Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Now say, 10 years later, without any tax consequence to you, you start using the beach home...
Tags: Sarasota CPA, Sarasota Personal Accountant, Sarasota Tax Planner, Sarasota Tax Resolution, Tax and Accounting Services Near Me Operating a small business, you and your spouse juggle the bookkeeping. As you expand, you hire your best friend as a bookkeeper. You...
Do you have a beach or mountain home that you rent out? If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income and expenses on Schedule E. When Is Schedule C a Good Choice?...
Tags: Sarasota CPA, Sarasota Personal Accountant, Sarasota Tax Planner, Sarasota Tax Resolution, Tax and Accounting Services Near Me Believe it or not, almost half of Americans say they pay too much in taxes. If you’re a small business owner, you’ve...
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea. Here’s what you need to know about IRAs for kids....
