Welcome to Florida!  You can now enjoy the benefits of living in a state with no state income tax.  But don’t put your checkbook away just yet. In certain situations, your former state can tax income that you receive even after you establish residence in Florida.  Paraphrasing a famous movie quote, just when you thought you […]

In the event of an IRS audit, you need to provide documentation for your deductible expenses. Some people keep the receipts, while others keep credit card statements.  So what exactly do you need to keep? Keep the receipt and the credit card statement In general, for everything you want to deduct, you should keep the […]

Keeping track of receipts for tax-deductible expenses can be a hassle.  File cabinets stacked with invoices and wallets filled with paper receipts take up time and space and can become downright annoying. One solution to this problem is to convert paper receipts and other tax-related documents into digital files.  That’s correct, the IRS does not […]

Offering a 401K plan can be a great benefit for both the owner of a business and its employees.  But a 401K requires time, money and some human resource acumen to set up and maintain.  In addition, offering a 401K plan is a serious commitment that requires the employer, as the plan sponsor, to follow […]

For small business owners, your business is likely your most valuable asset. But unlike an investment portfolio, you can’t determine its value by just looking up a few numbers online. Most of the time this uncertainty is just fine, as long as your business is producing enough income to meet all your needs. But what […]