Jul 22, 2019 | Income Tax, Sarasota Tax & Accounting
Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...
Jul 15, 2019 | Income Tax
In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what taxes are paid and...
Jun 24, 2019 | Income Tax
Tax reform may have you thinking of changing your S corporation to a C corporation, partnership, or sole proprietorship. With such a switch, you need to consider: How do I terminate the S corporation election correctly? What are the tax consequences to me? If you want...
Jun 17, 2019 | Income Tax, Sarasota Tax & Accounting
Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy. As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no...
Jun 12, 2019 | Income Tax
On April 11, likely after you filed your tax return, the IRS updated its Section 199A frequently asked questions (FAQs) by increasing the number of questions and answers from 12 to 33. The IRS often publishes FAQs on its website to help educate you on various tax law...
