Common Tax Planning Errors

Many small business owners make mistakes that increase tax liability or create compliance issues. One frequent error is failing to separate personal and business finances. Mixing accounts can complicate record-keeping, make audits more difficult, and reduce the ability to claim legitimate deductions.

Other common errors include neglecting estimated tax payments or failing to track deductible business expenses. Small businesses often overlook deductions for retirement contributions, equipment purchases, or business-related travel. Additionally, changes in tax law or misunderstanding credit eligibility can result in higher taxes and missed opportunities for savings. According to the IRS Small Business & Self-Employed Tax Center, staying aware of potential deductions and tax responsibilities throughout the year is essential to avoid costly mistakes.

Timing Matters

Tax planning is not just a year-end activity. Strategic planning throughout the year enables business owners to manage cash flow effectively, optimize deductions, and prepare for potential audits. Waiting until December to address taxes can lead to rushed decisions, overlooked deductions, and missed opportunities for strategic planning.

Year-round monitoring of income, expenses, and financial transactions also helps prevent surprises at tax time. Adjusting estimated tax payments, reviewing payroll taxes, and updating bookkeeping practices regularly ensures compliance with federal and state tax regulations. Proactive planning reduces the risk of penalties and allows business owners to allocate resources more effectively for growth initiatives.

Working With Professionals

Partnering with experienced attorneys and accountants is one of the most effective ways to avoid tax planning errors. Professionals can provide guidance on entity structure, deductible expenses, retirement contributions, and compliance with changing tax laws. They can also help navigate audits, negotiate with tax authorities as needed, and implement long-term strategies to minimize tax liability.

France Law Firm offers comprehensive guidance for small business owners on business tax planning. Our team works closely with clients to address unique financial circumstances, protect assets, and plan for growth. By consulting professionals early, business owners can focus on running their operations without worrying about legal or financial pitfalls.

Special Considerations for Small Businesses

Certain tax issues are particularly relevant for small businesses. Owners should understand the implications of their business structure, whether it’s a sole proprietorship, LLC, or corporation, as each has different tax responsibilities. Additionally, managing payroll taxes, sales taxes, and state-specific requirements can be complex, but it is essential for avoiding penalties.

Implementing organized financial systems and maintaining accurate records throughout the year can help mitigate risks. Planning for retirement contributions and potential charitable deductions can also provide significant tax advantages for both owners and their employees.

Key Takeaways

Avoiding tax planning mistakes requires awareness, preparation, and professional support. Regular reviews of finances, updated knowledge of tax law, and collaboration with experts help ensure that your business remains financially healthy and compliant. Small business owners who take a proactive approach to tax planning not only reduce liability but also free up resources to invest in growth, employees, and long-term goals.

By addressing tax issues early and integrating them into your overall business strategy, you can protect your assets, optimize financial outcomes, and confidently navigate the complexities of small business ownership. France Law Firm is here to provide expert guidance to help you stay compliant and make informed financial decisions. To learn more, schedule a consultation with our team today.

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Duties of an Executor

An executor is responsible for managing your estate after your passing. Their duties include paying outstanding debts and taxes, distributing assets according to your will, and handling probate proceedings. Executors must act in the best interest of your beneficiaries and follow all legal requirements closely to avoid unnecessary delays or disputes.

The executor also ensures that your final wishes are carried out properly, including charitable contributions, specific bequests, or guardianship arrangements for minor children. They are the main point of contact for attorneys, accountants, and financial institutions, making their role critical in executing your estate plan smoothly.

Choosing the Right Person

Selecting someone you trust is essential when naming an executor. They can be family members, friends, or a professional fiduciary. According to Florida probate law, an executor must be at least 18 years old and of sound mind. Choosing the right person often requires considering more than just trust—it is helpful to select someone who is organized, detail-oriented, and capable of handling complex responsibilities.

In some cases, naming a professional or corporate executor may be advantageous, especially for large or complicated estates. Professionals can navigate legal and financial processes with expertise, which can be particularly valuable if your estate includes business interests, multiple properties, or unique assets.

