Tax planning is a vital part of managing your finances, especially for professionals in Coral Gables. By strategically managing your income, deductions, and investments, you can reduce your tax liabilities and make the most of your hard-earned money. Here are some essential tax planning tips to help you stay ahead. Understand Your Tax Bracket Knowing […]
Understanding the Foreign Investment in Real Property Tax Act (FIRPTA)
Navigating the complexities of U.S. tax law can be challenging, especially when it comes to foreign investments in real property. If you are a foreign investor or dealing with foreign clients investing in U.S. real estate, it is crucial to understand the Foreign Investment in Real Property Tax Act (FIRPTA). This legislation can significantly impact […]
Beware Aggressive Employee Retention Credit “Mills”
To help small businesses keep employees on their payroll during the pandemic, Congress introduced the Employee Retention Credit (ERC) in 2020, which is a tax credit that can be claimed on the quarterly payroll tax reports. Since its inception, additional laws have modified the qualifications, and it is now quite a complex area. Because it […]
Rumors About the IRS
The IRS has been in the news recently, and there are several rumors floating around on social media that we’d like to set straight. It’s simply NOT true that 87,000 IRS agents with guns will be coming after you any time soon! Here are the real facts. The Inflation Reduction Act signed by the President […]
The Benefits of Filing for an Automatic Extension of Time to File Your Income Tax Return
Many taxpayers are under the assumption that it’s bad to delay filing your taxes by filing an extension. While individual tax returns are due April 15 each year, you can file an automatic 6-month extension so that the return is not due until October 15. The rumor that you have a better chance of getting […]