By Max Crampton-Thomas
2 min read August 2019 — There are multiple factors that attract people to Florida, including wonderful weather, a growing economy, an ecosystem that is conducive to successful businesses and perhaps most attractive, the tax climate. After the passage of the sweeping tax reform known as the Tax Cuts and Jobs Act of 2017, the tax climate in Florida only became more attractive to both people and businesses looking to relocate. Now, almost a year and a half since the reform has been in effect, there is a greater need for proficient accountants and financial professionals to help navigate this legislation. Invest: Palm Beach spoke with Roxana Scaffidi, CEO and owner of Florida Accounting & Advisers about how the new tax code is affecting people’s lives, the key to success within the accounting and financial world, and how she created a successful business in Palm Beach County.
How have you seen the tax reform affect people’s lifestyle?
The new tax code has really changed people’s lives, and we are now seeing certain individuals immigrating to Florida because of the business opportunities that the state offers and its quality of life. High income tax states include New York, California and Massachusetts, and those are the people coming here. To qualify for Florida’s tax benefits you must be a legal resident here, which means six months and one day of residency. Under the new tax laws, individuals are capped at $10,000 as a deduction for their state income taxes, personal property taxes and their sales tax. In addition, if they have a large mortgage on their house, the new tax code only allows them to deduct interest up to $750,000.
What is the key to success in this industry?
The key in this industry is to be proactive rather than reactive. We observe what’s going on in the world today with the national and world economies. Everything is changing and as it changes you start to see more vacancies in areas where there used to be none. This is demonstrated with how Amazon has essentially killed a lot of the big-chain retail stores. To succeed in today’s market you need to stay on top of emerging trends and you can’t be afraid to point out these things.
To what do you credit the success of your business in Palm Beach County?
When I started this company I knew that to run a successful business I needed to not only have a great product but also to always remain community-minded. As the 2018 Small Business of the Year recipients, I realized quickly that Boca Raton is very business and community-minded, so it was the perfect place to set up my business. I set out to build this business based on my values, knowing that those same values would translate to trust among our clients. In this business there is nothing more important than having your clients’ full support and trust.
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