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Pensacola, FL

105 E. Gregory Sq.

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John Pharr CPA

Big firm capacity. Small firm personality.

850.435.8844

News & Articles

10_Key_Facts_For_Home_Sales

Ten Key Facts About Home Sales In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the

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C-Corp

Under U.S. federal income tax law, a C-Corp is taxed separately from its owners. Current tax reform proposals put forth by the incoming Trump Administration and the Republican House of Representatives would greatly reduce tax rates on C-Corps. Such a reduction could turn out to be the largest tax rate reduction in U.S. history. The change may motivate many companies to terminate their S-Corp elections or otherwise transfer their operations to C-Corps. How the Environment

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education_iras

Don’t miss the education-saving device that often flies under the radar; it’s especially beneficial if enrolling your kids in private school. Strategy: Set up a Coverdell Education Savings Account (CESA). Because it operates like an IRA for education purposes, it’s often called the “Education IRA.” Although the contribution limit pales next to Section 529 plans, CESAs aren’t just for higher education. You can also withdraw amounts tax-free for elementary and secondary school expenses. But now

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