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24Jan

Section 199A Deduction Safe Harbor Rules for Rental Real Estate

By |January 24th, 2019|Categories: Boca Raton, Tax Returns|

It’s been more than one year since tax reform was passed and taxpayers and their tax advisors have been waiting for guidance as to whether rental property will be classified as a trade or business for purposes of qualifying for the IRC Sec 199A 20% pass-through deduction (referred to as the 199A deduction).

22Jan

IRS Adjusts Underpayment Penalty for 2018 Tax Returns

By |January 22nd, 2019|Categories: Boca Raton, Tax Penalties, Tax Returns|

Taxpayers are required to pre-pay their taxes through payroll withholding, estimated tax payments or a combination of the two. Employees generally accomplish this through withholding, while owners of pass-through entities, self-employed individuals and those with investment income by paying quarterly estimated payments.

9Jan

When to Hire a Professional to Do Your Taxes

By |January 9th, 2019|Categories: Boca Raton, Tax Returns|

Tax season is just around the corner. Online services have become a popular choice for individuals and families to prepare and file their returns. But there are a wide range of situations that call for professional assistance.

19Dec

What Happens if You Default on Your Installment Agreement With the IRS?

By |December 19th, 2018|Categories: Boca Raton, Installment Agreement|

The IRS installment agreement program provides a lifeline to taxpayers who owe back taxes and are unable to pay them all at once. If you set up a payment plan, the IRS will cease enforced collection activities while you pay your taxes in monthly installments over a period of time.

23Nov

Start Your 2018 Year-End Business Tax Planning

By |November 23rd, 2018|Categories: Boca Raton, Tax Planning, Tax Reform|

As I’m sure you’re aware, the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted at the end of last year. It’s the largest tax overhaul since the 1986 Tax Reform Act and will affect almost every business in the United States. In light of all the changes that took effect this year, it’s time for year-end business tax planning.

14Nov

The Pros and Cons of an Offer in Compromise

By |November 14th, 2018|Categories: Boca Raton, Tax Resolution Strategy|

The IRS’s offer in compromise program can be a great way to reduce the amount of debt you owe and make your payments more manageable. After all, the program is mutually beneficial to you and the IRS—it allows you to negotiate a tax settlement for less than you owe and allows the IRS to collect a portion of the debt owed to them.

18Mar

Thinking of Selling Business or Investment Property? Consider a 1031 Exchange

By |March 18th, 2017|Categories: Boca Raton, Tax Planning|

If you’re a business owner with highly appreciated business or investment real estate there is a tax planning strategy you should know about before you consider selling your property. It is a Section 1031 “like kind” exchange.

24Oct

Beware of the IRS Reclassifying Your S Corporation Distributions as Wages

By |October 24th, 2016|Categories: Boca Raton, Payroll Taxes, Tax Planning|

If you run your business as an S corporation, you’re probably both a shareholder and an employee. Therefore, the company should pay you a salary for the work you do for the business, which is subject to payroll taxes as well as income tax withholding.

18Sep

Tax Problems Resulting From Late Rollovers of Retirement Funds Can Be Fixed

By |September 18th, 2016|Categories: Boca Raton, Retirement Plans, Tax Relief|

In order for a rollover into a traditional IRA to be tax deferred, the funds must be deposited into the account within 60 days from the date of distribution from the prior retirement account.

26Aug

The Taxability of Canceled Debt

By |August 26th, 2016|Categories: Boca Raton, Tax Debt|

You may not always be required to pay back your debts in full.  It is not wholly uncommon for a debt to be forgiven or otherwise discharged – a creditor may fail to collect, discontinue attempts to collect or outright forgive your debt for whatever reason – thus leading to a cancellation of the debt in the amount specified.

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