Hello June! “Here Comes the Bride” and the IRS! There is more to marriage than gifts, cake, champagne and a honeymoon. When you tie the knot, your tax status changes. Couples getting married need to know that after planning their nuptials, tax planning for their first tax return as a married couple should be on
Business Continuity And Disaster Planning Guide
Business Continuity And Disaster Planning Guide It is essential for business owners to be proactive in preparing for hurricanes and other unpredictable disasters. Everything from severe winter weather, a flood or wildfire, a supply chain failure to a flu epidemic, or even an act of terrorism can put your business at risk of shutting down—either
Hurricane Season Is Here And So Is The Sales Tax Holiday
Hurricane Season Is Here For Florida Clients And So Is The Sales Tax Holiday Former Florida Governor Rick Scott successfully fought for hurricane supply Sales Tax Holidays during his tenure and his successor, Governor Ron DeSantis, is following in his footsteps. His fiscal year 2019–2020 budget proposal includes a weeklong disaster-preparedness sales tax holiday that
No More BEA Drawbacks Or Clawbacks for Estates
No More BEA Drawbacks Or Clawbacks for Estates The IRS issued guidance in March that wealthy taxpayers who take advantage of the increased gift and estate tax exclusion amounts in effect from 2018 until 2025 will NOT be negatively affected when the exclusion amount is scheduled to drop after 2025 to the old levels prior
2019 Tax Tips for Mom and Dad’s Family Caregivers
Since Mother’s Day is almost here and Father’s Day is right around the corner, we thought it best to revisit what tax benefits exist for adult children taking care of their parents. The Bureau of Labor says that over 17 million people in the US take care of their elderly parents. According to AARP, some
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
UNRAVELING THE RIDDLE OF THE ROTH
UNRAVELING THE RIDDLE OF THE ROTH Does your employer’s 401(k) plan offer poor investment choices, charge high fees, and no match to your contributions? Consider opening an IRA instead. You can choose either traditional or Roth, depending on whether you want to pay taxes now or later. A traditional IRA is best if you believe
Your Tax Return Save It or Spend It
Your Tax Return – Save it or spend it? That is the question! According to the IRS, tax refunds are up 0.7% from last year, and the average tax return this year is $3,068, compared to $3,046 in 2018. This may seem like cause for celebration, but that money was yours to begin with. You
R and D Credits Not Just for Folks in White Lab Coats
R&D Credits Not Just for Folks in White Lab Coats If your business conducts research and development it may be eligible for tax breaks to reduce the financial cost of your R&D activities. Whether you are creating new products or improving others, these tax breaks can be significant. Any company that designs, develops, or improves
Bonus Depreciation Now Carries A Bonus For Used Property
Bonus Depreciation Now Carries A Bonus For Used Property Bonus depreciation has had its ups and downs in the legislature. Just when you thought you had it all figured out, the depreciation percentage was modified to 100% and the definition of qualified property now includes “used” property! For now proposed guidance seems to appear to
