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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...
Tax Implications of Shutting Down a Partnership

Tax Implications of Shutting Down a Partnership

Tags: CPA Sarasota, QuickBooks Bookkeeping, Sarasota Accounting, Tax Planning As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out...
Get up to $32,220 in Sick and Family Leave Tax Credits

Get up to $32,220 in Sick and Family Leave Tax Credits

Tags: QuickBooks Bookkeeping, Sarasota Accounting, Sarasota CPA, Tax Planning If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we will need you to get your...
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...