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Business Tax

07 / 11 / 2019 by Greg Freyman, CPA in Business Tax

How Tax Planning Can Save You from Unnecessary Stress

Tax planning is a procedure for reviewing various options for conducting business and personal transactions to reduce tax liability.

Tax planning may result in substantial tax savings.

We will discuss ways to reduce tax liability:

– Income that is subject to taxation

– Making the most deductions and tax credits

– How investing impacts tax planning

– Tax savings through retirement contributions

– Education incentives

– Business and tax planning

– Strategies for the self-employed taxpayers

– Estimated tax

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07 / 11 / 2019 by Greg Freyman, CPA in Business Tax

Seven Basic And Simple Steps To Forming An LLC In Florida

Leaving a job and starting as a business owner is a big step. There are many variables to consider when deciding to go on your own. Here we will discuss some less familiar topics that deal with forming an LLC in Florida.

 

Consider whether you need to form a legal entity altogether.

 

Ensure you are forming the LLC for the right reasons. The main reasons why someone would choose to form an LLC are:

a) formality

b) professional association

c) legal protection

d) tax purposes

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15 / 10 / 2019 by Greg Freyman, CPA in Business Tax

Tangible Personal Property Tax

Some great lines from the 1980 movie Popeye with some of my favorite actors, Robin Williams and Shelley Duvall

The Tax Man:
You just docked?

Popeye:
I has.

The Tax Man:
Ah ha, let’s see here, that’ll be 25¢ docking tax.

Popeye:
What for?

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Real Estate Investing Tax Strategies

By Greg Freyman, CPA and Angela Freyman, MBA

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world”
~ Franklin D. Roosevelt

There are so many fascinating aspects to real estate. In this edition we will briefly go over important information on financial and tax topics of real estate as personal and investment use.

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31 / 07 / 2018 by Angela Freyman in Business Tax

Tax Reform and S Corporation Reasonable Compensation

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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22 / 04 / 2018 by onTy Toom in Business Tax

Business Entertainment and Meals – Changes to Deductions

Dear Clients and Colleagues,

As we wrote in our prior blogs, tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.

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30 / 12 / 2017 by Greg Freyman, CPA in Business Tax

Christmas Came Early In 2018: The New Tax Legislation

“Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel

Before we put you all to sleep with a lot of boring tax talk, let’s simply say that great things are about to come that will surely stimulate the economy in more ways than meets the eye at first glance.

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08 / 03 / 2017 by Angela Freyman in Business Tax

Partnership Agreement Issues

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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2016 Year-End Update for Businesses

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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28 / 09 / 2016 by Angela Freyman in Business Tax

Freyman CPA on Helping Start-up Companies

startup work deskIf 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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