The Net Investment Income Tax (NIIT) is an additional 3.8% tax that applies to certain types of income for high-income earners. Introduced as part of the Affordable Care Act, this tax often catches individuals off guard, particularly those with significant investment income. In this blog, we’ll break down what NIIT is, who it affects, and […]
As the end of the year approaches, employers are required to file accurate W-2 and 1099 forms. Ensuring compliance is not only a legal obligation but also a vital part of maintaining smooth operations and avoiding penalties. What Are W-2 and 1099 Forms? W-2 Forms: These are used to report wages paid to employees and […]
Gift tax is a critical but often overlooked component of tax planning. Whether you’re transferring wealth to loved ones or supporting a charitable cause, understanding gift tax is vital to ensure compliance and avoid unnecessary penalties. In this blog, we’ll break down the basics of gift tax, highlight its impact, and explain how you can […]
Partnership dispositions can be a complex but necessary part of business operations. Whether due to a partner’s retirement, a change in business structure, or a sale of interest, understanding the implications of partnership dispositions is essential for maintaining smooth transitions and financial stability. For business owners in Florida, partnership dispositions require careful financial planning, legal […]