TAMPA TAX RESOLUTION FOR BUSINESSES AND INDIVIDUALS
Your IRS tax problems are not going away on their own, they are only going to get more legally complicated and you stand to lose all your savings and assets.
Received an IRS Letter that you need help researching & responding to?
Not filing your tax return or filing it incorrectly can trigger a tax notice or audit from the IRS and/or your state. It can be a costly and time-consuming process for you to go through. Navigating tax audits and dealing with tax authorities without representation can be a dangerous mistake. It can cause you tremendous stress and destabilize your financial security.
We are knowledgeable about tax rules. We always research the issues and provide you with a high level of support for any dispute resolution you may have, from computer-generated notices up through the appeals process.
Due to our specialization in cryptocurrency taxation, we are more qualified than most Accountants in serving crypto taxpayers who are getting IRS warning letters, tax notices, or audits related to under-reporting or failure to report cryptocurrency transactions. Please note that these services are only available to our CFO and Accounting Level Clients.*
Sales Tax Compliance on Rental Properties in Tampa
I n Florida, rental sales tax is a tax on the rental or lease of living or sleeping accommodations for a period of six months or less. The current rental sales tax rate in Florida is 6%, although some counties may also impose an additional discretionary sales surtax.
The rental sales tax applies to a variety of rental properties, including vacation homes, hotel rooms, apartments, condos, and mobile homes. It is the responsibility of the property owner or the property manager to collect and remit the tax to the Florida Department of Revenue.
There are some exemptions to the rental sales tax, including rentals to government agencies, nonprofit organizations, and religious organizations. In addition, long-term rentals of more than six months are not subject to the rental sales tax.
Contact us today for your Sales Tax Compliance Questions on your Rental Properties in Tampa!
& IRS Liens
A federal tax lien arises when a tax return is filed and the tax isn’t paid after a demand for payment has been made.
By law, the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. It gives the IRS the authority to seize any proceeds from sales of real estate owned by a delinquent taxpayer.
To protect the government’s right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS’s claim.
Wage Garnishments Tampa
IRS wage garnishment is the deduction of money from an employee’s monetary compensation resulting from unpaid IRS taxes. Most likely this should not be a surprise as the IRS will only levy one’s wages after repeated letters and warnings about the taxes owed.
This is one of the IRS’s most aggressive tax collection mechanisms and should not be taken lightly. The IRS would rather resolve taxes in a different manner but they will levy when they feel they have run out of other options. It is important to understand how garnishments work to ensure you take the appropriate actions to avoid them or stop the IRS from taking your wages.
Tampa Real Estate Tax
Real estate and taxes are closely intertwined. Here are some key points to keep in mind:
Property taxes: Property taxes are taxes levied on real estate by local governments. The amount of property tax you pay depends on the assessed value of your property and the tax rate set by your local government. Property taxes are used to fund local services such as schools, police, and fire departments.
Income taxes: Real estate can generate income in the form of rental income or capital gains. If you own rental property, the income you receive is subject to income tax. If you sell a property for more than you paid for it, you will have to pay capital gains tax on the profit.
Deductions: There are several tax deductions available to real estate owners. For example, you can deduct mortgage interest, property taxes, and certain expenses related to maintaining and repairing your property.
Depreciation: Real estate is a depreciating asset, meaning that it loses value over time. You can claim depreciation as a tax deduction, which can help reduce your taxable income.
1031 exchanges: A 1031 exchange is a way to defer paying capital gains tax on the sale of a property. By reinvesting the proceeds from the sale into a new property, you can avoid paying capital gains tax on the sale.
It is important to consult with a Tampa Real Estate Tax Expert to fully understand the tax implications of owning real estate in Tampa!