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 17, 2019 | Income Tax
Social Security retirement benefits are based on the following: Lifetime earnings Age at time of retirement Lifetime Earnings Higher lifetime earnings result in higher benefits. The highest 35 years are used to calculate average monthly earnings. Each year is indexed...
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...
Jul 10, 2019 | Income Tax
Deductible Expenses In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and...
