Category Archives: Tax Law
Business Startup Costs Can Provide Good Tax Benefits
So you’re starting your own business, and you have some significant startup costs. And while you’re worried about making that money back, you are at least comforted with the idea that you’ll get a break on your taxes given all the money you’ve spent on your startup. In fact that’s only partially true. The… Read More »
Gift Tax Exemption Can Be a Great Asset and Tax Protection Vehicle
Do you have money or property that you don’t want to be taxed on? Maybe taxes aren’t the issue, you just genuinely want to do something nice for a friend or family member. How about using a good old fashioned gift? After all, giving away your property saves you from paying income taxes on… Read More »
IRS Allows Deductions for Certain Hurricane Losses
As Hurricane Irma ravages the state, Florida residents will likely incur massive losses. Hopefully, the losses will be minimal, or at least, covered by some form of insurance. But if they are not, and if the losses are great enough, Floridians may be able to qualify for some tax relief under the tax code,… Read More »
Don’t Ruin the Ability to Step Up in Basis
When we inherit property that has a value to it, especially property that increases in value, we often don’t take into account the tax consequences. Capital gains taxes can take a large chunk out of property that you have inherited and you later try to sell if that property has increased in value. Capital… Read More »
The Benefits of a Non-Profit Organization
Contrary to popular opinion, nonprofit businesses and organizations are everywhere we look. While some are obvious, such as homeless shelters or social service agencies, others can look exactly like for-profit businesses, and may even fulfill some of the same needs and perform the same services as for-profit businesses. Nonprofit Misconceptions This is why when… Read More »
Homestead Exemptions vs. Homestead Protections
There’s a potential battle brewing in Tallahassee over homestead exemptions. No matter what side of the issue you’re on, the important thing from a legal standpoint is understanding that the media tends to mix two different concepts of what a homestead exemption means. Homestead Exemptions As we all know, our homes are taxed based… Read More »
What is the Earned Income Tax Credit?
As numerous tax programs are discussed and Washington debates the pros and cons of various aspects of our tax code, one area that we seem to hear a lot about is the earned income tax credit (EITC). This tax credit is either a benefit to working families, or a provision of the code that… Read More »
Tax Consequences of Loans and Gifts
When the bank loans you money, it’s pretty clear that it’s a loan. The bank will make sure of that by making you sign documents evidencing you’re taking out a loan. But sometimes the line between a loan and a gift isn’t so clear. Loans or Gifts? If Cousin Louis “gives” your business $50,000… Read More »
Tax Credits You May Not be Aware That You Had
Despite the fact that nobody likes paying taxes, you’d be surprised at how many people pay more than they have to. Wherever you stand on the debate over whether we have too many or too few tax loopholes, the fact is that they are there for the taking, and they aren’t just for big… Read More »
The Benefits of a 1031 Tax Exchange
In this recovering economy, real property can be a good investment. Whether your business is in real estate investing, or your business has nothing to do with real estate, but owns real estate that it operates from, as time goes by, the value of your property is likely to increase. Taxes Can Hurt And… Read More »
