Buy a Home in St Petersburg Florida

If You’ve Put Your Home on the Market, You Need to Know the Tax Consequences of a Sale

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Summer is a common time to put a home on the market. If you’re among those who are following this trend, it’s important to be aware of the tax consequences. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain — as long as...
Tax Election on Restricted Stock Awards in Tampa

Consider the Sec. 83(b) Election to Save Tax on Restricted Stock Awards

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Restricted stock is stock that’s granted subject to a substantial risk of forfeiture. Income recognition is normally deferred until the stock is no longer subject to that risk or you sell it. You then pay taxes on the stock’s fair market value at your ordinary-income rate. But...
Tax deduction limits on meals and entertainment deductions.

Who’s Subject to the 50% Limit on Meal and Entertainment Deductions?

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In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the deduction. But which party? Last year, the IRS finalized regulations that...
Retirement Tax Planning For When You Change Jobs

What To Do With Your Old Retirement Plan When You Change Jobs

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First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave your money in...