by Steven J Weil, PhD, EA, LCAM | Feb 27, 2023 | Blog, Business Tax
Converting your business from a sole proprietorship to an S corporation is a simple three-step process. 1) Set up a corporation with your state. In Florida, corporations are set up through the Division of Corporations – Florida Department of State. They can be...
by Steven J Weil, PhD, EA, LCAM | Feb 22, 2023 | Blog, Personal Tax
All taxpayers filing forms 1040, 1040-SR, or 1040-NR must answer a question about digital assets; it is a yes or no question. Taxpayers need to click the “Yes” box if they: Received digital assets as payment for property or services provided; Transferred...
by Steven J Weil, PhD, EA, LCAM | Feb 22, 2023 | Blog, Personal Tax
Maybe you shouldn’t be. A tax refund is a reimbursement to taxpayers who have overpaid their taxes — often due to having employers withhold too much from paychecks. The U.S. Treasury estimates that nearly 3 quarters of taxpayers are over-withheld, resulting in...
by Steven J Weil, PhD, EA, LCAM | Feb 20, 2023 | Blog, Business Tax
Unlike regular (non-S-Corporations) S-Corporations do NOT pay income tax. Instead they are considered pass-through entities. This means that the business’s profits, losses, and other items of the S-Corporation are passed through to the owners/shareholders in the year...
by Steven J Weil, PhD, EA, LCAM | Feb 17, 2023 | Blog, Business Tax, Payroll Preparation, Personal Tax
You don’t need paper copies of your return. Electronic copies will work just fine. You do need your electronic files in a format that does not allow easy alteration. PDFs and TIFFs are preferred and can be used to keep not only for returns but also as receipts and...
