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LLJ Accounting/ TheTaxHandlers.com is a full service tax, accounting and business consulting firm servicing Sarasota to Hillsborough county FL. Linda and Robin are your local Sarasota Accountants with over 40 Years of combined experience. We are a Sarasota accounting firm that offers a broad range of tax services for business owners, executives and independent professionals.
Here's a tip to avoid unwanted tax penalties.
Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.
The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.
The Employee Retention Credit was a valuable tool for millions of businesses to financially make it through the COVID-19 pandemic. But now it's being looked at under the microscope by the IRS. Learn what is being said by the IRS and understand now is the time to be prepared for a review. This month....
The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.
Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.
A recent Supreme Court ruling creates good AND bad news for taxpayers. Here is what you need to know.
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. This month's edition recaps a recent Supreme Court decision that impacts anyone with foreign bank accounts or assets. There is also a review of don...
Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.
Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.
A tax planning session may be a good idea if you find yourself in these 3 situations. Also read about mastering your credit card & tips to lower your car insurance.
Preventing unwanted tax surprises starts with proper planning. And there’s no better time than now to begin looking at how you can cut next year’s tax bill. In this month’s newsletter, we’ve included several situations when it makes sense to schedule a tax review so you can t...
The IRS is eliminating most unannounced revenue officer visits. This is what that means for you.
The IRS recently announced a major policy change that it will end most unannounced agency revenue officer visits to taxpayers. Here are the details.
To amend or not amend. That is the question...and the answer is not always obvious. Read on.
Filing an amended federal tax return is never fun. Sometimes it is necessary. But not always. Here are some thoughts on the subject.
Banks are tightening their purse strings. Here's an idea to help get your loan or line of credit approved!
This month's lead article is about building a fortress balance sheet. The benefits of doing this are many, the least of which is making your business very appealing to bankers who will want to lend you money. Included in the article are key measures to building a strong balance sheet that bankers wi...
Zero tax when selling a stock for a gain? Please tell me more!
Think all your stock sales will be subject to capital gains tax? Think again. With proper planning some of your gains may not be taxed at the federal level. Here is what you need to know.
The IRS is eyeing an increase in taxpayer audits. Be prepared with these tips to make your tax return audit proof. Also read about reasons you may want to change your business's entity structure.
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....
Time to plan for new contribution levels for your health savings account. Find the 2024 limits here.
Contribution limits for the ever-popular health savings account (HSA) are set for 2024. The new contribution limits increase by over 7%. Here is what you need to know.
Are free miles on credit cards taxable? Do I really need to report my gifts to the IRS? You'd be surprised. Here are some answers.
As the temperatures reach the highs that come with summer, so too is the peak impact of inflation. As in past months, topics continue to focus on ways to fight these trends. One of the topics covered is the ever increasing property tax burden and how to increase the odds of getting yours lowered. Th...
It's wedding season. It should really be called tax planning season. Here's why.
If you recently got married, plan to get married or know someone who is taking the matrimonial plunge, here are some important tax tips every new bride and groom should know.
A million taxpayers are donating their refunds to the federal government in July. The total donation could exceed $1 BILLION. Don't let it be your money.
The IRS disclosed there will be more than $1.4 billion in federal tax refunds forfeited this year if taxpayers don't claim them by July 17.
Now is the time to reduce your business tax obligations. Here are some ideas. Plus the pros and cons of loyalty programs.
Now is the time to reduce your business tax obligation. There are many new laws and great ideas outlined in this month's letter. Many businesses offer loyalty programs to retain existing customers and attract new ones. In this month’s newsletter, explore the rewards as well as challenges of pr...
Increasing interest rates bring tax savings back into focus. Here's how.
With rising interest rates, there are tax advantaged and tax free alternatives. Here is what you should know.
Your mind's probably more on destinations than deductions this time of year, but summer is still a great time to start looking for ways to minimize your 2023 tax bill. Here are some ideas.
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....
Reminder: Second quarter estimated taxes are due Thursday, June 15th.
If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Thursday, June 15th.
You should never face an IRS audit alone. Here's why. Plus great ideas for summer tax breaks.
Summertime offers unique tax and money saving opportunities for the whole family. In this month’s newsletter, find out how day camps for your kids may be tax deductible, if you know the rules! And summer is a time when household expenses creep up, so there is an article identifying common caus...
