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Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States.  To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants.  Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost.  IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th
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Tangible Personal Property Tax Payment Deadline March 31st, 2022

Pay Tangible Personal Property Tax by March 31 2022.  There is no payment discount of the total tax due. Additionally, this is the last date to pay tangible personal property taxes. Delinquent Tangible Personal Property Tax Taxes become delinquent on April 1st each tax year.  Interest accrues at 1.5% per month (18% per annum) plus additional fees are added. What is Tangible Personal Property Tax? Tangible Personal Property Tax is an ad valorem tax assessed against: - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Tangible Personal Property includes  everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc.  Also tools, machinery, signs, leasehold

Sales & Use Taxes Deadline January 19th, 2022

Business Sales & Use Taxes Deadline January 19th, 2022 If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your December, 2021 reporting period payment on or before 5:00PM, Eastern Time, on Wednesday, January 19th, 2022 , to ensure you pay on time. To learn more about Florida Sales & Use Taxes Read about: Do you have physical nexus in Florida? Tax or fee due dates that occur on a weekend or holiday are moved forward to the next business day. However, initiation dates for electronic payments are moved back to the previous business day to ensure the funds are received by the state on the tax due date. State recognized holidays are listed on the reverse side. Late returns and payments may be subject to a late penalty.  The late penalty of 10 percent of the amount of tax owed, but not less than $50.00, maybe charge. The $50.00 minimum penalty applies to all returns filing late, even if no tax was due. In additi

Benefits Of Online Bookkeeping Services For Your Business

In this article, we will explain the benefits of online bookkeeping services for your business. When you are just starting a company, it may make sense to try to meet your own accounting and bookkeeping requirements. As a result, costs are reduced. But it didn't take long to realize that you might need help. Why not rely on online accounting services for these tasks so you can focus on your business? Today we are going to take a closer look at the business benefits of online bookkeeping and how these services can help you get your mind off the books and back into the game. Regardless of the industry, accurate and efficient accounting is essential. It can help you manage your business finances and make smart, data-driven decisions. Fortunately, you don't have to hire an in-house accountant. Also Read: How Much Does A Bookkeeper Cost? Save money Hiring a full-time accountant is expensive. You must cover their salaries, payroll taxes, benefits, and insurance. You will also ha

How Do You File Returns For Back Taxes?

As most taxpayers are required to file a tax return every year and technically the Internal Revenue Service (IRS) does not impose a statute of limitations on how long you have to file past-due tax returns, filing your tax returns is the quickest and easiest way out of any back tax issues. Why it is important to file back taxes and most importantly, how to file returns for back taxes? Are you wondering whether you should file back taxes or whether is it too late for this? Let’s make it clear, it’s never too late to file your back taxes.  In fact, you should start taking steps right away to file an accurate tax return for any years missed. Here we will explain why it is essential to file returns for the previous years as soon as you can and what is the complete procedure to do so. Also Read: How Much Does A Bookkeeper Cost? Reasons why you should file back taxes When you file tax returns for previous years, you get one of the following benefits: You can claim a refund One of the

How Much Does A Bookkeeper Cost?

Wondering how much does a bookkeeper cost? Let’s find out. It is not an easy task to manage your business- it requires a lot of hard work where you have to closely manage your inventory, employees, and the ever-growing client base at once. In this ever-ending struggle, the most important task that should not be sidelined is the handling of the company’s financial accounts. To make sure you do not miss any transactions or make an error, it is essential to hire a bookkeeper or an accountant to handle your business. This will make sure that all your financial transactions are correct, which will go a long way to save up on taxes and lots of stress. Bookkeeping will help you make your business more efficient and in turn, it will improve the revenue and growth of your company. If you decide to hire a bookkeeper for your business, you have two options- hire an in-house bookkeeper, or outsource the bookkeeping. Choosing either of the two is an important decision to make and requires a lot of

Difference Between Bookkeepers And Accountants

Bookkeepers and Accountants work in the same field and deal with the same set of information. They have the same goals while working for a company and support it at different levels. In simple terms, bookkeeping is more of administrative work, while accounting is more of an analysis and subjective work. Nowadays, almost every business needs a bookkeeper and accountant. The need for an accountant is not much in small companies, but it is a must when it comes to the bigger ones. On the other hand, bookkeepers are mandatory in every business, whether they are big or small. Sometimes people use the terms bookkeeping and accounting interchangeably, but as a business owner, you must know better. While bookkeeping is an essential part of accounting, accounting is broader. In this blog post, let's find out how you can differentiate between the two. Also Read: What Is Virtual Bookkeeping What Is Bookkeeping? Bookkeeping is the act of recording daily transactions and keeping them togethe