Responsibilities and Challenges

The role of an executor can be time-consuming and involves meticulous record-keeping, effective financial management, and regular communication with beneficiaries. Executors may encounter challenges such as resolving disputes among heirs, coordinating asset valuations, or navigating complex investments and real estate holdings.

Understanding the full scope of executor duties can help your chosen representative feel confident and capable. Executors may also need to manage taxes, insurance, and debt payments, all while ensuring that legal deadlines and court requirements are met. For families without a clear plan, these tasks can become overwhelming, potentially leading to delays or conflicts.

Getting Professional Support

Even experienced executors can benefit from professional guidance. France Law Firm assists both estate planners and executors throughout the probate and estate administration process. Our team ensures that all legal and financial responsibilities are handled correctly and efficiently.

By working with an experienced estate planning attorney, executors receive guidance on navigating Florida probate law, managing complex assets, and maintaining clear records. This support not only reduces stress for the executor but also provides peace of mind for the family, ensuring that your estate is managed according to your wishes.

Preparing Your Executor

It is also essential to prepare your executor in advance. Providing clear instructions, access to necessary documents, and an overview of your assets can help them perform their duties with confidence and efficiency. France Law Firm can help create estate plans that are easy to follow and legally robust, minimizing potential confusion or disputes.

Next Steps

Choosing the right executor is a key part of a well-structured estate plan. France Law Firm specializes in guiding clients through this process, from selecting a trustworthy person to providing ongoing support during estate administration. By planning carefully and seeking professional guidance, you can ensure your estate is handled smoothly and your loved ones are protected.

To learn more about selecting an executor and creating an effective estate plan, schedule a consultation with France Law Firm today.

The post Understanding the Role of an Executor appeared first on France Law Firm.

While planning for the future, you must consider certain factors, such as safeguarding your loved one’s government benefits and providing financial stability. An estate planning attorney at France Law Firm can help you create an estate plan that benefits your unique situation.

The Impact of Inheritance on Benefits

One of the primary reasons for creating an estate plan when you have a loved one with special needs is to provide for him or her. However, a direct inheritance can jeopardize your loved one’s eligibility for Supplemental Security Income (SSI) or Medicaid.

It takes special planning to provide for a loved one after your death without jeopardizing his or her much-needed government benefits. Florida law allows for special trusts that protect your loved one’s government benefits.

Key Estate Planning Tools for Special Needs

Some of the key estate planning tools to protect your loved one’s benefits include:

Special Needs Trusts

A special needs trust (SNT) creates a fiduciary relationship that allows a special needs person to receive income without reducing or removing his or her ability to receive government disability benefits from Supplemental Security Income and Medicaid programs.

It does not replace benefits but supplements them instead. Proceeds from the SNT can pay for medical expenses, transportation costs, caretakers, and other needs.

The trustee, a person you trust implicitly, controls the trust and oversees its management, including the disbursement of funds.

Third-Party Special Needs Trust

A third-party special needs trust can pass to other heirs after the beneficiary dies. Someone other than the beneficiary funds a third-party trust.

First-Party Special Needs Trust

The beneficiary funds a first-person SNT with assets, such as a settlement or an inheritance. After the beneficiary dies, the trustee may have to use any remaining funds in the trust to pay benefits back to the state.

Pooled Trusts

Some nonprofits manage pooled trusts for multiple beneficiaries. These trusts are generally helpful for smaller amounts if a private trustee is unavailable.

ABLE Accounts

Another estate planning option for a special needs person is an ABLE account, a savings or investment option created by Section 529A of the Internal Revenue Service tax code. These accounts allow someone whose disability began before 26 the age of to save money without affecting federally funded benefits.

The growth in these accounts is not subject to taxation. Beneficiaries can pay for qualified disability expenses.

Steps to Creating an Estate Plan for a Special Needs Person

Always consult with experienced asset protection attorneys when creating an estate plan, especially when the plan must include an SNT.

• Do not name a special needs person as a direct beneficiary on retirement plans, financial accounts, or life insurance.
• Update your will and beneficiary designations.
• Fund an SNT with life insurance.
• Appoint a guardian where applicable.
• Create a letter of intent that details the special needs person’s routines, medical information, preferences, and care instructions.

