Filing Your Taxes As A Retired Florida Resident

Living in Florida gives you a pretty big tax advantage when you retire. In fact, the state ranks as one of the most tax-friendly states for retirees with an average sales tax of 7.05 percent and no state income tax. Sales tax, however, is county-based and some counties tax as high as 8.5 percent. On the bright side, Florida […]

Taxes As An Independent Contractor

Independent contractors are usually self-employed or freelancers. When it comes to paying taxes, you’re on the hook for the whole amount, instead of sharing the tax burden with an employer. The Internal Revenue Service (IRS) has a specific definition for an independent contractor to help determine whether you are, in fact, an independent contractor or […]

How To Handle Business Taxes For The Deceased

Florida has no death tax. Business taxes are handled based on the rules for the Internal Revenue Service (IRS). However, an estate might have to pay business taxes upon the death of a business owner, depending on how the business owner structured his or her business. Because business law and tax law is complicated, it […]

Winning A Settlement & Taxes

It seems like you have to pay taxes and more taxes on everything. Think about it: You earn a dollar, you pay employment-related taxes on it. If you spend that same dollar at the grocery store, you pay more taxes. If you are a business, it’s worse. When you earn money by selling goods and […]

Take Control of Tax Season with these 5 Tips

Because of the extensive changes in the tax law, you should contact a business tax attorney to help you with taxes. Even if you are working on your individual taxes, you should work with a tax professional. Before you have someone help you with your taxes, be sure everything is in order.
Update Your Beneficiary Designations
At […]

Wrapping Up this Year’s Business Taxation

2018 is almost up and you are probably looking forward to the holiday with lots of activities. The end of the year is very important to any business as many countries have their financial year run from January to December.

As a business, it’s important that you check if your accounting records reflect what you’ve been […]

What You Need to Know about Gift Taxation

It may seem incomprehensible but making a gift out of the kindness of your heart may leave you on the hook for taxes. The IRS expects people who transfer things of value to friends or loved ones to also pay taxes even when you receive no consideration in return.

Before dubbing the IRS the “Scrooge” of […]

Why You Should Be Thankful for Taxes

We mostly grumble about having to pay the tax man. The government, reeling in debt, paying millions to other countries for aid, comes along and wants to take a chunk of our hard-earned money! What for? We might wonder. Well, there are good reasons why we should be thankful that we pay taxes, for some […]

Scary Stories: What Happens When You Don’t File Your Taxes

In terms of filing taxes, the world can be broken into four basic groups. There are those citizens who happily pay every April because they believe it is their civic duty. The second group pony up, begrudgingly, because they are responsible Americans. The third class pays because they recognize the ominous power of the IRS. […]

Tax Extension for Individuals Impacted by Hurricane Michael

If you or your business, reside in an “affected area,” you are automatically granted relief from certain deadlines (Treas. Reg. §301.7508A-1(c)).  In addition to those direct taxpayers, if your business records necessary to meet the deadline are located in an “affected area” you are also entitled to relief,” in addition to relief workers, and any […]