You must start RMD at age 73 in 2026…. But you can elect to delay the 2026 into 2027… so you would have 2 rmd payouts in 2027…. Generally not a good idea if it puts you in a higher marginal bracket. · First Deadline: You can take your first RMD during the year you turn 73 […]
Category: Newsletter Topics
IS IRS NOT MAILING YOU A REFUND CHECK?
Executive Order 14247 MANDATES transition to electronic payment for tax refunds. That order also includes ALL federal disbursements except circumstances outlined in www.IRS.gov/ModernPayments […]
OCDs & RMDs
Qualified Charitable Donations count toward Required Minimum Distributions […]
LATE FILING Florida Annual Reports
You will receive an email from Florida Division of Corporations in January to pay the Annual Fee by May 1st. If you are late in making this payment below are the late filing penalties. […]
Sales Tax Repeal effective Oct 1st, 2025 INCLUDES DISCRETIONARY SURTAX
Sales Tax Florida Oct 1, 2025
As of late 2025, Florida has permanently eliminated sales tax on commercial leases and made several sales tax holidays permanent. There was also a proposal in the legislature to permanently lower the overall sales tax rate, but it was not passed. New permanent tax law effective October 1, 2025 Elimination of commercial lease tax: House […]
DUE DATES EXTENDED
DUE DATES EXTENDED For all of the State of Florida, the extended due date for 2023 is May 1 2025 AND the filing due date for 2024 is May 1 2025 IRS announces tax relief for victims of Milton; various deadlines postponed to May 1, 2025 in all of Florida | Internal Revenue Service Regarding […]
Gifted versus Inherited Property
If property is GIFTED, the receiver of the gift never pays a tax. The giver of the gift has to deal with gift taxes. If property with a basis (original cost plus improvements) is $200k and the property sells for $500k, there is a $300k profit and is taxable. If instead the property is INHERITED, […]
A word of caution on property transfers…..
Let’s say you gave someone $600k of property at today’s market value. It has been owned along time and only $30k is the original purchase price. We can add improvements to the original $30k say a pool, additional room,…. Add those improvements of $40k to the $30k and we have what we call BASIS of $70k. That […]
MEDICARE WENT UP …. OUCH!
There are reasons for Medicare to Increase…. Your income is higher. That’s good and we hope your income stays higher. But what if it increase because of an unusual event… can we explain that and get it lowered? Well, yes, kind of and maybe. Check this list. Even if your reason is not on this […]