This year, National Healthcare Decisions Day is not just a day but an event lasting from April 16 to 22. This event is a national initiative to provide awareness and inspire adults to do or review their healthcare planning.
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Many of Florida’s senior citizens and families have reason to celebrate the 2017-2018 Annual Budget, which recommends $315.5 million for the Florida Department of Elder Affairs.
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Transient rentals are a thriving business in Florida, and one which many Florida real estate owners may utilize in an attempt to supplement their income. Generally speaking, a transient rental is one that lasts for less than six (6) months. What many property owners do not know is that transient rentals are subject to Florida sales tax. Florida law requires that property owners charge to, and collect from, each transient guest an additional six percent (6%).
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Often, people explain that they do not have enough assets to need an estate plan. However, regardless of the value of assets you have, reviewing your personal financial plan from a legal and estate plan perspective is highly recommended. In fact, even those who have substantial debt may be able to pass assets on to beneficiaries. Everyone can benefit from creating and reviewing an estate plan including the elderly, married couples, parents with minor children and singles.
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Posted in Tax Law & IRS Defense
Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time. To avoid paying penalties and other tax consequences, keep a calendar and plan for tax deadlines with your Accountant, CPA, Enrolled Agent, or Tax Attorney. Jackson Law Group has tax attorneys that can assist you with IRS or other tax problems. The below items are a few examples of important dates that may vary based on individual circumstances:
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If you are a Florida small business owner, independent contractor, or otherwise self-employed, it’s important to note that you may be liable for self-employment taxes. Generally, the term self-employment tax refers to the Social Security and Medicare taxes for taxpayers who are self-employed. Self-employed individual should calculate and report your self-employment tax on Schedule SE of their form 1040.
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Recently, the Florida legislature has addressed the issue of fiduciaries’ ability to access digital data, which can include things such as emails and social media postings. On July 1, 2016, the Florida Fiduciary Access to Digital Assets Act went into effect and it applies to estate planning documents regardless of when they were signed. This act is found in Chapter 740 of the Florida Statutes. Individuals, estates, trusts, and businesses can direct who may have access to their digital assets and electronic communications and to what extent those communications may be available to a fiduciary. Those persons can express their wishes in a Durable Power of Attorney, Trust or Will.
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Posted in Real Estate Law
As our community looks toward recovering from Hurricane Matthew, we would like to share a few important reminders. While the task of taking care of your property may be overwhelming, remember to take care of yourself by keeping the following in mind:
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