Business and Tax Lawyer Blog

Virginia may be for lovers, but Florida is for Foreclosures. Lender Processing Services, Inc. reported yesterday that Florida leads the nation in the percentage of mortgages that were either in foreclosure or were delinquent. Northeast Florida and the greater Jacksonville area is going along for the ride. Florida's 23.8% rate is nearly double the national rate of 13.5%, according to LPS.

So many people are finding themselves in this situation, often through no fault of their own: the economy has cost them a job; medical bills are bankrupting them; a predatory lender induced people to take out mortgages they should not have qualified for, knowing the borrower will not be able to repay, then the lender sells the mortgage or securitizes it and passes the risk to another, all for the up-front fees they could earn. Perhaps you have questions about your mortgage, your ability to pay, or the threat of foreclosure; perhaps you are already in foreclosure. An experienced and knowledgeable Florida foreclosure attorney may be able to help you. Frequently, there are defenses that may help you stay in your house. These defenses range from fraud to the failure of the lender to scrupulously follow the "Truth in Lending" laws.

If you live in the Jacksonville area and your home may possibly go into foreclosure, please contact a foreclosure defense attorney to discuss your situation.

Good news for business owners and those entrepreneurial souls who are looking to start their own business, either from scratch or by acquiring an existing business. It appears that the Recession—the deepest since the Great Depression—is starting to recede. Bouyed by a loan agreement between the European Union and Greece over the weekend, the Dow Jones average closed Monday above the 11,000 mark for the first time in over 1 ½ years! And the Standard & Poor's 500 index closed a point below its own milestone of 1,200. It is expected that major business will report better earnings than expected. In addition, the jobless rate (expected to increase) has remained flat. Out of this Recession, there is an emerging economy of first-time entrepreneurs. Businesses and would-be business owners in Northeast Florida are realizing that now is an opportune time to consider either expanding their current business or starting their own. For those considering such a move, the assistance of Florida business and tax lawyers could prove invaluable, as there are many factors to consider and, once a decision is make, there are multiple moving parts to a successful transaction. These range from properly pricing the acquisition (which includes the valuation of an existing business) to obtaining proper permits and licenses, insurance, and the protection of intellectual property, such as trademarks.

To speak with a Jacksonville business and tax attorney about starting up a business, please contact Wood, Atter & Wolf, P.A. to set up a consultation.

Around this time of year, many bloggers, tax professionals, and media outlets circulate tax planning tips. But good tax planning is a discipline that takes place all year long – not just on April 14th. Florida residents and other taxpayers around the country can and should start planning now for their 2010 tax filings.

A tax planning strategy starts with the basics. Your net taxable income is your gross income (or top-line pay) less any deductible expenses. Tax planning are activities designed to minimize a person's net taxable income. That means using legal and ethical means of lowering your gross income while maximizing your deductions.

Lowering Gross Income

Lowering your gross income doesn't refer to quitting your job, it simply requires excluding certain income from your federal income tax. Some effective ways to accomplish this include:

• Direct more income into a 401k or 401b. Your contributions are subtracted from your gross income, and you are saving for retirement at the same time. It is a real win / win situation.

• Defer some income. Some examples include not sending invoices for work completed until January 1st of the next year, or deferring capital gains on the sale of a certain stock.

Maximizing Deductions

This can include taking deductions or taking advantage of tax credits. Some tips for taking these deductions include:

• Check into whether you qualify for certain tax credits. These include the child tax credit, hope and lifetime learning credit, child and dependent care credit, hybrid car credit, energy saving devices credit, and the making work pay credit

• Maximize the amount of deduction you can take by contributing to IRA accounts, deducting qualified medical expenses, taking allowed homeowner deductions, and certain business and personal expenses.

Read more tips and strategies for lowering your tax bill at Tax Planning Tips.

Tax law can be complicated, and changes from year to year. Be sure to consult a tax professional when creating a tax plan or preparing your return. If you live in the Jacksonville, Florida area and require assistance with tax planning, please contact Wood, Atter & Wolf for tax planning legal counsel.