$1,000 Setting up a Trump account

For new bornes,set up a Trump account for vert young kids. US Treasury is giving each new born a $1,000 retirement acct. Reposting from Orlando Irs conference

Roth distributions

Roth distributions must be 1)from Roth accounts in place for 5 years, unless an exception applies and be 59 and 1/2. Roth earnings are taxable if both are NOT met. Discussed at IRS conference in Orlando

Limits on passive rental loses

Rental real estate allowance has strict limitations regarding income thresholds, ownership percentages, and management participation levels.Income Phase-Outs (MAGI Limits)Under $100,000: You can deduct the full $25,000 loss against non-passive income (like W-2 wages).$100,000 to $150,000: The allowance reduces by 50% of the amount your Modified Adjusted Gross Income (MAGI) exceeded $100,000.$150,000 and above: The special allowance drops to zero ($0) entirely.Married Filing Separately: The max limit drops to $12,500 (phase-out between $50,000 and $75,000) if you live apart all year; it is $0 if you lived together at any time during the year.Participation and Ownership RulesActive Participation: You must actively take part in management decisions (such as approving new tenants, setting rental terms, or authorizing repairs).Ownership Minimum: You must own at least a 10% value interest in the property.Exclusions: Limited partners in a partnership are automatically barred from using this $25,000 special allowance.If you want to know more, let me know:What your estimated Modified AGI is for the year

2026 New Charitable Deduction available

2026, New charitable deduction available to indivindividuals who take the standard deduction

Business loan vs equity distribution

Business loans (like floor plan financing) to fund inventory rather than paying rent or distributions. This maximizes tax breaks, frees up cash for business operations, and correctly aligns debt with the asset being sold.Why Business Loans (Floor Plan Financing) Work BestFull Tax Deductions: The IRS allows full deductions for interest paid on "floor plan financing"—the specific business loans used to buy auto or RV inventory. This means the government helps cover your borrowing costs.No Renting Inventory: Dealerships generally do not rent inventory. Renting from a third party results in lost profits and high usage fees.Distributions Are for Profit: Distributions are payments of profit to owners, not a method to pay for inventory. Using profit to pay for inventory (instead of financing) drains working capital.Business vs. Personal FundsKeep your business and personal money completely separate.Business Loans: Tracked as a business debt. They protect your personal assets if the business fails.Distributions: Paid to you after business bills and loan interest are paid.To help optimize your dealership's cash flow, tell me:Are you set up as an LLC, Corporation, or Sole Proprietor?Is your current inventory currently funded by cash, personal loans, or dealer financing?I can help you review your IRS Form 8990 requirements or create a basic cash flow spreadsheet.Q&A: Dealerships and OBBBA's Key Changes to Expense LimitationsJan 15, 2026 — How the OBBBA's Changes to 163(j) Expense Limitations Is Reshaping Tax Strategy for Car Dealers. For most dealerships, recent changes to Section 163(j) of the t...Brady WareIRS Section 163j: Business Interest Expense Deduction Limitation (2025)Apr 5, 2026 — Interest expense recharacterization offers immediate relief. Tax rules allow allocating interest to inventory costs, R&D, and self-constructed assets. Once rech...

Irs form 5500

Yes, IRS Form 5500 is generally considered very complex and difficult to complete due to its dense questions, required schedules, and multi-part disclosures. Because mistakes can trigger massive penalties, most plan sponsors hire third-party administrators (TPAs) or CPAs to handle it.The difficulty depends heavily on the specific version of the form required for your business:1. Form 5500 (Standard)Complexity: High.Who files: Used for large plans (typically 100 or more participants).Details: Requires rigorous audited financial statements and multiple complex schedules detailing plan investments, assets, and fees.2. Form 5500-SF (Short Form)Complexity: Medium.Who files: Small plans (generally under 100 participants).Details: It requires far less financial data than the standard form but still demands careful reporting of participant counts and compliance operations.3. Form 5500-EZComplexity: Low to Medium.Who files: One-participant plans (Solo 401k) or foreign plans.Details: This is a one-page form. However, it is only required if the plan's total assets exceed \(\text{\$}250,000\) at the end of the plan year.Key Filing ChallengesMandatory Electronic Filing: All standard Form 5500s must be filed electronically through the EFAST2 system, which has strict automated formatting checks that will reject incomplete filings.Strict Deadlines: Forms are due on the last day of the 7th month after your plan year ends. Missing a deadline can result in penalties of up to \(\text{\$}250\) per day.Getting It Wrong: Mistakes regarding the plan's EIN, participant count, or missing an applicable schedule are very common and can cause penalties.If you want, let me know:What type of retirement plan you have (e.g., Solo 401k, a plan with employees)Your participant countApproximately how much money is in the planI can help clarify which specific version of the form you likely need and what you should prepare.Form 5500 corner | Internal Revenue ServiceApr 24, 2026 — Form 5500, Annual Return/Report of Employee Benefit Plan (form and instructions) Who files. The employer maintaining the plan or the plan administrator of a pen...IRS (.gov)

