all calling our accountants every January.
A Brief History of Taxes in America: From Tea to TurboTax Read More »
When congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, it redefined how Americans paid taxes. It lowered tax rates, expanded deductions and rewrote decades of policy. But many of those provisions were set to expire at the end of 2025.
Now, a new law has entered the scene: the One Big Beautiful Bill Act (OBBBA). Positioned as both a continuation and a correction, it redefines what the post-TCJA tax world looks like.
From TCJA to the Big Beautiful Bill: What’s Changing for Taxpayers 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 »
Whether you’re at a poker table or a slot machine, taxes are probably the last thing that comes to mind. But when it comes to the IRS, gambling wins and losses aren’t considered as just good luck, but rather a part of your taxable income. Understanding how gambling is taxed can help you stay compliant and avoid surprises at tax time.
Gambling & Taxes: When Lady Luck Meets the IRS Read More »
As August ushers in back-to-school season, many families may be thinking about new supplies, scheduled and send-offs. But beyond the backpacks and last-minute bookstore runs, this season also provides an opportunity to invest in your student’s future… and save on taxes while you’re at it.
Back-to-School with a Purpose: Smart Tax Moves for Supporting Students 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 »
June is the season of vows, venues, and cake tastings. Getting married changes your tax life, and understanding those changes now can save you money, stress, and a few unexpected letters from Uncle Sam. Here’s what newlyweds need to know.
Weddings & The IRS: What Newlywed Couples Should Know About Taxes Read More »
Sales tax is a consumption-based tax imposed on the sale of goods and certain services. In most cases, the seller collects the tax at the point of sale, and the buyer bears the cost. The collected tax is then remitted to the appropriate state or local tax authority, typically on a monthly or quarterly basis.
What Is Sales Tax? (And How It Works in Florida) 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 »
Understanding how your income and investments are categorized is essential to making smart financial decisions. The IRS separates your earnings into two primary categories: ordinary income and capital income, each taxed depending on its source.
Ordinary vs. Capital Income and Short-Term vs. Long-Term Gains Read More »
Tax season can feel overwhelming, but taking the proactive step of filing your taxes early can provide significant advantages (and help you avoid going through the 5 stages of grief over your tax filing). From quicker refunds to reduced stress, early filing helps you stay ahead of deadlines while avoiding many common tax-related headaches. Here’s a closer look at the benefits and effective strategies for filing your taxes early.
File Now, Breathe Later: Why Early Tax Filing is a Smart Move 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 »
Tax loss harvesting is a tax-saving strategy that involves selling investments at a loss to offset capital gains and, in some cases, taxable income. This practice can help investors lower their overall tax burden while maintaining their desired asset allocation.
Understanding Tax Loss Harvesting and Wash Sale Rules Read More »
The Financial Crimes Enforcement Network (FinCEN) plays a pivotal role in the US financial system with a focus on preventing money laundering and terrorism financing. Effective in 2024, a critical element in this framework is the reporting of Beneficial Ownership Information (BOI). BOI refers to data identifying the individuals who own or control a company.
