Small Business Taxes: Current vs. Capital Expenses

Filing taxes as a small business is often complicated and confusing. If you make a mistake, it can result in losing a significant amount of money, and even penalties in some cases. Determining when you can deduct specific expenses is one area where small business owners often run into trouble. This blog post will help explain the difference between current and capital expenses and how they will impact your tax Read More

The Miranda Warning Explained

If you have ever seen a police drama on TV, you have undoubtedly heard an officer reading someone their Miranda rights. It is the part where the police say, “you have the right to remain silent…” and continues on from there. In the event that you or a loved one are ever arrested, it is important to know that this is not just something used on TV or a formality that the police need to follow. The Miranda warning will Read More

Settling with the IRS: The Offer in Compromise

If you are in a situation where you owe IRS back taxes, it is important that you deal with it right away. For many people, the amount owed is not something that they can come up with in one lump payment. When this is the case, it may be possible to settle with the IRS by making an offer in compromise (OIC). This is an option where you offer to settle the debt for a payment that is less than the total amount owed. If Read More

How Does Bail Work?

When a loved one is arrested by the police and booked into jail, you want to get them out as quickly as possible. In Florida state court there is generally a set bond for a particular charge which is set upon arrest. That bond amount can be changed based on a number of factors when the individual makes a first appearance, generally the next day, before a judge. Understanding what bail is and how it works will allow Read More

Ordinary and Necessary Business Expenses Explained

As a business owner, you need to do everything you can to maximize your profits and ensure the success of the company. In most cases, one of your biggest expenses is going to be the various taxes that your business has to pay. Finding and taking advantage of every tax deduction possible will help to reduce your overall tax burden so you can spend your money on more productive things. One of the biggest deductions for Read More

When Can the Police Search Your Property?

If the police show up at your door wanting to search your property, it will undoubtedly be a stressful event. In most cases, the police attempt to make it sound like you do not have a say in whether they come in or not, but that often is not true. In fact, while the police do have the right to enter without your permission in some cases, they will often walk right in and not ask if it is okay with you at all. Read More

5 Myths and Misconceptions About Owning Offshore Bank Accounts

When most people hear the term “offshore bank accounts,” they immediately picture a rich person conducting illegal activity. This is largely because movies and TV shows have portrayed these account as something inherently bad or underhanded, which has led to many myths and misconceptions. Let’s clear up these misconceptions so you can evaluate whether an offshore bank account makes sense for you. 1. Offshore Bank Read More

Understanding the Statutory Notice of Deficiency

Dealing with the IRS is a nerve-racking experience. Not only do they have a huge amount of power that can impact your life, but just about everything they do is confusing and overly complicated. One example of this is their “Statutory Notice of Deficiency” that they send out to taxpayer who they claim owe income taxes, interest, penalties, or other liabilities. This notice is also known as “The 90 Day Letter.” If you Read More

Is Your Business a Tax Shelter? Here’s How to Find Out

Nobody likes paying taxes, and it makes sense to do what you can to minimize your overall tax burden as long as you aren’t violating any laws. If you are a business owner or are thinking about becoming one, you will want to determine if your business is a tax shelter. A tax shelter business is any business that reports losses, which helps offset taxes. Not surprisingly, there are a lot of rules and regulations in Read More

What You Need to Know About the New Tax Brackets

When the Tax Cuts and Jobs Act passed, people from every political persuasion had something to say about it. While there has been endless debate about whether the new tax laws are a good or bad thing, the reality is that it has now gone into place. When filing your 2018 taxes this year and next year’s 2019 taxes, you need to know about the new tax brackets and how they will impact your finances. This blog post Read More