Review and Update Your Estate Plan Regularly

You must update your estate plan each time you have a significant life change, such as marriage, divorce, the birth of a child, a death in the family, or a substantial investment. If you do not have a significant life change within three years of your last life change, contact France Law Firm to update your estate plan, as probate and federal taxation laws change frequently.

Don’t Leave Your Loved Ones in a Bind

Contact a wills and estate lawyer at France Law Firm at 850-224-1040 or by completing our online contact form for a consultation to create or update an estate plan or to create a special needs trust.

The post How to Plan for Special Needs Family Members in Your Estate appeared first on France Law Firm.

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 guidance from a business attorney with expertise in estate planning is invaluable in navigating factors such as retirement accounts and staying abreast of tax law changes.

Components of Year-Round Tax Planning

To effectively engage in year-round tax planning, continuous analysis of one’s financial situation is imperative. Regular scrutiny enables informed decision-making to minimize tax liability, presenting numerous opportunities throughout the year to achieve this goal. Key components include:

Review Your Financial Situation

Regularly assess investments, income, and expenses. Major life events, such as marriage, childbirth, career changes, and the loss of a loved one, should be carefully considered as they impact tax situations.

Check Withholding and Deductions

Ensure that withholding allowances are appropriately set to prevent overpayment or underpayment. This practice ensures that the IRS doesn’t hold onto your money without interest.

Investing

Understand the tax consequences of investments, particularly distinguishing between short-term and long-term capital gains, with the former usually subject to higher tax rates.

Tax-Advantaged Accounts

Contribute to tax-advantaged accounts like 401(k)s, Health Savings Accounts, and IRAs. Such contributions not only reduce taxable income for the year but also provide long-term financial benefits.

Stay Informed of Tax Law Changes

Tax laws are subject to constant change, impacting tax liability. Collaborating with Florida tax attorneys can help stay informed and make well-informed financial decisions.

Charitable Giving

Seek opportunities for tax-deductible donations to qualified charities and maintain detailed records of charitable contributions.

Retirement Planning

Leverage strategic financial planning for retirement, taking advantage of tax breaks and employing tax-efficient withdrawal strategies from retirement accounts.

Estate Planning

Utilize estate planning to minimize tax burdens, protect assets during incapacitation, and secure financial interests for future generations.

How Estate Planning Eases Current Tax Burden

Contrary to common misconceptions, estate planning is not exclusive to the wealthy. Anyone with assets, including a car and a bank account, benefits from an estate plan. Estate planning serves various purposes, such as:

• Protecting assets during unexpected incapacitation.
• Addressing capital gains, estate taxes, and probate costs.
• Tackling current taxes through gifting, charitable giving, and trusts.
• Reducing the taxable value of the estate.
• Safeguarding assets for future generations.
• Preventing excessive IRS deductions.

Implementing year-round tax planning and crafting an estate plan empowers individuals to minimize tax burdens through strategic donations and wise investment decisions. It facilitates informed decision-making during significant life changes like marriage, parenthood, relocation, or home building.

Consult the Tax Attorneys at France Law Firm

For personalized tax planning and guidance on creating a year-round tax plan, individuals can turn to the tax attorneys at France Law Firm. Schedule a tax planning consultation to embark on the journey of comprehensive year-round tax planning that aligns with your financial goals and minimizes tax liabilities.

The post Year-Round Tax Planning: Making Smart Financial Decisions for Optimal Tax Outcomes appeared first on France Law Firm.

Changed Your Marital Status

If you changed your marital status, you also need to make certain changes to your tax returns and the related forms. If you change your name, you must notify the Social Security Administration (SSA) of the name change via form SS-5. You risk having your tax return rejected if your name does not match. You can always use your original name on the joint tax return if you do not have time to change it at the SSA prior to the tax filing deadline.

You also need to change your withholding. Ask your employer for a new W-4 so that you can adjust your withholdings. You should also coordinate work benefits. Compare health care plans and other benefits to determine which is financially beneficial. For example, your new spouse’s work might offer a better health care plan for less money.

If your marital status changes because you divorced, you cannot file as married if the court finalized your divorce by December 31. This will most likely cause your tax bracket and deductions to change. However, if the court awarded you primary custody, you can file as head of household, which minimizes some of these changes.

