Tax Planning in Tampa
Year-round tax strategy for Tampa Bay families. Coordinated with your investments, business interests, and estate plan.
Fee-Only
Compensated solely by our clients. No commissions. No conflicts.
Serving Florida Since 1995
Three decades of fee-only fiduciary wealth management.
The Tax Plan for Your Exit Should Be in Place Long Before the Offer
Year-round tax coordination. Not a year-end exercise.
The most effective tax strategies for a business sale are the ones that are established years in advance. QSBS eligibility under Section 1202 must be preserved from the date of stock issuance. Irrevocable trusts should be funded before valuations increase. Entity structure (S-corp versus C-corp) must be evaluated in the context of a potential transaction, not after a letter of intent is signed.
Florida's no-personal-income-tax environment and its Community Property Trust option (providing a double step-up in basis at the first spouse's death) create advantages that are only available to families who plan ahead. For business owners across Tampa Bay, the difference between proactive and reactive tax planning can be measured in hundreds of thousands of dollars. View our tax planning approach
Your Tampa FinancialTeam
Elayne Pisarik, CFP®, CLU, ChFC®, CDMM, MS, M.Tax
Elayne holds three degrees, four certifications (CFP®, CLU, ChFC, CDMM), a Master of Taxation, and 34 years of tax strategy experience.
William J. Kearney, Jr.
Bill serves as President and Business Manager of FirsTrust, overseeing the firm's day-to-day operations. He is often the first voice to welcome prospective clients to the firm.
Tax Planning Considerations for Tampa Bay
Hillsborough and Pinellas Property Tax
Total millage inside Tampa city limits runs approximately 19.84 to 21.66 mills (city portion: 6.2076 mills). Pinellas ranges from 17 to 21 mills. Your plan models property tax for your specific address.
Business Exit Tax Optimization
Installment sales, QSBS exclusions, Opportunity Zone deferrals, and entity restructuring. Pre-exit tax planning that begins years before the transaction.
Community Property Trust
Florida's CPT option enables a double step-up in basis at the first spouse's death. Married couples with significant unrealized gains should evaluate this underused structure.
Entity Structure Analysis
S-corp versus C-corp optimization in a no-personal-income-tax state with 5.5% corporate income tax. The right structure depends on your exit timeline and transaction type.
Common Questions About Tax Planning in Tampa
Florida's Community Property Trust Act (effective July 1, 2021) allows married couples to opt into community property treatment for assets held in the trust. The primary benefit is a full step-up in cost basis on both halves of the community property at the first spouse's death (rather than only the deceased spouse's half). For couples with significant unrealized capital gains, this can eliminate substantial future tax liability for the surviving spouse. The trust must be properly drafted by a Florida attorney, both spouses must consent, and the assets must be contributed to the trust during both spouses' lifetimes. Your FinancialTeam evaluates whether this tool fits within your overall tax and estate strategy. Tax benefits depend on individual circumstances and the applicable law at the time of death.
Florida imposes no personal income tax but levies a 5.5% corporate income tax on C-corporations (with a $50,000 exemption). S-corporations, partnerships, and sole proprietorships pass income through to the individual level, where Florida's zero rate applies. The optimal entity structure depends on your business size, income level, exit timeline, and whether you may qualify for QSBS benefits (which require C-corp status). Converting between entity types has tax consequences that must be planned carefully. Your FinancialTeam coordinates this analysis with your CPA. Learn more about planning for business owners
Qualified Opportunity Zone investments allow deferral (not elimination) of capital gains. If you invest capital gains into a Qualified Opportunity Fund within 180 days of the gain recognition, the original gain is deferred until the earlier of the date you sell the QOF investment or December 31, 2026 (under current law). Investments held for 10 or more years may exclude gain on the QOF investment itself from tax. Tampa has several designated Opportunity Zones. This is a complex area of tax law with specific compliance requirements; your FinancialTeam coordinates with your CPA and legal counsel. Tax law is subject to change.
Qualified Small Business Stock under Section 1202 of the Internal Revenue Code allows exclusion of up to $10M in gain (or 10x basis) from the sale of stock in a C-corporation held for more than five years. Requirements include: the corporation must have had $50M or less in aggregate gross assets at the time the stock was issued, it must be an active business (not a service business like law, accounting, consulting, or financial services), and the stock must have been acquired at original issuance (not on a secondary market). Qualification analysis should be conducted well before a sale because some requirements must be met at the time of stock issuance. Your FinancialTeam coordinates with your CPA and attorney.
Three to five years before the anticipated transaction is ideal. Early planning allows time to restructure entities for tax efficiency, fund irrevocable trusts before valuations increase, evaluate and preserve QSBS eligibility, establish installment sale or GRAT structures, and plan charitable giving strategies that offset transaction gains. Many of the most effective tax planning tools are unavailable or less effective once a transaction is imminent or underway. Your FinancialTeam builds a multi-year roadmap. Learn more about tax planning