Understanding BOI and FinCEN:
Implications for Businesses and Compliance 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 »
Managing taxes may feel like navigating a maze for business owners and freelancers. Unlike traditional employment which offers automatic tax withholding from paychecks, independent contractors must handle their tax obligations on their own. We recommend managing this by making quarterly estimated tax payments, advance payments made directly to the IRS on taxable income and can
Understanding Quarterly Estimated Taxes:
A Guide for Business Owners and Freelancers Read More »
Unlike traditional employees whose taxes are automatically deducted from their paychecks, business owners and freelancers often need to manage their own tax payments. Making quarterly tax payments are one effective way to handle this, with the added benefits of avoiding potential penalties and managing cash flow. A primary benefit of paying quarterly estimated taxes is
The Benefits of Paying Quarterly Taxes: Avoiding Penalties and Managing Cash Flow 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 »
Offering potential for growth and sustainability, small business loans can be a valuable lifeline for entrepreneurs. These loans can provide the necessary capital to start, maintain or expand operations, but it’s essential to understand the potential tax implications. Like personal loans, small business loans are not considered taxable income because you are required to repay
Navigating the Tax Implications of Small Business Loans Read More »
Whether you’re consolidating debt, funding a major purchase or handling an emergency, personal loans can be a great tool for managing expenses. However, they do come with their own set of tax implications that borrowers should understand to avoid surprises come tax season. Personal loans are not considered taxable income. Borrowers are not subject to
Understanding the Tax Implications of Personal Loans Read More »
Selling a rental home involves different tax rules from selling a primary residence and can have substantial tax implications. Here’s a comprehensive guide to help you understand the tax aspects of selling your rental property. Capital Gains Tax When you sell a rental home, any gain from the sale is generally subject to capital gains
Tax Considerations When Selling a Rental Home 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 »
When it comes to running a business, every expense matters. An often-overlooked area to optimize financial strategies is the business use of a vehicle, which can offer significant tax advantages if managed correctly. What constitutes qualifying business use? Generally, the use of a vehicle for business-related activities, such as transportation to client meetings, travel to
Maximizing Tax Benefits: The Business Use of a Vehicle Read More »
Being self-employed brings many freedoms, but also unique tax responsibilities. Unlike traditional employment, self-employed taxpayers need to manage their tax obligations throughout the year actively. As tax season begins, here’s a comprehensive checklist to help you prepare your taxes efficiently and maximize your deductions. Gather all documents that report your income, including 1099-NEC forms from
Self-Employed? Here’s Your Tax Preparation Checklist Read More »
As the calendar resets and a new year is upon us, it’s time to gear up for the upcoming tax season. This period brings proactive planning, organization and informed decision making to navigate tax obligations efficiently. The IRS will begin accepting electronically filed returns mid-January and the deadline to file will follow on April 15th.
Embrace a Fresh Start: Welcome to the New Tax Season! 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 »
W-2 employment represents the traditional employment model in today’s diverse labor market, defining the conventional employer-employee relationship. W-2 employees are individuals who are formally employed by a company or organization, and whose income tax is withheld by their employer. The employer has specific legal and financial obligations towards the employee. Employers file form W-2 with
Understanding W-2 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 »
Whether you’re starting a new business or trying to get your personal finances in order, you may be wondering what the benefits of retaining an accounting professional are. Accountants have specialized knowledge and experience in accounting, tax laws and financial management. Professionals are less likely to make errors in financial statements, tax filings or other
Advantages of an Accounting Professional Read More »
Overview If you want to evaluate your business, there are three core financial statements you can use. A Profit and Loss Statement will outline changes in accounts over a set period, while a Balance Sheet shows a company’s assets and liabilities at a specific point in time. Cash flow statements highlight cash management and shows
Financial Statements to Evaluate Your 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 »
What is tax identity theft? Tax identity theft occurs when an identity thief files a fraudulent return using a stolen taxpayer’s social security number to claim the victims tax refund. The thief would use the victims personal and consumer information to file the forged tax return, usually early in the filing season before the victim
What to do in the event of tax identity theft? Read More »
1040 – US Individual Income Tax Return If you are an individual, whether you are married or single, you will need to file an annual 1040 tax return by April 15th. Taxpayers file as one of the following filing statuses. This return is used to calculate your taxable income and the tax on that income.
