CPAofFlorida WOW – Tax Gotchas How Can I Take Cash Out Of My Company For Personal Use

Janet Noack WOW Words of Wealth Podcast

This podcast will discuss whether you can take cash out of your company bank account for personal use. It will discuss the different types of entities and how to get it out. It will also discuss taxation of profit in pass through entities. You might be surprised to learn uou are taxed when you earn the profit and not when you take the cash out of the business.

CPAofFlorida WOW – Tax Gotchas Does The IRS Owe You Money From Hurricane Irma

Janet Noack WOW Words of Wealth Podcast

Many taxpayers who were affected by hurricane Irma are unaware of the tax credits or tax write off’s that are available to help with some of this damage. Employers who paid employees while they were in operable or qualified to receive a portion of those wages back as a tax refund. In operable means Non-productive. Listen to this podcast for definitions and criteria to be able to qualify for this wage refund. Also listen to learn about damage to your personal residence and how that could benefit your 2017 tax return. The gotcha in this tax refund is that there is a time clock ticking for when you will be able to get this refund. Everything is contained in this podcast.

CPAofFlorida WOW – Tax Gotchas From I Sold My House Now What

Janet Noack WOW Words of Wealth Podcast

A question we often get when you sell your house and you are filing your tax return is how to report this correctly. This podcast will discuss the differences between selling your personal residence and selling your second home. It will discuss the requirements and the amount of gain that can be tax-free if you can qualify as a personal residence. It will also discuss alternative second home options such as a RV, yacht or vacation home. We will also discuss Whether it is beneficial to offset multiple sales of residences with gains and losses within the same year.

CPAofflorida WOW – Tax Gotchas Of Non US Persons Selling US Real Estate

Janet Noack WOW Words of Wealth Podcast

This podcast will address whether a non-US person has a US tax return filing requirement. It will also cover the specific examples of whether a rental property has an annual filing requirement or not vs. a personal use property. FIRPTA withholding requirements will be discussed and an example of how to eliminate the FIRPTA withholding based on an allowable exception to the legislation.

CPAofFlorida WOW Podcast – Tax Return Gotchas In New Businesses

Janet Noack WOW Words of Wealth Podcast

This episode will discuss minor details that can cause big problems. Something as simple as not filing your S Corp election correctly can be the cause of additional professional fees to get it straightened out. Doing it right the first time will save lots of time and aggravation later. In addition we will discuss when to start filing your new business tax returns and what happens if you fail to file. As a final note we will discuss expenses incurred prior to starting the business.

CPAofFlorida the WOW Podcast – Gotchas Of Marriage Or Divorce

Janet Noack WOW Words of Wealth Podcast

Getting married? Getting divorced? Both of these could possibly put you into a tax pitfall. This episode will discuss a case where a wife signed a joint tax return that ended up being fraudulent upon IRS examination. The wife was unaware of the fraud and still was on the hook for penalties and potential criminal activity. The other case we will discuss is a newlywed couple that was married late in the year. The couple did not get get advice that could have saved them thousands of dollars in health care subsidy repayments. In both cases this could have been avoided with careful tax planning.

CPAofFlorida the WOW Podcast is hosted by the mother daughter team of Janet Noack, CPA and Andrea Dillon, CPA.

Enjoy Tax Benefits if You Own Your Vacation Home

Janet Noack Tax Tips

Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it? Or are you thinking of buying a vacation home? Vacation homes, with proper tax planning, can help create tax benefits.