Central Florida Tax Solutions

12/25/2022

Happy Holidays to You and Yours

As the end of 2022 quickly approaches,
I wanted to take a moment to express my gratitude to you,
our faithful clients and friends,
for your support and business throughout the years.

Best Wishes to you and yours for a successful 2023 ~
Kim Bates

Click here for an update from Central Florida Tax Solutions!

09/30/2022

NOTICE - IR-2022-168 : Hurricane Ian victims - taxpayer's with an approved extension now has until 2-15-2023 to file Forms 1040, quarterly payroll tax forms, and excise returns.

Also extended are Q4 estimated income tax payments due 1/17/23 and payroll tax payments for both Q3 and Q4.

Stay safe :)

Share to spread the word.

06/01/2022

Florida's sales tax holiday is in effect now. A couple additions from prior years - pet food is now included. With a possible hurricane forming in the gulf, today would be a good day to stock up.

See attached poster.
Link to FLDOR: https://floridarevenue.com/DisasterPrep/

05/31/2022

04/22/2022

CAUTION: The following is a post from a scammer. It is not authorized in any way, shape or form our Company or representatives of our Company. The following is a copy of the fraudulent post:

Chauque recommends Central Florida Tax Solutions: "I don't believe in luck, I believe in trust and understanding, I've been with Mrs Evelyn Joshua for a few YEARS and I've made a good amount of money with her simple negotiating strategies. Reuniting with her has been the best experience I've had in months and I'm looking forward to another runner's payment. Scammers are everywhere, but finding a reliable trader like Mrs Evelyn Joshua is not an easy task and my advice to all of you is to come and join her. contact her directly on her Email: [email protected] WhatsApp: +1 (804) 391-9232 "Success doesn't come to you, you go to it... I'm not the one to call you to invest and have a brilliant financial situation. "If you know what's right, you're supposed to contact her now and start.". negotiating as soon as possible 0 comments"

04/20/2022

CAUTION: It was made aware to us that a scammer is attempting to use our good name and trusted services to commit fraudulent services to the public. We do not, nor have we ever, had any affiliation in any way, shape or form with , Mrs Lauren Jordan, [email protected] WhatsApp: +16574647879.

01/01/2022

Happy New Year!

We hope you, your family, and friends enjoyed a joyous holiday season and that all are healthy and happy.

Important Step for January 1st

Business Mileage Documentation Requirement
The law requires that you substantiate your expenses by adequate records or by sufficient evidence to support your own statement.

The first thing you must do to be compliant in substantiating your business miles is to document your starting odometer reading on each of your business vehicles, up to 5 vehicles, on January 1st.

What Constitutes "Documentation"?
Your Mileage Log, i.e. documentation, must be in writing. It can be on paper, an app that runs in the back ground while you driving, or other recording such as a spreadsheet.

However, the mere existence of a Mileage Log is not sufficient if the entries are too generalized or not supported by other corroborating evidence. Other corroborating evidence would be receipts, client details, meeting details, and business purpose.

Contents of a Mileage Log
1. Document the beginning and ending odometer reading of business vehicles used more than 50% for business for up to 5 vehicles.

2. At the start of each trip, write the odometer reading if manually documenting business miles. If using an app, follow the directions provided in the app. Include the business purpose, starting location, and date of trip.

3. At the end of each trip, write the odometer reading if manually documenting business miles. If using an app, follow the directions provided in the app. Include the ending location and name of location or name of clients met with during trip. Subtract the starting odometer reading and ending odometer reading documenting total business miles driven.

Keep any receipts or other supporting documentation in support of business purpose for travel.

Remember - business mileage is a highly audited item. And an item that is often not properly documented and often a denied expense deduction resulting in owing the IRS additional taxes, penalties and interest.

Click here for an update from Solutions!

01/01/2022

Annual Reminder -

To properly document your business miles you must document your starting mileage for the year on January 1st. Do that now.

Documentation must be in writing in any manner to clearly state what your starting business miles for the year would be - either on paper or an app like MileIQ (which is what I use).

(Psst - you also have to document your year ending mileage on December 31st. If forgot to do that but haven't driven anywhere since midnight, you can rely upon this mornings mileage reading.)

Please share this post to help others.

Happy New Year!

01/15/2021

NOTICE:

Individual tax filing will begin on 2/12.

To speed up your refund, e-file and use direct deposit.

For those who are EIC and/or ACTC recipients, your refund will be sent out early March or approximately 3 weeks after your return is electronically filed.

Business tax return e-filing is currently open.

01/11/2021

TODAY the 2nd round of PPP lending opens to new and certain existing small businesses.

But there are some new rules. You can only apply at community banks today. The 1st Draw PPP Loans begin today with the 2nd Draw PPP Loans beginning on Wednesday the 13th. Lending will be open to all participating lenders soon.

Key PPP updates include:

PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
The PPP provides greater flexibility for seasonal employees;
Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Remember to share so others can benefit. Please reach out if you need help or just have some questions. We are always here for you.

01/04/2021

Happy New Year to all!

We have been receiving numerous calls regarding the 2nd stimulus payments going out. Some have been deposited today and there are more scheduled in the near future. You can check your stimulus status with the following link (remember to share to help others):

Use Get My Payment to get information about your payment status and payment type.

12/28/2020

Foreclosure & REO eviction moratorium info

This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.