Employee usebof company vehicle

When an employer provides an employee or owner with a company vehicle, the IRS considers the personal use of that vehicle to be a taxable fringe benefit. To compute this taxable income, employers must include the personal use value as non-cash compensation on the employee's Form W-2.Employers can use one of five IRS-approved valuation methods or compute using the IRS Publication 15-B rules:1. The Cents-Per-Mile MethodHow it works: Multiply the personal miles driven by the IRS standard rate.Rules & Limits: For 2026, the rate is \(\$0.725\) per mile. You can only use this method if the vehicle's Fair Market Value (FMV) is \(\$61{,}700\) or less when first made available, and the vehicle is driven at least 10,000 miles or regularly used for business.2. The Annual Lease Valuation Rule (ALV)How it works: Look up the vehicle's FMV in the IRS Annual Lease Value Table, then multiply that amount by the percentage of personal miles driven.Rules & Limits: This is mandatory for luxury vehicles valued over the \(\$61{,}700\) limit.3. Commuting Valuation RuleHow it works: Compute the taxable benefit at exactly \(\$1.50\) per one-way commute (i.e., \(\$3.00\) per round trip).Rules & Limits: This applies strictly to commuting. The vehicle must be used for business and the employee cannot be a control employee (such as a highly compensated officer).4. General Valuation RuleHow it works: Value the personal use at the amount the employee would pay to lease the same or a similar vehicle in the local geographic area.5. Fleet-Average Value RuleHow it works: If an employer operates a fleet of 20 or more vehicles, they can calculate the value using an average FMV, provided the individual vehicles do not exceed the \(\$61{,}700\) cap.Business Use ExemptionAny portion of the vehicle's usage that is explicitly for business is excluded from taxation as a working condition fringe benefit. For example, a business owner who drives an S-Corporation vehicle to a client meeting does not incur taxable income for that specific trip, but commuting between home and the office is generally treated as personal use.2026 Publication 15-B - IRSDec 23, 2025 — Including taxable benefits in pay. You must include in a recipient's pay the amount by which the value of a fringe benefit is more than the sum of the following...IRS (.gov)

Eftps

Eftps payments are changing for indivindividuals. individuals can no longer use eftps. Businesses can bastille use eftps

K1 of a disregarded entity

For a Schedule K-1 (Form 1065) involving a disregarded entity (DE), the partner’s information in Part II (Items E, F, and I1) should reflect the beneficial owner (individual) rather than the disregarded entity itself. A new checkbox (Item H2) indicates ownership via a DE, while the taxpayer partner's TIN and

Rule of 55 for Ira's

Rule of 65 exception allowing penalty-free, early withdrawals from a current 401(k) or 403(b) if you leave your job—voluntarily or involuntarily—in or after the year you turn 55. It does not apply to IRAs. You must pay ordinary income tax, but avoid the 10% penalty. Fidelity Fidelity +2 Key Details of the Rule of

Corporate Contributions

. How K-1 Donations Work When a partnership or S-Corp makes a charitable donation, that donation "passes through" to you and is reported on your personal Schedule A (Form 1040). The Code: Box 13 (Code A) on Form 1065 or Box 12 (Code A) on Form 1120-S generally refers to cash contributions, which are subject to a maximum deduction of 60% of your total AGI. Aggregation: This 60% limit is not per K-1; it is per taxpayer. You must aggregate all donations from all K-1s plus any personal donations you made directly. 2. "60% K-1 / 40% Company" Myth Combined Limitation: If you have donations from K-1 Company A and K-1 Company B, all of those donations are added together, and the total deduction is limited to 60% of your personal AGI. Total Donations: If your total donations (K-1s + personal) exceed 60% of your AGI, you cannot take the full deduction in the current year. However, you can carry forward the excess amount for up to five years. 3. Key Distinctions Individuals vs. Corporations: If you are a partner (individual) in a partnership, the 60% AGI rule applies to you. If you are asking about a C-Corporation, that entity has different, generally lower, limitations (usually 25% of taxable income for 2020-2021, and returning to 10% afterwards). Qualified Contributions: Temporary rules (2020-2021) allowed for 100% deduction of AGI for certain cash contributions, but standard, non-emergency rules generally cap the deduction at 60% of AGI. 2026 Change: Starting in 2026, a new 0.5% AGI "floor" applies to itemizers, meaning you can only deduct the portion of your total donations that exceeds 0.5% of your AGI. Disclaimer: Tax rules regarding charitable donations and pass-through entities are complex. It is highly recommended to consult a tax professional to calculate your specific AGI limitations.

