Category Archives: Tax Law
Reviewing Your Tax Withholding
A few weeks ago, the Internal Revenue Service (IRS) published a letter, urging taxpayers to check their tax withholding to ensure that the correct amount of federal income tax is being taken from their paychecks. According to the IRS, taking this step could affect potential refunds or the amount of taxes owed in 2018…. Read More »
Why is My Tax Refund Delayed?
One of the best parts about filing taxes is receiving a substantial tax refund. In most cases, refunds are delivered within a few weeks, although in some situations they are unexplainably delayed. Although remaining patient is often the best course of action in these cases, it is also possible for refunds to be delayed… Read More »
Florida Reduces Sales Tax on Commercial Rent
Florida is currently the only state in the country where residents are required to pay sales tax when renting a commercial property. However, a recently enacted amendment will reduce the required amount of sales tax on these properties starting in January 2018. Although it is hoped that the reduction will attract new businesses to… Read More »
Florida’s Tax Free Weekend
Florida governor, Rick Scott recently passed another measure intended to bring him closer to achieving one of his administration’s goals, which is to lower sales tax across the state. To this end, Governor Scott signed a bill into law in May that will result in an estimated $180 million tax cut. Included in the… Read More »
Filing a Sales Tax Protest
Florida business owners are required to collect sales tax for specific items or services and then remit those taxes to the state. A failure to turn over the appropriate amount can lead to serious criminal charges resulting in jail time and hefty fines. Fortunately, it is possible to protest an audit or assessment of… Read More »
Tax Evasion v. Tax Avoidance
Although the terms tax evasion and tax avoidance are often used interchangeably, in reality they are totally different concepts. The biggest difference between the two is that tax avoidance is legal, while evading taxes can get taxpayers in serious trouble with the IRS. Unfortunately, the line between the two concepts can seem blurry to… Read More »
Proposal for Increased Homestead Exemption to be Placed on 2018 Ballot Initiative
Florida legislators filed approximately 1,900 bills in the 2017 session alone. Only around 234 of those bills were passed by both the Senate and the House, one of which was a bill that gives Florida residents the opportunity to increase the homestead exemption on primary residences in the state from $50,000 to $75,000 by… Read More »
What is an FBAR?
Earlier this year, the United States Department of Treasury announced that the date on which taxpayers must submit their Reports of Foreign Bank and Financial Accounts (FBAR) has changed. According to the new rules, the FBAR due date of April 15 will now coincide with tax season. However, the law also grants an automatic… Read More »
Homeowner Tax Deductions
Although most people do not associate homeownership with tax breaks, the reality is that many Florida homeowners have access to tax deductions that are not available to others. To learn more about possible deductions, please contact an experienced tax attorney who can walk you through your options. Mortgage Interest Deductions Mortgage interest deductions… Read More »
Meal and Entertainment Deductions
When tax season rolls around, it is important that business owners have a record of all deductible expenses, which includes the cost of meals and entertainment. Determining which expenses are deductible is difficult, so if you have questions about your own business-related expenses, it is important to speak with an experienced tax attorney who… Read More »
