Blog Posts
Avoid the 1099 Prepaid-Rent Mismatch
Two questions: Did you prepay your 2019 rent so that you have a big 2018 tax deduction? How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For the 1099-MISC, do you simply look...
Answers to Common Section 199A Questions
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section 199A tax deduction is complicated, and many questions remain unanswered...
TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money
The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When...
IRS Clarifies Net Capital Gains in Final 199A Regulations
New tax code Section 199A can give you a tax deduction of up to 20 percent of your taxable income reduced by net capital gains. In new final regulations, the IRS has provided clarity on the capital gains component of the Section 199A tax deduction. The Section 199A...
Newlywed Tax Tips
Are you getting married here in Sarasota? Are you ready for the best day of your life? Are you ready to update your status from “single” to “married” when it comes tax time? Updating your status from single to married may bring about some unanticipated changes,...
IRS Issues Final Section 199A Regulations and Defines QBI
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI). The C corporation does not generate this deduction, but the proprietorship, partnership, S corporation, and...
IRS Creates a New “Safe Harbor” for Section 199A Rental Properties
The Section 199A 20 percent tax deduction is a gift from lawmakers—literally. You don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your Sarasota rental property profits can create the deduction. And now, under an...
Saving for College
School is almost over and it’s time to make some decisions pertaining to the future. Do you have, or know of anyone that has, high school kids in the Sarasota Area? Are they ready to make the big step to attend college in the near future? Have you thought about a...
Saving for Retirement
It’s never too early to think about saving for retirement. Today we offer tips on “Saving for Retirement”. Sarasota is a beautiful place to retire! We have a very large population of retirees. How did they get here? Did they make a plan a long time ago? Whether you...
Marketing Your Business
You’ve made it! Everything is in order to open your business. It’s a very exciting time. Where do you go from here? How do you get the word out? Marketing is top priority! In order to be successful in marketing, you’ll need to follow a few simple steps. 1) Define your...