Category: Tax Advantage

GET PROPER IRS TAX AUDIT HELP & STATE TAX AUDIT HELP

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It is often said to lawyer while they are in law school that if they represent themselves in court, then “they have a fool for a client!”   The same concept can apply to one who considers representing themselves for an IRS or State tax Audit. 

It can be important to have  proper and qualified help for an audit examination.  While it is difficult to predict the outcome of a tax examination, there may be a benefit to having a qualified person such as a Certified Public Accountant represent you on your behalf – whether it is a business or individual – or both.  Aside from any inherent advantage the education, background, knowledge of the tax laws, and experience of the representative might bring to the table – there can also be a benefit to having that individual act as a “buffer” between you and the examiner.  

So, carefully consider the options when you receive the notice of audit.  As they used to say on TV when most of us were younger: “Kids, don’t try this yourself at home…you may get hurt!”

For more questions, assistance and to discuss your options, please feel free to visit us on our firm website at www.cpa-fl.com or call (305) 672-4272.

Escape from New York (Taxes) ! – It’s not just Kurt Russell who wants to dodge the State tax bullet!

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Billionaire Paychex founder  Tom Golisano changes address to Florida to avoid New York taxes:

This is a perfect example of how simply changing things slightly in one’s financial set up and physical location – can save someone a substantial amount of State income tax – by moving to a State such as Florida which does not have a State Income Tax for Individuals.  

One can also consider moving their business to Florida to possibly save on State Income tax stemming from their ownership of certain types of business entities.  Good candidates are businesses that can be operated from anywhere such as an internet based business. 

The article below quotes the founder of Paychex Golisano saying “moving to a state without a personal income tax will save him $13,800 a day. The founder of the Penfield-based Paychex Inc. business services company owns a home in Naples, Fla. ”

Click here for the Associated Press Article:

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Estate Tax – A Ticking Timebomb for Some after 2010 – Michael Jackson’s Case is an Example

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The recent passing of Michael Jackson highlights that failure to plan ahead for one’s untimely passing can result in a huge erosion of the principal of what will pass to one’s heirs due to Estate Taxes.  While not everyone has the kind of assets and wealth Michael Jackson  had, it is important to realize that after the year 2010, the estate tax limits may revert back from their current pre-change limits.