Pay Attention to the Tax Rules if You Turn a Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open…
Read More At Burkett Burkett & Burkett Certified Public Accountants, P.A., we provide a full range of services to individuals, small and large businesses, professional firms, and governmental and non-profit entities.
Articles
Growing Your Business With a New Partner: Here Are Some Tax Considerations
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate:…
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Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may…
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Update on Retirement Account Required Minimum Distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required…
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Coordinating Sec. 179 Tax Deductions With Bonus Depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a…
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Maximize the QBI Deduction Before It’s Gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So…
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