Aug 14, 2019 | Income Tax
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer withholding. If you are an employee, your...
Aug 12, 2019 | Income Tax
Short-Term Rentals Income and expenses related to rental of your home, a room in your home, or a vacation home, must be reported on your tax return. Expenses may need to be divided between rental and personal use. Limits apply when deducting rental expenses for a home...
Aug 7, 2019 | Income Tax, Sarasota Tax & Accounting
Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits. Passive Loss Limits A passive activity is generally defined as a business activity without a minimum...
Jul 31, 2019 | Income Tax, Sarasota Tax & Accounting
Early Retirement Distributions You may choose, or be forced into choosing, early retirement. Retirement before age 59½ may create income challenges. You are not yet eligible to receive retirement benefits from Social Security. You may or may not have a monthly pension...
Jul 29, 2019 | Income Tax
Wills and Intestacy A will allows the testator (the person creating the will) to specify: • Who receives property at the testator’s death. • Whether beneficiaries receive gifts outright or in trust. • Who will act as personal representative. • Who will be the guardian...
