Blog Posts
Taxation of 529 College Savings Account Withdrawals
The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when...
A Quick Guide on How to Handle Tax Debt and Avoid Future Issues
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner What if tax debt wasn't an albatross around your neck? When it comes to your business finances, tax debt can be an extreme...
Tax-Home Rules You Should Know
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax home, and it’s not necessarily in the same town where you have your personal residence. If you have more than one business location, one of the...
What Is QuickBooks and How Can It Help My Business?
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner If you ask any small business owner about their pain points, chances are they'll include cash flow and actually managing...
Principal Residence Gain Exclusion Break
Here’s a look at how to apply the $250,000 ($500,000, if married) principal residence tax break when getting married or divorced, or when converting another property into your home. In both marriage and divorce situations, a home sale often...
5 Benefits of Outsourcing Accounting Services
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner What if you could make the most annoying part of your business easier overnight? From the smallest businesses to the...
The Basics of Depreciation
Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible. But if you use it in a business, you can...
5 Commonly Overlooked Tax Deductions for Business Owners
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner After deducting so many business expenses from your taxes, you'd expect to pay a balance you can actually afford. Instead,...
Prorated Principal Residence Gain Exclusion Break
Here’s good news. IRS regulations allow you to claim a prorated (reduced) gain exclusion—a percentage of the $250,000 or $500,000 exclusion in select circumstances. The prorated gain exclusion equals the full $250,000 or $500,000 figure...
5 Tax Problems Business Owners Should Be Aware Of
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner About one in 100 businesses get hit with an IRS audit each year. While that statistic might seem low, you don't want to be...
