Thomas Mitchell — What Areas of Law Do You Practice?
Video Summary
I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here to talk to you today about my areas of law practice. I do practice in the areas of wills and trusts. That is drafting the estate planning documents, wills and trusts, Power of Attorney, healthcare service and the like.
I also do a lot of guardianship work. I do elder law work, which is helping families plan for the incapacitation of a senior member. And I also have a background in tax, so I do all the tax work here in the office. So if you have a chance, stop by or give us a call at (727) 847-2288.
Thank you.
Thomas Mitchell — What Legal Training Do You Have?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell. I’m here today to tell you about my legal background, specifically where I got my education.
I went to undergraduate at the United States Naval Academy and after graduation I spent a couple of years in the fleet driving ships around. But during that time the Navy decided they wanted to send me back to law school, so I went back to law school at Ohio State. I graduated from there and became a Navy JAG for the next fifteen-odd years. And then just before I was ready to retire, I went back to law school at William & Mary in Williamsburg, Virginia. This time on the GI bill, where I got a Masters in Taxation.
So that’s how I came to be where I am today. Thank you.
Thomas Mitchell — What Made You Want to Be a Lawyer?
Video Summary
I’m Tom Mitchell. I’m with the partners of Waller & Mitchell, and I’m here to talk to you today about why I wanted to become a lawyer.
I was born into a family of lawyers. My dad was a lawyer, and eventually became a judge, and so I was hanging around lawyers and courtrooms pretty much my entire life. And I like helping people, and that’s what I get to do as an attorney. I get to help people try and have positive outcomes from their problems.
Visit us at Waller & Mitchell. Thank you.
How Does Selling a House Affect My Income Taxes?
Video Summary
How does selling your house affect your income taxes? Well if you sell your house for a loss you don’t’ get to deduct the loss. If you sell your property for a gain you have to pay long term capital gains on the sale of your property, if you’ve lived there for over a year. If you’ve lived there for less than a year well then you have to pay short term capital gains.
If you’ve lived in the property for two out of the past five years and you’ve occupied it two out of the past five years you can exempt up to $250,000.00 of gain. If you owned it as husband and wife you can deduct up to $500,000.00 of gain. So if you sell your house, you can’t take any losses, and if you have a gain and you’ve lived there for two out of the past five years, you can exempt those from your income and you do not have to pay long term capital gains on the sale.
So if you have any questions about selling your home well give me a call at (727)847-2288.
Why Should I File an Annual Report?
Video Summary
Why should I file an annual report? Well annual reports are, I believe, due on the first of May and you file those in conjunction with your LLC or your corporation. It’s a revenue generator for the state of Florida, so you must file an annual report and pay the $150.00 fee. If you don’t pay it and you want to keep your corporate existence in effect the reinstatement fee is something like $450.00 or $460.00, so the penalty is rather severe. If you don’t pay the fee, then your corporation or LLC will be administratively dissolved by the Secretary of State.
The other purpose in filing the annual report is it’s a resource that banks or other people use in dealing with an LLC or corporation to see who the resident agent is, see who the officers are or managing members of an LLC. So if you went to open up a bank account well then they would check with the secretary of state to see who the officers are.
So, these are very good reasons why you need to file your annual report every year- because you are going to get dissolved if you don’t and it’s also a resource for people to know who they need to contact in the event that they want to deal with a corporation and verify who the officers of the corporation are, or members of the LLC are. So if you have any questions or need to have your annual report filed give me a call at (727) 847-2288.
- Published in LLC's and Corporations, Videos