Professional Accounting Solutions

Property taxes that are paid by December 31 received a 3% discount of the total taxes due. Other discounts for early payments are as follows: - 2 percent discount if paid in January - 1 percent discount if paid in February - 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 Business Tax Preparation of Tangible Property Taxes All businesses are required to file a Tangible Personal Property Tax Return if you own personal property. Hire a tax preparer for peace of mind. Our firm can assist you identifying all assets,  estimate the fair market value, prepare the depreciation schedule and complete your business tax return.  Additionally, we will keep timely, accurate records if you sell your business, go out of business, or move to a new location. https://pasfirm.com/2021/1

If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your November, 2021 reporting period payment on or before 5:00PM, Eastern Time, on Friday, December 17, 2021 , to ensure you pay on time. Late returns and payments may be subject to a 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 addition, interest may also be charged on late payments. https://pasfirm.com/2021/12/01/sales-use-taxes-deadline-december-17th-2021/

If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for November 2021 on or before December 15, 2021 . The payroll process includes: - Calculating and preparing paychecks - Accounting for amounts withheld from these paychecks - Making deposits of taxes withheld from paychecks - Reporting on taxes withheld and deposits made. Deposit Requirements: Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. There are two deposits schedules as listed below: - Semi-weekly schedules are for the largest employers. - Monthly schedules are used by the majority of employers. Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent. https://pasfirm.com/2021/12/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-december-15-2021/

The American Rescue Plan Act of 2021 significantly changes the reporting threshold associated with Form 1099-K. This change will substantially increase the number of Forms 1099-K required to be filed with the IRS and furnished to recipients by third-party settlement organizations (TPSOs) and their electronic payment facilitators (EPFs). Modified Reporting Threshold Prior to the update, the IRS required the payment settlement entity (PSE) to report all payment transactions if the total of such transactions exceeded $20,000 and the aggregate number of such transactions exceeds 200 per customer. Now, this new update means that all payment settlement entities are required to file a 1099-K and send a copy of the form to the IRS and to the customer for processing transactions amounting to $600 or more in a calendar year with no minimum transaction requirement. Who is Required to File a 1099-K form? Every PSE or other party which submits instructions to transfer funds to the account o

2021 Tax deduction for qualify business use of vehicles Generally, you can claim vehicle deductions as a business owner or self-employed taxpayer. If you own a business or are self-employed and use a vehicle for business, you may deduct car expenses on your corporate tax return. If a taxpayer uses the car for both business and personal purposes, the expenses must be split. The deduction is based on the portion of mileage used for business. You may deduct vehicle expenses in one of two ways. 1. Actual expenses These include: - a. Depreciation - b. Lease payments - c. Gas and oil - d. Tires - e. Repairs and tune-ups - f. Insurance - g. Registration fees Your deduction for actual expenses is based on the percentage of business use. If for example you use your car 80% for business and drive it 20% personally, you may write off 80% of your qualified expenses. 2. Standard mileage rate Taxpayers who want to use the standard mileage rate for a car they own must choose to use this

Hiring an accounting firm will be an ideal solution for small businesses and startups. In 2021, there are about 400 million small and medium-sized businesses in the world, and accounting forms their backbone. Managing your business finances requires a fundamental understanding of numbers, budgeting, forecasting, tax planning, and risk management for best financial performance. While many have understood this game and play it correctly from the start, for example, Warren Buffet, most of us are too caught up in our day-to-day challenges to even understand the complexities of numbers. And if you are the founder of your startup or run a small business, it can be intimidating to deal with numbers day in and day out, particularly when your focus should go into working on upcoming projects and growing your business. Doing your business finances, yourself could definitely save some money in the short term but outsourcing your accounting tasks can undoubtedly bring not just the financial expert

We understand how caught up you may feel while running an e-commerce business. You will have to live on the pinnacle of your transactions, inventory, administrative fees, and what’s not. We know that due to so much work pressure and being occupied among these tasks, your accounting and bookkeeping responsibilities must have taken a back seat. But remember that these low priority tasks are most important and they will come back to create a nightmare sooner or later. Managing your personal books may also appear like a cost-saving strategy, however, many online traders lack the time or know how to live updated and in compliance. Moreover, any e-commerce business needs dedicated attention of an eCommerce accountant. In this article, we’ll display how you can collaborate with an accountant that has a specialization in e-commerce so that they can assist you in growing and managing your ecommerce enterprise. How to find the Right eCommerce Accountant Here’s what you need to remember when you’