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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.

12Aug

Concerns from the 2016 National Taxpayer Advocate Report – IRS Application of Allowable Living Expense Standards

By |August 12th, 2016|Categories: Boca Raton, Tax Relief|

In their June 2016 Annual Report to Congress, the National Taxpayer Advocate identified and assessed significant issues that affect taxpayers across the country and offered recommendations to the IRS and Congress for resolving said issues over the next fiscal year. 

1Jul

Injured Spouse Status Can Save Your Share of a Tax Refund

By |July 1st, 2016|Categories: Boca Raton, Tax Resolution Strategy|

Did you know that if you file a joint income tax return with your spouse it’s possible to lose your refund? When your spouse has outstanding tax debts prior to your marriage or from filing a separate return during your marriage, the filing of a subsequent joint return places any tax refund in jeopardy.

24Jun

A Look at Some of the Tax Benefits, Deductions Available to Self-Employed Individuals

By |June 24th, 2016|Categories: Boca Raton, Tax Debt, Tax Tips|

Making the decision to venture out on your own and work for yourself can be an exciting, yet frightening prospect. Nevertheless, it is important for those who are self-employed to know and understand the tax implications associated with such a decision.

10Jun

Is Your Home Aide an Employee or an Independent Contractor?

By |June 10th, 2016|Categories: Boca Raton, Tax Debt|

Are you one of tens of thousands of Americans who employs a service provider in your home? Perhaps you have hired a nanny, babysitter, cook, maid, or a personal health care assistant.

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