Blog Posts

Sarasota CPA: Solo 401(k) Could Be Your Best Retirement Plan Option

Sarasota CPA: Solo 401(k) Could Be Your Best Retirement Plan Option

Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided. So consider setting up a plan to...

Congress Reinstates Expired Tax Provisions

Congress Reinstates Expired Tax Provisions

Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad...

IRS Issues New Bitcoin Tax Guidance

IRS Issues New Bitcoin Tax Guidance

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return. Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes. If you receive bitcoin in...

Tax Tips for the Self-Employed Age 50 and Older

If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few thoughts that will help. Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too...

Divorce-Related Tax Issues for Small-Business Owners

Divorce-Related Tax Issues for Small-Business Owners

As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most assets,...

Does No 1099 Mean No Deduction for You?

Does No 1099 Mean No Deduction for You?

Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? No. IRS auditors often make this claim, but they are...

Does No 1099 Mean No Deduction for You?

Buy-Sell Agreements

Buy-Sell Agreements Buy-sell agreements are usually part of a succession plan put in place to protect the financial interests of the owners of closely held companies and their heirs and to protect the company’s stability in case of a major event. Funding buy-sell...

How to Deduct Assisted Living and Nursing Home Bills

How to Deduct Assisted Living and Nursing Home Bills

Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax liability—possibly down to $0—and dramatically reduce your...

Tax Issues of Converting Your Residence into a Rental Property

Tax Issues of Converting Your Residence into a Rental Property

The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the property’s...

Stock Options— Same Day Sales

Stock Options— Same Day Sales

Employee Stock OptionsA stock option allows (but does not obligate) an employee to buy a specified number of shares of stock from a company for a specified price during a specified period of time. There are two categories of stock options.• Nonstatutory (nonqualified)...

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