The Pros And Cons Of An Offer In Compromise
For many, the phrase “tax debt” is a daunting and stressful set of words. Paying any sort of debt is stressful, but with tax debt especially, and depending on how much you owe, you can be hounded by the IRS for a long time. It can be extremely difficult to pay off tax debt: you…
Read MoreWhy You Should Hire an Accountant For Your Small Business
There are quite a few good reasons why you should hire an accountant to help with your small business finances. Dealing with your own business’s finances can be a long, tedious, and strenuous task. It can keep your focus away from other important areas of your business which causes decreased revenue. On top of that,…
Read MoreWhy You Should File Your Taxes Early
You’ve heard it before. It’s a piece of advice you’ve heard over and over again, and you still don’t take it into consideration as often as you should: File your taxes early! Sure, the deadline is roughly a couple of months away but that doesn’t mean you should keep procrastinating. There are obvious benefits to…
Read MoreCybersecurity and You
This post was written by Firma IT. They’re the IT and Cybersecurity Firm we use here at the office. They asked if they could create a blog post for our site and newsletter. We thought it was a great idea because one cannot be too careful today with cybersecurity issues. Here’s their blog: Cybersecurity –…
Read MoreReduce Your Taxes By Making Your Spouse Your Business Partner!
Strategy Overview It works like this: You own an existing sole proprietorship or want to start a new business. You and your spouse form a general partnership or limited liability company to manage the business. You and your spouse provide cash or property for your interests in the new business. Your spouse does not participate…
Read MoreRoth Individual Retirement Accounts (IRAs) Conversions
Convert Your Traditional IRA to a Roth IRA If you have an Individual Retirement Account (IRA) established, you are able to convert that “traditional” IRA over to a Roth IRA. If you’re unfamiliar with what an IRA or a Roth IRA is, please feel free to read our previous articles on each retirement investment product.…
Read MoreRoth Individual Retirement Accounts (IRAs)
What Is A Roth IRA? An individual retirement account, commonly known as an IRA, is a trust (think of it as an investment account) created for your retirement. It allows you to withdraw money from it tax-free. In 2019, the contributions limit is $6,000 per taxpayer. You may contribute an additional $1,000 if you are…
Read MoreTraditional IRAs
What Is An IRA? An individual retirement account, commonly known as an IRA, is a trust created for your retirement (think of it as an investment account). It allows you to put money into it pre-tax. For example, if I made $60,000 for the year, and put $5,000 into an IRA, $55,000 is the amount…
Read MoreTax Cuts and Jobs Act
On Friday, December 22, 2017, the “Tax Cuts and Jobs Act” was signed into law by President Trump. Most of these provisions go into law January 1, 2018. We have put together a side-by-side comparison of current law and the “Tax Cuts and Jobs Act” changes. There are numerous tax planning issues facing both individuals and business owners.
Read MoreTax Deductions for Uber and Lyft Drivers
Now that Uber and Lyft are here in Key West, they will need local drivers. These drivers will be able to take certain tax deductions based on being an Uber driver. Some of the more common ones are:
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