IRS Payment Plan

How to set up a payment plan with the irs To set up a payment plan with the IRS, you can follow these steps: Eligibility: Ensure you meet the eligibility criteria for the payment plan you wish to apply for. Short-term plans are for tax debts below $100,000, while long-term plans are for $50,000 or less in combined tax, penalties, and interest. 1 Application: You can apply for a payment plan online through the IRS Online Payment Agreement tool, by phone, or by mail. For online applications, you will need to create an IRS Online Account and provide identification and payment information. 1 Setup Fees: Be aware that setup fees may apply, especially if you apply for a payment plan by phone, mail, or in-person. 1 Payment Options: Choose from options like full payment, short-term payment plan, or long-term payment plan. Short-term plans are typically easier to set up and don't come with setup fees, but they accrue penalties and interest. Long-term plans are designed for individuals who owe $50,000 or less and come with a setup fee. 1 For more detailed information and to apply, visit the IRS Online Payment Agreement Application. 1

Received an IRS letter?

Do you owe the Irs the amount or not? The IRS is sometimes correct in their letters but can definitely overstate how much you owe. I have been to tax forums and they freely. admit they prepare the tax situation in their favor and it is up to the client to resolve

TPP

Tangible Personal property tax returns in Florida need to be filed by 4/1/26

Medical sales in Florida

In Florida, the sales of medical equipment are generally exempt from sales tax, especially if they are dispensed by prescription or are considered prosthetic/orthopedic appliances or specific independent living items. However, the taxability depends heavily on the specific item and whether it is sold with or without a prescription. Exempt Medical Equipment (Without a Prescription) Certain items are specifically exempt from sales tax by Florida law, even without an individual prescription: Mobility aids: New and used electric and manual wheelchairs, electric mobility scooters, crutches, canes, walkers, and walking bars. Mobility aid parts and accessories: Batteries and battery chargers specifically manufactured for electric wheelchairs and scooters, replacement seats, leg rests, tires, shrouds, and joysticks. Prosthetic and orthopedic appliances (general list): This includes items such as artificial eyes and limbs, hearing aids, dentures, back braces, support braces, mastectomy pads, and ostomy pouches and accessories. Other general items: Thermometers (for human use), hypodermic needles and syringes, and blood pressure monitors. Exempt Medical Equipment (With a Prescription) Other medical products and supplies are exempt from tax only if sold according to an individual prescription written by a licensed practitioner: Prescription-only items: Medical products and devices that federal or state law requires to be dispensed only by prescription (often indicated by an "Rx only" label) and are intended for a single, non-reusable use. Specific prescribed items: Items like bath benches, mobility lifts, and ramps may be exempt if purchased with a prescription. Items for the handicapped: Parts and attachments added to tangible personal property (like a vehicle) to accommodate a handicapped person are exempt if purchased with a prescription. Taxable Medical Items Sales of general medical equipment to hospitals, clinics, or practitioners are typically taxable unless specifically exempted. Examples of taxable items include: Consumable supplies not requiring a prescription: Some personal hygiene products and cosmetics are taxable, even if they have medicinal properties. General-purpose items: Battery chargers of a type sold to the general public are taxable. Accessories not essential for function: Covers for wheelchairs are generally taxable, even with a prescription, as they are considered an accessory rather than a necessary part for use. For a detailed list of nontaxable items, consult the Florida Department of Revenue's Nontaxable Medical Items and General Grocery List (Form DR-46NT). TAA 14A-029 - Medical Products - Florida Sales Tax Attorney ANSWER: THE SALES OR LEASES OF THE FOLLOWING ITEMS ARE SPECIFICALLY EXEMPT FROM SALES TAX WITHOUT A PRESCRIPTION: * NEW AND USED ELECTRIC WHEELCHAIRS. * NEW AND... Florida Sales Tax Attorney Chapter 212 Section 08 - 2023 Florida Statutes * (a) There shall be exempt from the tax imposed by this chapter any medical products and supplies or medicine dispensed according to an individual prescription... Florida Senate (.gov) Nontaxable Medical Items and General Grocery List * Nontaxable Medical Items and General Grocery List. * DR-46NT. R. 11/25. * Rule 12A-1.097, F.A.C. Effective 12/25. Page 1 of 4. * Chemical Compounds and Test K... Florida Department of Revenue Florida State Tax Guide: What You’ll Pay in 2025 - AARP States Mar 9, 2025 — * Sales tax: 7 percent (average combined state and local) The state sales and use tax rate is 6 percent, although some goods and services are exempt, AARP States 12A-1.020 Licensed Practitioners - Florida Sales Tax Attorney (c)1. Medical products, supplies, or devices sold to hospitals, healthcare entities, or licensed practitioners are exempt when: a. The medical product, supply, ... Florida Sales Tax Attorney Whether Taxpayer's purchases of two medical products from Mar 17, 2024 — * QUESTION: Whether Taxpayer's purchases of two medical products from . (“Vendor”) are exempt from Florida sales tax. RESPONSE: Both medical product... Florida Department of Revenue Fla. Admin. Code Ann. R. 12A-1.020 - Licensed Practitioners Fla. Admin. Code Ann. R. 12A-1.020 - Licensed Practitioners; Drugs, Medical Products and Supplies. ... (1) Scope. * (a) Section 212.08(2), F.S., provides an exe... LII | Legal Information Institute Florida taxability of medical products - Sales Tax Institute Mar 14, 2004 — News & Tips | Healthcare. Florida taxability of medical products. Medical products and devices with labels signifying one-time use by prescription o... Sales Tax Institute Are medical supplies and equipment taxable? Jan 13, 2025 — The same goes for durable medical equipment, such as home hospital beds or mobility aids like shower chairs. While these items are non-taxable in th... TaxJar Florida taxability of medical products - Sales Tax Institute Mar 14, 2004 — News & Tips | Healthcare. Florida taxability of medical products. Medical products and devices with labels signifying one-time use by prescription o... Sales Tax Institute Decoding Sales Tax for Dentists: A Comprehensive Guide Apr 2, 2025 — Generally, if you sell over-the-counter products like toothpaste or dental hygiene kits, you should charge sales tax. However, if you provide items t... TaxFD TAA 14A-029 - Medical Products - Florida Sales Tax Attorney CONCLUSION. The sales or leases of the following items are specifically exempt from sales tax without a prescription: * New and used electric wheelchairs. * New... Florida Sales Tax Attorney 12A-1.020 Licensed Practitioners - Florida Sales Tax Attorney (c)1. Medical products, supplies, or devices sold to hospitals, healthcare entities, or licensed practitioners are exempt when: a. The medical product, supply, ... Florida Sales Tax Attorney Nontaxable Medical Items and General Grocery List disease, or incapacity that are temporarily or permanently incorporated into a patient or client or an animal by a licensed practitioner or a licensed veterinar... Florida Department of Revenue

Overtime and payroll taxes

Yes, payroll taxes (Social Security and Medicare) still count on overtime pay.

On a k1, ordinary business losses can reduce capital gains

Yes, ordinary business losses reported on a Schedule K-1 can generally be used to offset your net short-term capital gains on your personal tax return (Form 1040), provided you meet certain requirements regarding basis, at-risk limitations, and passive activity rules.

USF study on CEO stress

The study uncovered several notable patterns: Depressive signals appear relatively common among CEOs, which the researchers believe reflects the intense pressures of top leadership roles. CEOs show higher vocal depressive signals when their companies face greater uncertainty, such as lawsuits, volatile stock returns or disappointing financial results. CEOs with stronger depressive signals often receive higher total compensation and pay-

$1,000 Iras for new borns

$1,000 Ira's are available yo kids under 10. This Ira is for kids under 10 to get a headstart on investing. Kids can withdraw the money after they trah 18 years old.

