The internet can be a rabbit hole of information, but can you actually lower taxes without being self-employed? A Tampa Accountant tells you how! Paying taxes is stressful enough, let a Tampa Accountant help you brainstorm lowering them to put more money in your pocket! The 101's of how you can lower W2 income: 401k Contributions Traditional IRA Contributions HSA Contributions Student Loan Interest Itemizing vs Taking the Standard Donor Advised Funds Harvesting Losses Investing in Real Estate Research Credits! (Home Efficiency/Electric Vehicle) #1 - Retirement / HSA Contributions. The easies ..read more

Tax season is stressful enough! This is why it's important to make sure you do diligent tax planning before you get there to ensure you're not overpaying on your taxes. Below we look at 4 case studies from Tampa Tax Planning clients of ours. Each client had their prior year returns reviewed thoroughly during our tax planning process which in turn led to the following discoveries. These 4 tax planning case studies include: $7,500 in taxes saved - EV credit Amendment $12,366 in taxes saved - IRA Rollover Amendment $23,341 in taxes saved - QBI Error Amendment $149,661 in taxes saved - Cost Segre ..read more

If you haven’t filed taxes in a while, it can be overwhelming, all the more reason to hire an Accountant in Tampa to help! If you’re behind on filing taxes, an Accountant in Tampa can help you get caught up and squared away in just a few steps. If you haven’t filed taxes in years, the first step is to calm down! Although it isn’t ideal, you’re definitely not alone. We have worked with tons of clients who haven’t filed tax returns since as far back as 2013. Now that we know your scenario is more common than you’d think, let’s begin with the most important question: did you keep any records for ..read more

Not all IRS Letters are created equal. Some are easy fixes & others are not. A Tampa Accountant talks about the 101’s of reading your IRS Notice! So, you received an IRS Letter, now what? First things first, let’s understand what it’s about. Like most people, you likely had a small heart attack when you saw an IRS Letter in your mailbox! Even more so after you opened it and saw a possible penalty listed, you’re trying to rack your brain on how this could happen. Well, don’t fear. Most IRS Letters are routine and common, taking only a templated response to resolve them. Let’s get into the b ..read more

Don't let the unknown about taxes stop you from starting your business. Taxes Tampa offers personalized tax services to make sure you get the most out of your hard-earned money. Ask a Tampa Accountant who has been there and done that! So what is an LLC? And LLC is a limited liability company that is set up for the purpose of structuring and housing your business activity in order to separate legally, your liabilities and assets from your business and your personal side. In short, if you own say a rental property, putting your asset (the property) under the LLC vs leaving it under your SSN, shi ..read more

Report your LLC ownership or get up to a $10,000 file!? Read below for the FinCEN BOI spark notes from our Tampa Accountant. FinCEN BOI Reporting, effective 01/01/2024, now wants most domestic entities to report their ownership or face $10,000 in fines and possible jail time. Below our Tampa Accountant breaks down the who, what, when, where, and why of the new BOI report. What is a BOI Report? BOI stands for Beneficial Ownership Information Reporting. It's exactly what it sounds like. A report that you submit to FinCEN that lists all owners and/or decision-makers in your entity. This is part o ..read more

Did you just start a Florida non-profit and need to pay yourself? Below are the do's and do not's! First things first, make sure you set up your Florida Non-Profit correctly! The 3 core things to know about starting a Florida nonprofit are: Registering with the IRS Registering with the State State Licensing Making sure you have your entity created correctly in the first place will save you hundreds of hours of headaches later down the road. Examples of common mistakes we see made early on are: Clients prior accountant not filing Form 1023 and therefore leaving their entity as a C-Corporatio ..read more

Tax Planning is often neglected by most accountants. If you fail to plan, you plan to fail. Why tax planning is key! Navigating income tax is hard enough, let a Tampa Accountant help you get ahead of it with tax planning! Our 3-step process: Tax Projections Tax Planning Tax Preparation Tax Planning is one of the most crucial things you can do as a business owner because it (1) helps you identify areas you may not be maximizing and/or capitalizing on so that (2) you have enough time to adjust which (3) in turn helps you lower your taxes. However, traditional accountants work on a volume prepa ..read more

The internet can be a rabbit hole of information, but what is the difference between an LLC, S-Corp, and C-Corp? A Tampa Accountant discusses! Starting a Small Business is hard enough, let a Tampa Accountant help you take care of the formation piece so you can focus on selling! 3 Common Types of Entities we'll review: Single-Member LLC S-Corporation C-Corporation #1 - What a Single-Member LLC is and isn't. A single-member LLC is one of the many entity types you will default to when initially creating your entity. The other defaults are a partnership (if you have 2 partners) and a corporation ..read more

If you just started your first business, chances are you feel overwhelmed with accounting! Read below for insight from our Tampa Bookkeeper. Growing a Small Business is hard enough, let a Tampa Bookkeeper help you take care of the accounting piece so you can focus on scaling! 3 Small Business Accounting tips & tricks: Tracking and categorizing expenses Developing a budget Compliance 101 #1 - Tracking and categorizing expenses is the key to paying lower taxes! Why proper Bookkeeping is crucial. Small business owners need to know that tracking and categorizing expenses is one of the most o ..read more