Blog Posts

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Beat the Unfair $10,000 SALT Cap with a C Corporation

C corporations cause double taxation for business owners, so you probably think you want to avoid them at all costs. And for many of you, this is true, as the S corporation often provides the lower overall tax outcome. But for some of you, the C corporation could...

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Sarasota CPA: Avoid the Gift Tax—Use the Tuition and Medical Strategy

If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones. Such payments, structured correctly, do not represent gifts. The monies spent by you on the qualified...

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COVID-19 Update – Treasury Secretary Announcement 03-18-2020

The Treasury Secretary made an announcement yesterday about tax relief due to COVID-19. We expect the IRS to release detailed guidance soon, and we will communicate that information to you once it is available. As of now, this is what we understand based on his...

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Sarasota CPA: Eight Quick Reminders About the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning.  Don't hesitate to reach out to us, your Sarasota CPA, with any questions. Here are eight important reminders about this new law: You...

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Sarasota CPA: Use Your Business to Maximize Charitable Donations

Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than are others. As a business owner, you can use some business...

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Sarasota CPA: Charitable Contributions Guide

Charitable Organizations Qualified charitable organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. Examples of Qualified Organizations include: •...

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Sarasota CPA: Eight Changes in the SECURE Act You Need to Know

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, enacted on December 20, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)....

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Sarasota CPA: Kiddie Tax Changes

In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December 19, 2019, Congress passed a bill that...

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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...

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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...

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