Taxation in the US comes in many different varieties. We have taxation on income, self-employment, gifts, and so on. When speaking in terms of the estate tax, we are discussing a tax imposed on a transfer of net assets, a transfer tax.
Different government bodies impose various types of taxes. Federal tax governs all US citizens or domiciled residents and encompasses all the different states found across the nation.
Each US state also has its own set of rules and regulations that apply to specific residents of that particular state.
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
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:
b) professional association
c) legal protection
d) tax purposes
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?
The Tax Man:
Ah ha, let’s see here, that’ll be 25¢ docking tax.
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
Benjamin Franklin is believed to have said, “If you fail to plan, you are planning to fail.“
This tax blog specifically deals with our views on the topic of life insurance.
As we explored the beautiful island of Bequia (pronounced Bek-Way) post-tax season 2017, Angie and I both found ourselves driving to meet the sunrise one beautiful morning amid our 7-day stay. How romantic, right? In most ways, yes, although we still answer business phone calls and run payroll errands all while tucked away on a fantasy island getaway. The role of being small business owners is something we have now become accustomed to regardless of our geographic location — thank goodness for WiFi. We are perfectly fine with this responsibility and take it quite seriously. When we committed ourselves to our clients’ needs, we knew all that it would entail.
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.
“Take a better stand. Put money in my mom’s hand. Get my daughter this college plan, so she don’t need no man.”
My uncle was a man I greatly respected. My uncle was in fact a self-made multi-millionaire ten times over. You may ask yourself how he got there, and what is his story. Like most millionaires, he was an investor, and he invested his money so that his money would earn money for him. That was his job – his job was managing his investments, and not punching a clock. I remember his living room was filled with financial statements from companies of all kinds, and with prospectuses pilling up to the ceiling. Yes, much like Warren Buffet, he had to know the company inside and out before he would send any money that way.
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.
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.