What type of return do I need to file? Read More »
If you have foreign bank accounts in other countries as a US citizen, you may be wondering what this means when it comes to filing your taxes. Per the Bank Secrecy Act (BSA), foreign financial accounts must be reported to the department of treasury every year. This act gives the treasury department authority to collect
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 »
Have you ever wondered what your tax return goes through after you file your taxes? Maybe you picture this efficient system where everything is automated, streamlined, and ready for processing immediately. Unfortunately, that’s not it. Instead, what you should picture is piles of papers stacked wall-to-wall, in stacks taller than most adults piled in every
An Inside Look at the IRS (Spoiler Alert: It’s not as Glamorous as you may Think) 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 »
It’s that time of year when everyone is giving gifts, and sometimes that means cash. However, gifts can also be cars, jewelry or investments. So while you probably don’t have to worry about Uncle Sam wanting his part, there’s always a chance. Understanding the gift exclusion limits and what will happen to your taxes if
Are Holiday Gifts Taxable? Read More »
We’re almost in the season of giving, so we wanted to focus on charitable distributions. Keep reading for what you must know. If you have retirement accounts from which you want to make charitable distributions, you may benefit from the direct income reduction and the standard deduction everyone is eligible to receive. How to Make
Charitable Distributions – What you Must Know Read More »
Tax time isn’t something most taxpayers look forward to, but when you can take tax deductions, it can be much easier to handle. For example, if you’re a homeowner, you may be able to deduct your mortgage interest and property taxes up to specific points. The Tax Cuts and Jobs Act changed how much homeowners
Mortgage Interest and Property Tax Deductions on your Primary Residence Read More »
You have to pay taxes – it’s the law, but that doesn’t mean there aren’t ways to minimize your liability and maximize your refund. Knowing what deductions and credits you’re eligible for can decrease your tax liabilities. These three credits can help you get more money back at tax time, keeping more of your hard-earned
3 Credits to Maximize your Tax Refund Read More »
On April 5th of 2022, the Pasco County Board of County Commissioners approved to raise the tourist development tax rate for Pasco County from 4% to 5%. This Ordinance was passed unanimously, and it is scheduled to take effect for rental stays starting June 1st, 2022. For our Zephyrhills residents specifically, this means that anyone
Pasco County Raising Tourist Tax to 5%: Effective June 1, 2022 Read More »
If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.
The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.
Here’s what you must know about deducting your home office expenses.
How to Deduct Your Home Office as a Tax Expense 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 »
If you’re self-employed, you can take a tax deduction for miles driven either as a standard deduction or based on your actual costs. The mileage rate is set each year by the IRS. The standard mileage deduction was $0.56 per mile in 2021, but has jumped up to $0.585 per mile in 2022. However, who
How to Deduct Mileage on your Taxes Read More »
The child tax credit changed for tax year 2021 and quite frankly, it can get confusing. While it’s good news that it increased, it can be a source of confusion for many. Here’s what you must know about the child tax credit for 2021. How Much is the Child Tax Credit for Tax Year 2021?
Important Info to Know About the Child Tax Credit and its Tax Implications Read More »
Tax season is here, but it looks a lot different than before. Not only have regulations changed, but there are certain steps you should take before you file your taxes that could save you money on your tax liability.
Here are the top 5 tips to help you make this tax season easier than ever before.
5 Important Tips to be Aware of This Tax Season Read More »
If you own a small business, you may wonder if you should file as an LLC or S Corp. Both options offer pass-through income, but an S-Corp has more tax benefits that you should be aware of to help you decide. S Corp vs LLC – What’s the Difference? An S Corp is a tax
S Corp vs LLC – Which is Better for Taxes? Read More »
If you work for a company that pays you ‘under the table’ in cash, you may wonder if you have to pay taxes, and if so, how? First things first – you must pay taxes on any income you earn. No matter how much money you earn, if it’s not from an employer, the IRS
Do I Need to File Taxes if I Get Paid Cash? Read More »
Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in December 2021. Since then, we have received the same question
Should you Opt Out of the Advanced Child Tax Credit? 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
Is your tax return secure? An IP PIN may help Starting in 2011, the IRS began offering taxpayers a way to protect their tax return from fraudulent electronic filing by issuing taxpayers an Identity Protection Personal Identification Number (IP PIN). The IP PIN is a six-digit number required to be included on a tax return
Avoid Scams, Get an IP PIN Read More »
Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all
Guide: Deductions for the Self-Employed Read More »