Had a New Baby

If you had a new baby last year, you could take advantage of many tax breaks. Make sure you get your new baby a social security number right away. You will need the social security number to claim the baby as a dependent on your tax returns for the additional child tax credit. When you apply for the birth certificate, ask for a Social Security card at the same time. If you didn’t, file Form SS-5 with the Social Security Administration along with proof of the child’s U.S. citizenship, age, and identity. Ensure you update your W4 forms at work to lower your federal withholding.

Bought a House

If you were renting and bought a home, you will most likely have some new tax benefits that were not available to you as a renter. Depending on your circumstances, you might be able to deduct property taxes, mortgage interest, points, interest on a home equity loan, and home improvements that are required for medical purposes. If you work from home, you can also claim the home office deduction.

Got a Raise or Promotion

If you got a promotion, you probably got a raise – or maybe you got a raise in the same position. Either way, the additional money could put you into a new tax bracket. This is a good time to review your W4 to make sure you have the proper deductions for withholding taxes. You might also consider putting additional money into tax-deferred accounts. Once you retire, you might drop a tax bracket, which would lower the amount of taxes on your income.

Retirement

If you retired last year, the way you do your taxes will most likely change. You might have Social Security or disability income, retirement plan income, or income from a pension plan. You might also retire from one job to take another position to fill your time. You will have to claim the extra income you receive through any retirement accounts.

If you choose to fully retire, make sure that your retirement plan does not charge penalties for withdrawing from a retirement plan too early. You can also reduce your yearly income tax by finding retirement contributions.

Contact Tax Attorneys and Business Tax Attorneys

Do you have questions or concerns about your taxes? Contact the tax attorneys at France Law today to schedule a consultation for help with your taxes. If you have a business, our business tax attorneys can help you file every year as well.

The post Major Life Change? How They Affect Taxes appeared first on France Law Firm.

Retirement Accounts

If you held off funding your retirement account last year, you could fund traditional and Roth IRAs until the tax filing due date. You can fund Keogh and SEP accounts until Oct. 15, 2022; however, the sooner you fund for the past year, the sooner you start tax-free compounding.

If you make a contribution that is deductible, you can lower your tax bill. When the money compounds, it is tax-deferred. The maximum contribution to IRA accounts is $6,000 unless you are 50 or older by the end of the year, in which case, it is $7,000. If you are self-employed, you can contribute up to $58,000 for Keogh and SEP accounts. Keep in mind that Roth IRA contributions are not deductible, but when you withdraw the money, it is tax-free. However, you should take your tax status into consideration. If you are in a higher tax bracket now, contributing to a Roth IRA could benefit you if you will be in a lower tax bracket when you retire.

Estimated Taxes

If you do not pay all of the past year’s tax liability, it will charge an underpayment penalty. You must pay 100 percent of the previous year’s taxes if you make under $150,000 and 110 percent if you make more than $150,000 in order to avoid the underpayment penalty. However, if you make an estimated payment before Jan. 15, you can eliminate the penalty, but only for the fourth quarter.

You might also save some money if most of your income came in after Aug. 31 and you file Form 2210: Underpayment of Estimated Tax. Keep in mind that you do not want to pay too much – the IRS does not pay interest on any overpayments. You’d be better off putting any overpayments into a retirement account or your stock portfolio.

Home Office Tax Deductions

If you are self-employed, be sure to take the home office tax deduction. You do have to use the space only for an office. As long as you legitimately qualify for the deduction, it should not show as a red flag. With the home office deduction, you can write off certain expenses for the portion of your home you use for the office, including utilities, insurance, rent, housekeeping, and even upgrades to your home.

Itemize Tax Deductions

While it is easier to take the standard deduction, you could save a ton of money if you itemize, especially if you own a home, are self-employed, or live in an area with high taxes. The qualified deductions must add up to more than the standard deduction. In 2021, it will be $12,550 for most single people and $25,100 for most married couples. If you have a lot of medical expenses – more than 7.5 percent of your gross income for 2021 – you can deduct the medical expenses.

