How entangled should your personal and business finances be? Many small-business owners may be put in a precarious situation if they commingle funds and then things go sour during the pandemic and ensuing recession. Paying your business expenses from your personal accounts puts you at risk for possible personal liability. Resist the urge to pay
March 2020 Client Spotlight Instelite
Our March client in the spotlight is Instelite, an organic Instagram marketing solution which gets your Instagram account real followers using social media marketing tools, and managed Instagram marketing services. Instelite assists entrepreneurs, service professionals and business owners struggling with social media and brand development. Their clients include E-commerce stores, athletes, entertainers, real estate brokers,
Lawmakers Let Tax Extenders Live
Congress was not too distracted by impeachment to pull together last-minute legislation for a year-end appropriations measure which included extensions of numerous tax provisions that had already expired or were about to. In a last-minute deal right before Christmas, Congress agreed to revive the expiring tax breaks below, including many that have been gone for
Determining Reasonable Compensation for C Corps and S Corps
The reasonableness of shareholder and employee compensation is an important though often controversial income tax consideration for closely held corporations such as either a C corporation or an S corporation. When excessive amounts of compensation and benefits are provided to an individual, the IRS will treat the excess as dividends. This can result in double
2019 Year End Business Tax Strategies
Even though mid-December is upon us, there are several tax planning opportunities still available to reduce a business’s 2019 federal income tax bill, if you act NOW! Defer Income – C corps enjoy a flat 21% statutory tax rate and pass-through entities are now taxed at lower rates, still income deferral remains an important tool in
Breaking News About 2020 Tax Brackets And Rates
The IRS recently announced its yearly tax inflation adjustments for 2020. These are the numbers for the tax year 2020 beginning January 1, 2020, that you’ll use to prepare your 2020 tax returns in 2021. The income tax brackets, standard deduction amounts, and other tax items adjusted annually for cost-of-living increases of most interest to our clients are
Treasury Clamps Down On SALT Deduction Workarounds
The Treasury Department just made it harder for taxpayers trying to circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). The Tax Cut and Jobs Act rules on SALT deductions is a nightmare for folks in high-tax states where residents had previously benefited from being able to deduct much more.
Scammers Never Sleep Beware the IRS 2019 Dirty Dozen
Scammers Never Sleep! Beware the IRS 2019 “Dirty Dozen!” Scammers are hard at work making tax season difficult for preparers and taxpayers alike. These common scams have peaked during filing season – not just individuals, but businesses also should be forewarned and forearmed! It may look like a duck, walk like a duck, and quack
Monthly Client Spotlight Dr Jay Ajmo Opens Jupiter Dentistry
Our February client in the spotlight is the distinguished and award-winning dentist, Dr. Jay Ajmo, DDS, DABOI, DICOI. Dr. Ajmo has just shared the exciting news that he has expanded his practice for sedation dentistry and minimally invasive dental implants offered at PGA Dentistry and opened a Jupiter location. Now you can also “Change Your
Client Spotlight Farmers Table North Palm Beach
Our January client in the spotlight is the famous Farmer’s Table restaurant which has just opened a new, second location in Florida nestled within the North Palm Beach Country Club. Co-owners Mitchell Robbins and Joseph Giannuzzi are excited to have taken their award-winning concept of healthy, clean cuisine from sustainably sourced foods and expanded it
