A Better Business

A Better Business This page was created to allow people to ask accounting questions and to inform people of tax law changes

02/23/2024

The tax table is not what it used to be. It is now formulated to have you breakeven or even owe a little at the end of the year. If you are single with no children - on your W4, be safe - mark Single (c) and have an additional $5 taken out (4c)
If you are married with no kids - only one of you claim Married on their W4 and the one with higher income should select Single.
If you do not see at least 8% deducted for Federal Withholding on your paystub. Go to your human resource office and change your W4.

02/23/2024

I am seeing many returns owing due to health insurance subsidies. If you have MARKETPLACE subsidized insurance READ THIS. You subsidy is based on the income you report. DO NOT underestimate your income because you will overestimate your subsidy and WILL have to pay it back at the end of the year. This is NOT a tax debt, it is a REPAYMENT of subsidized funds.
An agent gets a commission for signing you up. Where there is "commission" there is "corruption". They sign you up without warning you about surplus income. If you cash out an IRA, sell investment property, earn on stocks, have a side business, or have any other additional income than what you reported initially to get your subsidy, you will most likely OWE at the end of the year. You could have to pay back the entire subsidy. If you owed due to health insurance this year, increase your income to decrease your subsidy, or decrease the amount of subsidy you are taking.

01/16/2024

IF YOU ARE A BUSINESS (LLC OR INC)
Do not pay the notice you may receive regarding your ANNUAL with the state of Florida (SUNBIZ) for your LLC/ INC. They are charging a fee up to $150.00 in ADDITION to the state fee of $138.75 for LLC's
If you are a client already, please reach out if you receive a notice for ANY request(s) for payment and I will let you know if it is bogus.

03/24/2023

Some of you may have received this email notice.
NORTON ANTIVIRUS IS AUTOMATCIALLY RENEWING AS YOU REQUESTED
It is bogus - do not respond
The letters at the beginning of the year are plentiful and most of them asking for money. DO NOT PAY anything until you have double checked the source and are SURE that it is not a hub luring you into an additional fee or unnecessary charges.

09/14/2022

If you are or have recently filed to become a LLC in the State of Florida then you may have received this in the mail.
DO NOT PAY - THIS IS BOGUS.
To file with the State of Florida it is $138.75
The Certificate of Status is $5.00 when you file the LLC, you can opt for this when filing or choose not to.
The Labor Law Poster is normally supplied by your workers comp company for FREE and if you do not have employees, it is not required.
The EIN is FREE via IRS website.

You info is public info when you file with the Dept. of State, these crooks latch on and send out these letters without fail. If you are in doubt, text a pic to your accountant and they will verify if its a legit bill or not for you.

If your run less than 5 employees, and money is right, you do not need to run with an expensive payroll service. Learn ...
01/19/2022

If your run less than 5 employees, and money is right, you do not need to run with an expensive payroll service. Learn to do it in-house using excel or QB entries. If your interested let me know.

01/19/2022

If your currently use a QB version prior to 2022. Do not update to 2022, you will be locked in to have to renew each year. $385 + $500 if your run payroll. You can run off your 2019, 2020, or 2021 for 3 years before you upgrade.

01/14/2022

If your received child tax credit or earned income credit advances then you must wait to file until you receive letter from IRS with amount you received. Do not file without it, you will wait months if not years for any refund. Letters should be received by end of January.

01/14/2022

Tax time
Ws and 1099s due by 1/31
Business returns other than Sch C filers are due by 3/15

09/30/2021

Attention Business Owners
Clients are receiving notifications about reinstating their LLC. If you have an LLC and you did not file your annual with the Dept of State by April 30th this year then you have been Administratively Dissolved. DO NOT give up, DO NOT use an online service to get yourself reinstated. They are charging $150+ total rip off. It is $238.75 if you file yourself. There is nothing to it. Sign in, update company info if necessary, pay the money, and then your active again.

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119 E Dr Martin Luther King Jr Boulevard
Brooksville, FL
34601

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