Dependents

Most people do not forget this one, but some do not realize the amount of savings they could get by entering your dependents’ tax identification numbers on your tax return. However, if you are divorced, keep in mind that only one of you can claim the children. Some divorced couples will alternate who can claim children each year, and some agree that one parent will claim one child and the other claims the other child.

If you had a new baby and did not file for the baby’s social security number right away, you can file an extension to file taxes rather than file without the child’s social security number.

Contact Tax Attorneys

To ensure that you have maximized your tax deductions, contact tax attorneys and business tax attorneys at France Law for a consultation. We look forward to working with you.

The post Taxes: January Tips appeared first on France Law Firm.

Should Itemize or Take the Standard Deduction?

When filing taxes, you can choose to take the standard deduction or itemize. You should work your taxes both ways to see which way benefits you the most. If your deductions exceed the standard deduction, it is usually better to itemize. However, if you adjusted gross income is over the alternative minimum tax exemption, many of those deductions disappear. Additionally, if you itemize, you should have documentation for all of your exemptions.

Retirement Planning

Make sure you don’t go over the limit for annual contributions for your retirement accounts. This year, the limit is $19,500 for most employees. However, if you are over 50 years old, you can contribute up to $26,000.

Additionally, required minimum distributions are back this year. If you are over 70.5 or 72 years, make sure you take the required minimum distributions. In 2019, the SECURE Act changed the age. If your 70^th birthday is Jul. 1, 2019 or later, the required minimum distribution does not take effect until you reach 72. If you are not sure when you should start taking the required minimum distributions, the tax attorneys at France Law can help you.

Look at Next Year’s Tax Brackets

Know what tax bracket you will be in for next year. If you know you will be in a new tax bracket because of an increase in income, you might consider certain tax strategies this year. For example, you might want to take certain deductions next year instead of this year if you advance to the next tax bracket since the deduction will be worth more in the higher tax bracket.

Additionally, if you expect to be in a lower tax bracket next year, you might want to make those large purchases that are deductible this year to maximize your dollars. Tax attorneys can help you make this decision if you make an appointment with them before the end of the year.

Medical Expenses

You can deduct medical expenses that exceed 7.5 percent of your adjusted gross income. Thus, if your income is $50,000 and you have $7,000 in medical expenses, you can deduct $3,250 ($50,000 times 7.5 percent is $3.750. Subtract that from $7,000 total medical expenses to get the amount you can deduct).

If you are close to the threshold but do not quite have enough, you could claim additional medical expenses by moving an appointment for eye glasses, dental work, or other medical needs that you planned on for January or February to November and December.

If you do not have enough this year, but expect more next year, though you are not sure whether you will have enough, you can put off some medical appointments and purchases until January of the new year.

Don’t forget to check as to whether voluntary medical costs might be tax deductible, such as weight-loss programs prescribed by a doctor, LASIK, and expenses that you incur to update your home to accommodate disabilities.

Alternative Minimum Tax

In past years, the alternative minimum tax didn’t account for inflation, so those earning as low as $30,000 got caught up paying this tax. The tax is for those who make a certain amount — $73,600 for individual in 2021, $114,500 for couples. The AMT basically limits the deductions you can take by removing them. A tax attorney can help you minimize the effect of the alternative minimum tax.

Contact Tax Attorneys and Business Tax Attorneys

The tax law is constantly changing. To ensure that you do not overpay on taxes, contact a tax attorney at France Law for a consultation. We will help you have a stress-free experience!

The post End of the Year Income Tax Checklist appeared first on France Law Firm.

Tax Deductions

You can accelerate tax deductions if you have not already met your limit. Even if you take the standard deduction, you can deduct some donations. For 2021, when you claim the standard deduction, you can claim up to $300 in qualified cash contributions if you are single and $600 if you are married. You can also accelerate other expenses, such as a property tax bill due early in the year, a medical bill, or an estimated state income tax bill if it’s due Jan. 15. However, watch for the alternative minimum tax. And, if you have over $12,400 of qualifying expenses, you should itemize instead.

