Gift Tax in St Petersburg Florida

Do you need to file a 2016 gift tax return by April 18?

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Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important...
Self-employment in St Petersburg Florida

Facing the tax challenges of self-employment

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Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employed individuals are liable for self-employment tax,...
RMDs in St Petersburg Florida

Remember RMDs this Tax Season

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Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? These mandatory IRA payouts are called...
Retain in St Petersburg Florida

Leverage Benefits to Recruit and Retain Talent

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It’s a lot more efficient to retain good employees than to find and hire new ones. The Society for Human Resource Management (SHRM) recently asked its members how they are adapting their employee benefit programs to avoid losing quality workers. Two-thirds of respondents in...
ISOs in St Petersburg Florida

What you need to know about the tax treatment of ISOs

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Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules...
Tax-Filing in St Petersburg Florida

Phaseouts and reductions: A tax-filing reminder

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As tax-filing season gets into full swing, there are many details to remember. One subject to keep in mind — especially if you’ve seen your income rise recently — is whether you’ll be able to reap the full value of tax breaks that you’ve claimed previously. What could change? If...
Form I-9 in St Petersburg Florida

Employers: You Are Now Required to Use the New Form I-9

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U.S. Citizenship and Immigration Services (USCIS) issued the new version on November 14, 2016. Employers had until January 22, 2017, to begin using the new version of Form I-9. Through January 21, 2017, employers could still use the version of Form I-9 dated March 8, 2013.  ...
Uncertainty in St Petersburg Florida

Factoring Uncertainty into the Value of Your Business

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Businesses currently face numerous uncertainties in the marketplace. As President Trump and Republican congressional leaders work toward fulfilling their campaign promises, tax laws could substantially change, the estate tax could be repealed, and various laws and regulations...
S Corporation in St Petersburg Florida

How an S Corporation Can Save on Federal Employment Taxes

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If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE Tax Basics Sole proprietorship income as well as partnership income that...
Deduction in St Petersburg Florida

The “manufacturers’ deduction” isn’t just for manufacturers

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The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction...