Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2019. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle Sam so far this year. How do the […]
Leveraging Gift Rules to Your Advantage
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to $15,000 to any individual (donee) in 2019 and avoid any […]
More Tax Liability as a Business…is it Always Bad?
“You can’t look rich to the bank and poor to the IRS at the same time” – Kevin Wrobel Everybody wants advice on how to pay less taxes. That is good advice; however, if you desire to obtain a loan or sell your business for maximum value, you don’t want your company to look like […]
Is Your Hobby a Business?
With the holidays having passed, we would like to bring up the topic of hobbies and businesses. Do you have a passion for something which you are particularly talented at? Perhaps you made candles or other homemade gifts for your loved ones during the holidays. Have you ever sold or given away any of the […]
Use your Required Minimum Distributions to Make Charitable Contributions
Use your Required Minimum Distributions to Make Charitable Contributions A client walks into our office and says, “I’m glad Congress raised the standard deduction but I’m not getting the benefit of a tax break anymore for giving to my church and I’d really like to keep making charitable contributions to them.” After handing him a […]
Standard Deduction and Personal Exemption Changes
Standard Deduction and Personal Exemptions Changes Standard Deduction Taxpayers may reduce their adjusted gross income (AGI) by the standard deduction (or sum of itemized deductions) to determine their taxable income. Under the previous law (for 2017 earnings, which you filed in 2018,) the standard deduction rates were: $13,000 for married individuals filing jointly and surviving […]
2018 Back-to-School Sales Tax Holiday
Back to School Tax Holiday It’s almost that time again; the dreaded back-to-school shopping time. Good news! We have something that might make back-to-school shopping more bearable. Florida has a back-to-school tax holiday from August 3rd to August 5th – sales tax will not apply for the following items. For more information and terms, please […]
Changes to Alimony Under the New Tax Bill
Alimony is No Longer Deductible After December 31, 2018 Divorce is often a sensitive topic. While we hope you never have to go through one, we want to ensure you are aware of the tax implications involved with the new tax laws and help you plan accordingly should divorce be inevitable. Under the new tax […]
