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What does it mean “it is a writeoff”?

What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be consideredContinue reading “What does it mean “it is a writeoff”?”

What is a 1099-K and why should I care?

Be On The Lookout: The IRS is planning for a threshold of $5,000 for tax year 2024 Who gets Form 1099-K If you take direct payment by credit or bank card for selling goods or providing services – If your customers or clients pay you directly by credit, debit or gift card, you’ll get aContinue reading “What is a 1099-K and why should I care?”

What Are Estimated Tax Payments

Who must pay estimated tax Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more whenContinue reading “What Are Estimated Tax Payments”

Florida Sales Tax Audit – Convenience Stores

For nearly a decade, the Florida Department of Revenue (FDOR) has been targeting convenience stores business with audits in a campaign to bolster tax revenue. A convenience store should expect a sales tax audit if it is underreporting its sales to the state, this is because the Department is able to determine your sales andContinue reading “Florida Sales Tax Audit – Convenience Stores”

Are Uber Drivers Independent Contractors?

Revision: A California court ruled that Uber Drivers are employees California recently passed a bill near the end of 2019 effectively changing the tax code used for the determination of employees and independent contractors. This new bill will affect thousands of businesses and independent contractors in California, but most notably it has affected the ride-shareContinue reading “Are Uber Drivers Independent Contractors?”

Florida Commerical Rent for Conventions and Industry Trade Shows

If you do not understand the concept of Florida commercial rent, please read this article: https://donovanniles.com/2020/12/22/florida-commercial-rent-tax/ If you do not understand the concept of Florida commercial rent on sub-leases, please read this article: https://donovanniles.com/2020/12/22/florida-commercial-rent-on-sub-leases/ When space is subleased to a convention or industry trade show in a convention hall, exhibition hall, or auditorium, the rentalContinue reading “Florida Commerical Rent for Conventions and Industry Trade Shows”

Florida Commercial Rent on Sub-leases

If you do not understand the concept of Florida Commerical Rent, please read this article first: It is common for real property to be leased and then subleased to tenants. A prime lease is a lease between a landlord and a broker, in which the broker intends to sublease the real property either in wholeContinue reading “Florida Commercial Rent on Sub-leases”

Florida Commercial Rent Tax

In most instances in order to run a business, it is necessary to acquire a physical space to operate in. Quite often is more reasonable to lease a space rather than purchase real property and rent being paid to a landlord. In the state of Florida, the leasing of real property is subject to aContinue reading “Florida Commercial Rent Tax”

Florida Sales Tax Audits

Sales tax audits can be daunting experiences for businesses, especially in states like Florida, where tax laws can be complex and subject to frequent updates. Understanding the ins and outs of sales tax audits is crucial for businesses to ensure compliance and avoid penalties. Before delving into audits, it’s essential to grasp the basics ofContinue reading “Florida Sales Tax Audits”