Navigating Business Taxes: What New Entrepreneurs Need to Know
While starting a new business is exciting, you have many responsibilities, including legal and tax compliance. Understanding business taxes is one of the most significant challenges for new entrepreneurs. The process can seem overwhelming, but with the proper guidance from experienced business and tax attorneys, you can […]
Each year sees changes to the tax code. Those changes usually affect nearly everyone. In 2023, tax changes in the Inflation Reduction Act came into effect, including an increase in per-barrel oil taxes and changes to the standard deduction and Alternative Minimum Tax Rate. Keeping up with the tax changes ensures you file your taxes […]
The saying “The only things certain in life are death and taxes” holds true, but individuals can exercise control over their financial destinies by adopting smart financial decisions for optimal tax outcomes. Year-round tax planning offers a proactive approach, allowing individuals to make informed choices that can lead to significant savings during tax season. Seeking […]
If you intend to transfer your assets, which include money or property, to someone who is not your spouse or dependent as a gift, know that you will be required to pay a gift tax. Let’s dive into the fundamentals of gift taxation to help you understand how to navigate the laws surrounding it.
What Is […]
The best way to navigate business taxation, especially if you are getting ready to start a new business, is to retain a Florida business tax attorney. When determining which type of entity you want to use, you must look at the tax ramifications of each type. For example, a small business might benefit more from […]
You want to pay as little income tax as possible – or receive the most money back if you are due to receive a refund. Filing taxes on your own takes a lot of research every year to ensure that you don’t pay more than you should. Tax deductions and credits change frequently, and if […]
When you make life changes, such as getting married or divorced, it affects how you do your taxes. Other life changes that affect your taxes include having a family member die, having a new baby, buying a house, and changing jobs. The changes could affect how much you get back or how much you pay […]
You might think your taxes are set in stone on December 31, but that isn’t always the case. You can do some things in January that will help reduce your tax obligation. And, you can get ready for tax season so you won’t be doing everything at the last minute. The sooner you get your […]
If you are an independent contractor, you file taxes as a self-employed person or company. You can operate as an S-corporation, sole proprietor, or a limited liability company. However, most independent contractors are sole proprietorships.
The Internal Revenue Service (IRS) dictates that you must file taxes like anyone else. The way you file depends on how […]
After retiring, you still need to file taxes. However, it’s not as bad as when you were working. Florida does not have a state income tax, so you do not pay state taxes on your retirement. You do, however, pay taxes at the federal level. How long and how much depends on your additional income […]
