HOME IS WHERE THE HEART IS – One prefers one’s home to all other places. Home is where one is most emotionally attached. Although the proverb has probably been in use since time immemorial, it has been attributed to Pliny the Elder (A.D. 23-79).

This tax blog specifically deals with our views on the topic of property insurance.

We typically won’t extend recommendations via our blogs unless we have used the services ourselves and can fully stand behind the company 100%.

Before we dive in, we wanted to extend a heartfelt thank you to one very special local business, Brightway Insurance brokerage of Julington Creek, owned and operated by Mr. Dave Lego.

Dave is an amazing friend, colleague, and mentor. His roots in the insurance industry run deep.

If you are in the market for a new insurance policy or are simply needing a review of your existing one, why not give Dave a quick call at (904) 217-7624, you will be happy you did!

One more thank you to a couple of awesome people that made our move happen:

~Jane Evans of Florida Homes Realty & Mortgage LLC – (904) 993-3001

~Josh Downing of Bank of England – (904) 962-3557

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The 2018 tax reform known as the Tax Cuts and Jobs Act (TCJA) allows for a new 20 percent deduction on certain business income, known as the Section 199A deduction. One should have the right type of business and the right taxable income.

In our past blog article Christmas Came Early In 2018, we discussed different choices in conducting business when it came to taxation and the new tax legislation in great detail. We also explained the differences in taxation of each business entity structure, and if you have been paying attention, you will recall that the S corporation is a pass-through entity which is typically a great choice for most small business owners.

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“The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.” – Bob Dole

We’ve watched the campaign promises, the debates, the flurry of activity and our government in action. The biggest tax reform of our generation has just been passed into law. So what does that mean for you? Will you see more money in your pockets, or are the taxes going up for you next year?

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You’ve started working on your tax return (or spoken with your accountant) and it looks like you’ll owe more taxes than you’d like. Now what? It’s too late to change your 2016 taxes now that it’s 2017, right? Fortunately, retirement savings can save you and reduce tax liability!

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We deal with agreements on a daily basis — from the terms and conditions on a website to municipal regulations that guide public actions. These agreements are often forgotten, if not entirely ignored, which may only become apparent when an issue arises. Similarly, partnership agreements may be drafted and then ignored. Partnership agreements guide many aspects of the partnership, including important tax consequences. Unless you have a legal background, you may have retained an attorney’s help when your partnership drafted its partnership agreement. What you may not have considered at the time was having a CPA review the agreement.

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It’s already December. Before long, it will be 2017, but we’ll all still accidentally write 2016. The start of a new year often brings tax changes, and with a new President in 2017, it is likely that there will be even more changes than usual. This article covers 2016 year-end update for individuals. What can we expect for next year?

Actually, most of the tax changes set for 2017 relate to businesses, and there aren’t that many for individuals. Most of the changes from 2016 simply relate either to amounts that have been indexed for inflation, or to tax benefits that are set to expire in 2016. We’ll cover some of the changes that may impact you for 2017 and beyond.

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This blog post covers 2016 year-end update for businesses. With the start of 2017 quickly approaching, a slew of changes is upon us. The new year often brings tax changes, and with a new president in 2017 there is already talk of overhaul of the tax code. While we will briefly discuss some speculative changes for 2017, most of the changes discussed below have already been approved by Congress and will be in effect for 2017.

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In the past few weeks, you’ve likely been inundated with pre-recorded phone calls, unsolicited opinions on Facebook, and a mailbox full of political flyers. With the presidential election looming, what effect will our decision have on taxes? Every candidate always makes campaign promises related to taxes, whether it’s closing loopholes, lowering tax rates, or completely overhauling the tax system. While it’s hard to say whether a candidate will be able to successfully follow through with these promises, we can, at the very least, attempt to compare the positions that they’ve taken during this campaign cycle. Let us briefly review the candidates’ tax plans.

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If you tell people “I work at a start-up,” images of open-working spaces with ping pong tables and casual working atmospheres probably pop into their heads. In reality, start-up companies face many obstacles, and the founders and officers have many tax, operational, and legal logistics to handle. No single person is fully knowledgeable in every field, so how do you ensure that you properly handle all of the details of developing your company?

The key is to assemble a team of experts who are well-versed in the areas that are essential to your business’ success. One of the most important players is a good accountant: they can provide information on how to structure and register your business, as well as important financial and tax considerations. Freyman CPA assists start-ups at every step: from determining what entity structure most appropriately meets your needs and long-term goals, to offering tailored solutions once your business is up and running.

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