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Tax Implications of Shutting Down a Sole Proprietorship

Tax Implications of Shutting Down a Sole Proprietorship

Tags: Business Income Tax Deduction, QuickBooks Bookkeeping, Sarasota CPA, Tax Planning As you consider shutting down your sole proprietorship or your single-member LLC treated as a sole proprietorship for tax purposes, it’s crucial to understand the tax implications...
Cost Segregation: Is This Strategy for You?

Cost Segregation: Is This Strategy for You?

Tags: CPA Sarasota, Overlooked Tax Deductions, QuickBooks Bookkeeping, Tax Planning One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation. This is a deduction you get without spending any...
Limited Partners and Self-Employment Taxes

Limited Partners and Self-Employment Taxes

Tags: CPA Sarasota, QuickBooks Bookkeeping, self-employment tax, Tax Planning Self-employment taxes are substantial, and most people want to minimize them. Self-employed taxpayers often avoid self-employment taxes by operating as an S corporation. The distributions...
Selling Your Home to Your S Corporation

Selling Your Home to Your S Corporation

Tags: CPA Sarasota, QuickBooks Bookkeeping, Sarasota Accounting, Tax Planning If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation. Benefits of Selling Your Home to Your S Corporation Tax savings...
No Business Income, No Home-Office Deduction?

No Business Income, No Home-Office Deduction?

Tags: CPA Sarasota, Overlooked Tax Deductions, QuickBooks Bookkeeping, Tax Planning You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below. Points to Consider Claim business deductions with no...
Protect Yourself from Costly Payroll Fraud

Protect Yourself from Costly Payroll Fraud

Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Payroll Setup, Tax Planning When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why Rodney Taylor entrusted his corporation’s...