fbpx
Estimated Tax Penalties

Estimated Tax Penalties

Tags: QuickBooks Bookkeeping, Sarasota Accounting, Sarasota CPA, Tax Planning The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as...
Do You Qualify as a Tax Law–Defined Professional Gambler?

Do You Qualify as a Tax Law–Defined Professional Gambler?

Tags: CPA Sarasota, QuickBooks Bookkeeping, Sarasota Accounting, Tax Planning When it comes to taxes, the tax code treats professional gamblers better than recreational gamblers. Unlike recreational gamblers, professionals get to deduct all their gambling expenses...
Corporate Transparency Act Requires BOI Reporting to FinCEN

Corporate Transparency Act Requires BOI Reporting to FinCEN

Tags: CPA Sarasota, QuickBooks Bookkeeping, Sarasota Accounting, Tax Planning The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs),...
Act Now! Get Your Safe-Harbor Expensing in Place

Act Now! Get Your Safe-Harbor Expensing in Place

Tags: CPA Sarasota, QuickBooks Bookkeeping, Sarasota Accounting, Tax Planning For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar). The term “safe-harbor” means that the IRS...