Prince-N-Bar, LLC

FYI!

Today, Jan. 31, is the filing deadline for Form W-2 and other wage statements. Filing on time means can more easily detect refund fraud. Help support this process and avoid penalties by e-filing the forms now. See: http://ow.ly/ePrf50Munnh

401(k), 403(b), most 457 plans, Thrift Savings Plan, and IRA limit increases for 2023.

Taxpayers should review the 401(k) and IRA limit increases for 2023 | Internal Revenue Service Tax Tip 2022-178, November 21, 2022 — The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 - up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the ...

As of January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is:

* 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.

* 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.

* 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.

These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

IRS issues standard mileage rates for 2023; business use increases 3 cents per mile | Internal Revenue Service IR-2022-234, December 29, 2022 — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

See Something, Say Something!

Individuals who are engaged in occupational fraud schemes often exhibit certain behavioral traits or warning signs associated with their illegal activity.

Preventing fraud is a team effort, and it is your job to report suspicious activity.

We will respond to what has happened in our home State on Friday, September 30th, 2022 once we have a better understanding of what has happened and how everyone can assist.

In the meantime, we pray that everyone is safe and okay in Florida, along with wishing that everyone in South Carolina will be safe as well.

May God protect us all.

Starting July 1, 2022 the Standard Mileage Deduction will be $0.625 per mile.

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

https://www.military.com/daily-news/2022/01/10/five-more-states-make-military-retirement-tax-free.html?utm_medium=Social&utm_source=Facebook&fbclid=IwAR3GshI7-lndJ9Mf0fOkfwSt4o4fmQkCLJ1as72rFHiTtwPm0e12o5Lv8Fs =1642527739

5 More States Make Military Retirement Tax Free With 26 states now not taxing military retirement income, this may just help you decide where to retire.

2022 Tax Filing Season begins January 24, 2022.

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

Student Loan Payment Pause Extended Through May 1, 2022.

https://studentaid.gov/announcements-events/covid-19

Federal Student Aid

Interesting read.

Don't Count on That Tax Refund Yet. Why It May Be Smaller This Year

Services that we offer:

BOOKKEEPING
* Manage daily transactions
* Accounts Receivable
* Accounts Payable/Bill Pay
* Reconciliations

PAYROLL
* Management of Payroll
* Management of Payroll Taxes

BUSINESS SETUP
* New Business Setup​
* Florida Sales & Use Tax Management /Setup
* Re-Employment Tax Management/Setup

COMPLIANCE
* 1099 Filings
* W2 Prep
* Annual Reports
* Annual Reinstatements
* Notary Services

QUICKBOOKS
* Setup New Companies
* Quickbooks Conversion​

ADVISORY
* Bank Accounts: Daily Balance Review and Reporting
* QuickBooks

We specialize in small businesses and independent contractors.

Retail and E-Commerce is an ever-changing industry. In order for your retail business to thrive and grow, not only do you need a physical presence, but a digital online presence as well. We can help small retail businesses manage their books, intergrate, and track in-store and online sales with recommendations of products and services that work seamlessly with Quickbooks, allowing for you to focus on your business.

Contact us for more information on how we can help you meet your accounting and bookkeeping needs.

Did you know that Quickbooks Online will be changing their prices?

QuickBooks Online Essentials, Plus, and Advanced prices will increase:

On July 15, 2021 for all new subscriptions.

On or after Aug. 1, 2021 for existing client-billed subscriptions.

On or after Sept. 1, 2021 for existing firm-billed subscriptions (current wholesale discount).

The current monthly retail pricing for the QuickBooks Online Services and the July 15, 2021 pricing updates are as follows:

QuickBooks Online – Self-Employed Current $15 July 15th $15
QuickBooks Online – Essentials Current $40 July 15th $50
QuickBooks Online – Plus Current $70 July 15th $80
QuickBooks Online – Advanced Current $150 July 15th $180

The wholesale discount will be discontinued. QuickBooks is launching a new discount program.

The QuickBooks Online, QuickBooks Online Payroll, and QuickBooks Time (formerly TSheets) wholesale discount is being discontinued for new subscriptions, upgrades, and downgrades on July 15, 2021.

QuickBooks is launching a new discount program called ProAdvisor Preferred Pricing. Discounts from the new program will apply for new customers, upgrades, and downgrades added through QuickBooks Online Accountant beginning July 15, 2021.

Wholesale discounts for active subscriptions added prior to July 15, 2021 are not changing.

Contact us to learn ways to save money on a new QuickBooks Online Subscription!

What is the Secret to Your Success?

Did you know that the IRS has an online calendar for self-employed and small businesses? You can filter the view to show the events that apply to you, or set them up to remind you via email when a form or payment due date is coming up. You can also subscribe or import the tool into your calendar program. Check it out!

https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar

Online Tax Calendar | Internal Revenue Service Use the IRS tax calendar to view filing deadlines and actions each month. Access the calendar online from your mobile device or desktop.

Services that we offer:

BOOKKEEPING

* Manage daily transactions
* Accounts Receivable
* Accounts Payable/Bill Pay
* Reconciliations

PAYROLL

* Management of Payroll
* Management of Payroll Taxes

BUSINESS SETUP

* New Business Setup​
* Florida Sales & Use Tax Management /Setup
* Re-Employment Tax Management/Setup

COMPLIANCE

* 1099 Filings
* W2 Prep
* Annual Reports
* Annual Reinstatements
* Notary Services

QUICKBOOKS

* Setup New Companies
* Quickbooks Conversion​

ADVISORY

* Bank Accounts: Daily Balance Review and Reporting
* QuickBooks

We specialize in small businesses, independent contractors, and Real Estate Agents.

Thinking of using Quickbooks for your business? Talk to us before you sign up! We can offer deeper and more long term discounts!

FYI for companies filed with SunBiz!

Any profit corporation, limited liability company, limited partnership or limited liability limited partnership annual report filing will have until 12:01 am on May 1, 2021, before a $400 late fee is assessed.

https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/

File Annual Report - Division of Corporations - Florida Department of State NOTE: The annual report does not permit you to change the name of your business. To change the name, download and complete the appropriate amendment form. Mail the completed form with payment to the Division of Corporations.

Are you self-employed? Did you know you have many of the same options to save for retirement on a tax-deferred basis as employees participating in company plans?

Remember, some of the options available to you will allow for you to contribute for Fiscal Year 2020 if you fund the account before April 15, 2021!

Here is a link from the IRS providing some highlights of your retirement plan options.

https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people

Retirement Plans for Self-Employed People | Internal Revenue Service Retirement Plans for Self-Employed People

7 home office organization tips for 2021 - Firm of the Future I recently took some steps to make my office more ergonomic and work-friendly. here are real concerns you should address in your home office setup.

Let's go! Even as we are growing and preparing for our own launch we actively supporting all of our friends businesses and local businesses.

W-2 Scam Find out how identity thieves are using email to impersonate your company’s executives to steal your workers’ W-2 forms. For more information, go to https:/...

https://www.irs.gov/newsroom/irs-to-employers-remember-february-1-2021-deadline-for-form-w-2-other-wage-statements

IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements | Internal Revenue Service IR-2020-269, December 3, 2020 — The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.