Here are five things to do, if the newly staffed IRS audits you.
Getting audited is no one's idea of a good time, yet you can get through it if you take the right approach.
Health Savings Accounts are the No.1 way to reduce your cost of medical care!
Your health spending account (HSA) is an extremely valuable tax planning tool with multiple tax benefits. Are you taking full advantage of yours?
Wow! Now there is a way to help a student without impacting their federal aid package. Here's how to do it.
Contribute funds for a student without impacting their aid package. Here's how to do it.
Not running out of cash is easier said than done for many businesses. Here's one secret that can help. Also read how accountable plans can be a win-win tax move for both you and your employees.
Keeping your business flush with cash can be easy in theory but difficult in practice. In this month’s newsletter, find out how a forecast can help you get a better handle on your business’s cash flow. Also read about how an accountable plan can be a win-win tax move for both you and you...
Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year's tax bill is optimized by not paying a dollar more than necessary.
Tax day is more than the end of tax filing season - it's the start of tax-planning season.
Here are some suggested steps if you ever get a notice from the IRS. Also read about avoiding tax traps when transferring property to family members.
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....
You can turn your child's summer break into up to a $1,050 tax break for you, using the Child and Dependent Care Credit.
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that's also a tax break: summer camp!
Great ideas to lower your tax bill. Read on!
It's never too early to start thinking about cutting next year's tax bill. In this month's newsletter, read about several ideas to help lower your 2023 tax obligation. And speaking of taxes, summer work often introduces several tax wrinkles that hit young workers and seasonal workers alike. So inclu...
Tax breaks drop dramatically as your children grow up, starting with age 13, but you may be able to offset the losses with some timely tax planning.
Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning.
Three-fourths of tax filers get a refund every year, with the average check weighing in at $2,972 so far this tax season. Have a plan to use that money well!
Three-fourths of filers get a refund every year. Here are some ideas to put that money to good use.
Occupational fraud can cost your business thousands of dollars. Here are some ideas to help you fight this type of fraud. Also read how to get rid of legal trolls who come after your money.
Fraud can cost your business thousands of dollars and plenty more in resources to clean up once it's discovered. In this month's newsletter, read about the different types of occupational fraud and what you can do to make sure it doesn't happen in the first place. Also find out how you can fend off....
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible.
With a $10,000 limit on deducting property and state income taxes on your federal tax return, what can you do to lower your tax bite? Look at reducing your property taxes!
Here's an idea to jump start your child's retirement with a million dollar, tax-free account. Also find out how to turn a complicated tax situation caused by a major life event into a tax benefit.
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free....
Time to make an estimated quarterly tax payment!
Reminder: Tax returns AND first quarter estimated taxes are due by Tuesday, April 18th.
The modern day tax form was introduced in 1913. Guess what the tax rate was. Plus useful ideas to reduce your bills during high inflation. Read on!
If it seems like the income tax has been around forever, well, it's sort of true. The modern Form 1040 was unveiled in 1913, the first year, after paying for the Civil War, that Americans were required pay income taxes to the federal government. With the April filing deadline right around the corner...
My tax return is filed... where is my refund? Here's how to find out.
Your return is filed and you're expecting a refund. Where is it? The IRS has an online service to check on the status of your tax refund. Here is what you need to know.
The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know.
Presenting a gift to a grandchild does not normally have us thinking about the taxes. However, if not careful the over generous gift giver could end up with a surprise tax bill and a note from the IRS.
The IRS is hiring more auditors. So who are they going to target? The small business owners. Here are some tips.
Often the #1 target of IRS audits, sole proprietors need to be prepared with good records. Here are some tips.
A part-time employment strategy could reap great rewards for your business if you plan appropriately. Here are some suggestions. Also read about effective reporting for effective management.
Many businesses are turning to part-time employees to help fill open positions. Adding part-timers to your team, though, is easier said than done. In this month's newsletter, read about some ideas that can help set your new part-time workers up for success. Also find out how effective reporting can....
High income disparity between spouses is one of the most common situations victimized by the marriage penalty. Tax planning can help you reduce the impact on your tax bill.
Whether you're changing your filing status in 2022 because of marriage, divorce or another event (or it's staying the same), understanding how the marriage penalty works is key for your tax planning.
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