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The Hidden Costs of Hiring
Ready to hire that 1st employee? Expand your workforce? Keep in mind there are costs you will pay beyond the hourly wage! OK, so your business is growing, you have budgeted $400 a week to pay your new employee. ($10 per hour for 40 hours.) You write that 1st paycheck for $400 and voila, you…

No State Income Taxes: a Bonus or a Bummer?
Florida is currently one of only seven states without a state income tax. The other six are Alaska, Nevada, Texas, South Dakota, Wyoming and Washington. Additionally, New Hampshire and Tennessee only pay taxes on dividends and income from investments (no wage taxes.) There is much discussion over whether the lack of income tax gives a…

2022 Mileage rates set by the IRS
Here are your 2022 Mileage rates The 2022 business mileage rate is 58.5 cents/mile driven for business use. That is up 2.5 cents from 2021 rate Qualified active-duty Armed Forces members for medical or moving purposes, the rate is 18 cents/mile driven, up 2 cents. Performing service for charitable organizations, the rate is set by statute and remains unchanged…

2019 Filing Deadlines for 2018 Returns
Never to early to start planning, beginning with deadlines The IRS filing deadlines are as follows for 2018 returns: Pass-Through Entities S-Corporations and Partnerships Forms 1120S/1065 Due Date: March 15, 2019 Extension Date: September 16, 2019 Corporations C-Corporations Forms 1120 Due Date: April 15, 2019 Extension Date: October 15, 2019 Individuals Personal Forms 1040 / Sched…

Simplify Mileage Tracking
Automatic mileage tracking, is that possible? With Automatic, it is now! We are constantly asking clients for mileage to deduct on their tax returns. You know who are you: Realtors, Contractors, Sales professionals, really anyone who gets a 1099. Then you give us the mileage and we ask for…….you guessed it, the mileage log… Yes, I…

April 15th deadline… Now July 15th
The US Treasury Department and the IRS have formally announced the official extension of the April 15th tax filing deadline due to the COVID-19 pandemic. The new extended deadline for file and pay all taxes due April 15th is now July 15th. This extension is automatic, there is nothing needed to be submitted. The October…