Alternative Minimum Tax (AMT)

If you are already in the AMT or trigger it, accelerating tax deductions could cost you more money. This tax was created to ensure the wealthy did not take too many deductions to avoid paying taxes, but the AMT is affecting the middle class more and more. The AMT is figured separately and with different rules. You pay whichever tax bill is higher. Some of the expenses deductible under the rules for normal filing, such are state/local income taxes and your property taxes, are not deductible under the AMT.

Contribute to Retirement Accounts

Make sure you invest the maximum amount allowed to tax-deferred retirement accounts. They’ll compound over time without adding more taxes. If you cannot afford to put the maximum into your 401(k) throughout the year, try to hit the amount your employer matches. If you have an IRA, your money also grows tax-deferred. And, if you are self-employed, look into a Keogh Plan.

Avoid the Kiddie Tax

If you have minor children that you still claim on your taxes, be careful of the kiddie tax on investment income. The kiddie tax laws prevent you from moving the tax on your investment income to your lower-bracketed child. If the gain is too big, such as if you give your child stock to sell for college expenses, your child might end up paying the same taxes that you do.

Sell Losing Investments

Loss harvesting is selling mutual funds and stocks at a loss. The losses offset the investment gains you realized throughout the year. If your losses are more than your gains, you can use $3,000 or less to offset other taxable income. You can carry over losses forever.

IRA Distributions

If you are over 72, don’t forget to take the minimum distributions from your IRA. The age would be 70 ½ if you turned 70 ½ before Jan. 1, 2020. If you do not make withdrawals, you pay a 50 percent excise tax on the amount you should have withdrawn. When you withdraw money from your IRA, you have the option to withhold tax from the payment, and you can set the amount. This eliminates the hassle of paying quarterly estimated taxes. This does not apply to Roth IRAs, only traditional IRAs.

Check Your W-4 Withholding

If you don’t claim enough allowances on your W-4, you might get a tax refund. However, if you claim too many, you’ll have to pay in. Because the IRS doesn’t pay interest on the money you pay in if it has to reimburse you, the ideal situation is claiming enough so that you neither pay in nor get a refund. Why let the IRS hold the money you could be investing in an interest-bearing account, retirement account, or investment account? If you accepted the advanced child tax credit, be sure you speak to a tax attorney before making any changes. You might end up having to pay some of that money back.

Contact Us for Your Tax Planning Needs

Contact a tax attorney or business tax attorney at France Law Firm to help with tax planning, your yearly taxes, and to better manage your tax bill at the end of the year.

The post End of the Year Tax Planning appeared first on France Law Firm.

If you are ready to create an estate plan, contact the probate attorneys at France Law Firm for a consultation today. The attorney will give you a worksheet to fill out that tells her what information is required to create your estate plan. When completing the worksheet, keep these mistakes in mind so you can try to avoid them.

Plan for Life and Death – Not Only Death

Most people believe that a will only addresses what happens after you die. However, preparation should also include advanced directives that tell your family and doctors what to do should you become incapacitated because of an accident or a disease, such as dementia.

Don’t Forget About Beneficiaries

While your will transfers assets after your death, some beneficiary designations trump a will. Those include beneficiaries on insurance policies and financial accounts. Don’t name someone as the new owner of an account when you have a different beneficiary on the account.

Burial Wishes

Don’t put your burial wishes in your will. Often, these documents aren’t read until after your funeral. Write a separate letter to your family, and make sure you tell them verbally what you want. Also, be sure that more than one person knows where you put the letter or give it to several close relatives with instructions to open it on your death.

Digital Life

Don’t forget about your digital life. Leave instructions on how to access your digital accounts so that someone can retrieve your digital photos and close the accounts before your credentials fall into the wrong hands.

Elderly Relatives and Friends

Make sure that your wishes don’t tromp on other’s finances. You might want to leave cash to someone on government benefits, but those benefits could disappear if they get an infusion of money or valuable assets. However, if the cash or assets are not enough to support the person, he or she could lose those benefits.

Don’t Rely on Others’ Statements

Your children and other relatives might tell you to leave your estate to one or more people and leave out others because they are getting an inheritance from another relative. Never rely on this information as that might not be true – and you would end up cutting loved ones out of what you want for the benefit of those who made the “misstatement.”