Sales Tax Filing ID and Password look up

Yes Can you use a certificate number to log into florida sales tax return? Yes, you can use a Certificate Number to log into the Florida Department of Revenue’s eFile and Pay system for Sales and Use Tax. This system allows taxpayers to file and pay their sales tax returns online. To log in, you will need your Certificate Number, User ID, and Confirmation Number. These details are essential for accessing the new system and filing your sales tax return. Florida Department of Revenue

$2,000 Tariff Tax dividend

In a recent interview with Brian Kilmeade on Fox and Friends, Treasury Secretary Scott Bessent said dividend checks would be sent to families earning less than $100,000 annually. While the decision has not been officially finalized, Bessent said it is currently "under discussion."

Oil and gas drilling

Oil and gas drilling has many potential benegits for accredited investors. For instance, done correctly an investor can have investment income treated as non passive income. Rare for investments. Drilling cost can be 100% deductible in some cases. Intangible billing costs can possibly be 100% deductible in the first year

Florida sales tax on commercial property rentals is 0

As of October 1, 2025, there is no longer any state or local sales tax on commercial real property rentals in Florida because HB 7031 eliminated it. Previously, it wa

Irs phasing out paper refund checks

The IRS is phasing out paper refund checks. Better have a bank account.

Obamacare counts most incone

Even passive income, such as interest earned, is totalled and counts toward Obamacare maxinuns

FLORIDA rental commercial sales tax rates, Oct 1, 2025

tax and any applicable discretionary sales surtax continue to apply to: • Rent or license fee payments for rental or occupancy periods through September 2025, even if payment is made on or after October 1, 2025. Example: If a tenant pays August 2025 rent in October, state sales tax of 2% plus any applicable discretionary sales surtax must be reported and remitted to the Florida Department of Revenue. • Sales tax imposed under s. 212.03, F.S., on: o Rentals or leases of living, sleeping, or housekeeping accommodations for six months or less (transient rentals) o Parking or storage spaces for motor vehicles in parking lots or garages o Docking or storage spaces for boats in boat docks or marinas o Tie-down or storage space for aircraft at airports Lessors of Commercial Real Property If your sales and use tax account (certificate of registration) is used only to report and remit s

NOL form 172

IRS form 172 for Net Óperating Losses should be filed with the tax return when filed

Church Notices

churches must notify donors who contribute $250 or more

Non Profit reporting

You must list the 3 biggest programs of each non profiton the 990 form

1099 Nec and 1099 Misc

In 2025, reporting threshold goes frona a base of $6⁰0 to $2,000

Fica payroll taxes are not assessed when wages are deferred.

401k plans are defined contrubution plans, as are others, payroll taxes are notsubject to Fica, when earned.

Florida is a Tenancy in comon stare

Floida is a tennants in common state. Distributons go 50% to spouse, 50 % to kids, unless specifed in a will

IRS can go back generally 6 years

The IRS generally goes back 6 years. they can go back further if warranted

Trump's tax plan and Qualified Opportunity Zone changee

The landscape for Qualified Opportunity Zone (QOZ) investments has fundamentally shifted thanks to the One, Big, Beautiful Bill Act. This legislation not only makes the opportunity zone program permanent, it also introduces significant structural changes, enhanced reporting requirements, and new compliance penalties. The Joint Tax Committee estimates the OZ provisions will reduce federal revenues by $40.9 billion between 2025 and 2034, reflecting both the program's extension and enhanced rural incentives. The most important takeaway for practitioners: stricter compliance requirements take effect January 1, 2027, with penalties reaching up to $250,000 for large funds. Five Key Changes Reshaping Opportunity Zones Program Made Permanent with Decennial Redesignation The QOZ program is being made permanent while introducing a decennial redesignation process beginning July 1, 2026. Unlike the original program where states made one-time designations based on 2010 census data, QOZs must now be re-evaluated every 10 years using current economic conditions. Practitioner Impact: July 1, 2026 provides investors with 6 months advance notice before the January 1, 2027 effective date, eliminating the potential "dead zone" where QOF managers may be fundraising without knowing zone designations. Qualified Rural Opportunity Funds (QROFs) with Enhanced Benefits The OBBBA creates a new category called Qualified Rural Opportunity Funds (QROFs) for funds holding at least 90% of assets in qualified opportunity zone property located entirely within rural-designated QOZs. Rural areas are defined as locations with populations under 50,000 that are not adjacent to urbanized areas with populations in

Coprorate Contribuions

A corporation can deduct up to 25% of its taxable income