Know What is in Your Will

Make sure you know what is in your will. If relatives draw up a new one and ask you to sign it in the hopes that you won’t read it or won’t understand it, they could change your wishes without you knowing. The only way that would be caught is if the wrong-doers do not include another person and that person disputes the will. Always take documents that another person had drafted for you to your estate probate attorneys.

Naming the Wrong Person as Your Executor

The executor of your will pays any debts you owe and disperses your assets. However, this should be a person that you trust. If the executor is not up to the task or abuses your trust, it could create a big mess for your heirs. Make sure the person you name will not misappropriate your assets for his or her personal gain and that the person will follow your wishes.

Guardians

If you have minor children or adult children who need life-long care, be sure to name a guardian for them. You should name a second guardian in the event that the first person cannot become a guardian or dies before you.

Assets

Don’t miss any assets. Take your time listing your assets. If you forget an asset, it will have to go through probate and become subject to Florida’s probate laws for distribution.

Updating

Finally, do not forget to update your will. If you buy or sell assets, someone named dies, someone has a new baby, or other life events happen, you will need to update your documents. Many like to put it off, but should something unexpected happen to you, the court will go by your current will.

Contact France Law Firm

If you are ready to create a will and estate plan or need to update a current estate plan, contact France Law for a consultation.

The post Don’t Make These Mistakes When it Comes to Your Will appeared first on France Law Firm.

Getting Your Taxes Back on Track

Before you contact a business tax attorney, you should locate as many documents as possible for the years you did not file taxes. You will also need a copy of your taxes for the last year you filed.

Depending on your situation, you might need information from the previous year’s tax return. Place the information for the last year you filed in one file folder and label it for that year.

Locate all documents you need for the next year’s tax return, including W2s, 1099s and other proof of income. You will also need any receipts for deductions you want to claim. Separate the documents into file folders marked “Income – 20xx” and “Expenses – 20xx.” You should have an income and expense file for each year.

You can further organize your documents by using file dividers for various types of income and expenses, especially if you have home office expenses or farming expenses.

Locating Documents

If you cannot find the documents you need, you can visit the entity’s website. Most places, including banks and some employers, keep your documents in your account. You might have to call the company to ask them to forward a copy of the missing documents.

If you cannot obtain documents you know that you need, make a list of those that you cannot obtain. If you remember the approximate amount, write that next to the document name. For example, if you worked for Client A for a week but cannot find proof, check your bank account for a check with the amount Client A paid you and record the amount. You might also print a copy of the check or highlight it on your bank statement.

Additional Documents

You will also need to provide your bank account statements for all of your bank accounts. Your business attorney can determine some transactions by looking at your bank statements. If you have retirement account statements, stock account statements, and other statements where you might have taken a profit or a loss, be sure to include those statements as well.

Beginning Your Tax Returns

While it’s best to have an experienced tax attorney help you with your taxes, you can do them yourself. If you choose to do them yourself, start with the first year you have unfiled taxes to report. You can fill the tax paperwork out by hand, or you can use a commercial program. However, unfiled taxes do have penalties associated with them, and the law changes every year, so it is recommended that you use an experienced business tax attorney. This is especially true if you run a business, even if it is a small one that you run out of your home.

Work through the first year of unfiled taxes. Once you complete the taxes, double-check your figures or retain a Florida business tax attorney to review your taxes for you. Once you are satisfied that the taxes are correct, including the addition of any penalties, you can start working on the next year’s taxes.

Once you start the next year’s taxes, file the first year’s taxes. Do not wait, as interest and penalties continue growing every day that you are late. As soon as you finish the second year’s taxes, verify it or forward it to your business tax attorney for review, then file the tax return.

Be sure you include the payment, if any, with each year’s tax return. Do not file the tax returns in one envelope and with one check for all of the years you need to pay. Write a separate check for each year – you’ll have less chance of confusing the Internal Revenue Service.

Contact France Law Firm

France Law Firm is here to help you through filing this year’s or any other missed tax year forms. If you require help completing your past-due tax returns, contact our expert business tax attorneys at France Law Firm for a consultation today. We will help alleviate any stress and guide you through this process quickly.

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