Williams Solid Solutions

Thank You So Much For Supporting My Business in 2023. I’m Looking Forward To Serving You Again in 2024!

Florida Sales Tax Is Due Today!!!!

Happy Friday!!! Let Me Help Make This Tax Season Stress Free.

Click The Link In My Bio To Scedule An Appointment Today.

Tax season is in full effect. I am excited about servicing our current and new clients. We offer services to clients in state and out of state. We provide tax preparation services nationwide.

Call or send me a text to (941) 807-6040 to schedule an appointment, or click the book now button.

Sales Tax is Due TODAY!!!!

Happy Friday!!!!

Tax Season is Here!!!! Contact me now!!

Believe it or not, it’s actually very common for small business owners to hold uncollectible or worthless business debts. These are considered bad business debts. Bad business debts are often the result of credit sales to clients for goods sold or services provided. Unpaid goods are also considered bad business debts.

Eligibility: The debt in question must be partly or fully worthless to be considered deductible. Worth is based on the chance the amount owed will be paid back.

Special considerations: Nonbusiness bad debts, such as personal investments or personal activities, must be totally worthless to be tax-deductible. Additionally, nonbusiness tax debts cannot be deducted if they are only partially worthless.

The federal income tax rules for deducting business casualty and theft losses are very similar to the rule regarding personal property losses. This is even applicable to properties outside of federally claimed disaster areas.

Eligibility: The taxpayer must be the owner of the property. The loss must occur as a result of a sudden and unpredictable event.

Special considerations: Long-term processes, casualties, and losses are exempt from tax-deduction. These include erosion, wood decomposition, and termite damage.

Small business owners are responsible for funding their own retirement plans to supplement their Social Security benefits. Fortunately, there are tax implications that lend a helping hand to business owners making contributions.

Eligibility: Retirement accounts that comply with IRS regulations and are deemed “tax-qualified.”

Special considerations: Business owners with employees must follow a specified set of rules in order to keep their retirement contributions as tax deductible. These are called nondiscrimination rules and they assert that the business owners’ selected retirement plan benefits all employees—not just the owner.

Self-employed workers, contractors, freelancers, and telecommuters require a home office to conduct business duties. Business owners who use a home office for business may be able to deduct expenses tied to creation and maintenance of the workspace.

Percentage deductible: Home-office business deductions are assessed based on what percentage of the home is used for business. To find this number, one must measure the square footage of the office space and find what percentage it is of the total area of the home.

Eligibility: To qualify for the home-office deduction, the taxpayer must utilize part of the home “regularly and exclusively” for business. The office does not need to be in a separate room, but it must be in a space solely designated to work and business operations.

Special considerations: There are two primary options business filers can opt for when taking the home office deduction: simplified and standard. The simplified option is easier but could potentially result in a smaller final tax break. The standard option requires a bit more mathematics and precise recordkeeping but could yield a larger deduction.

Eligibility: For a trip to qualify as business travel, it must be considered ordinary, necessary, and to a destination away from the taxpayer’s resident state.

Special considerations: Vacation expenses are exempt from tax deduction. In the eyes of the IRS, a “vacation” is: A trip where the majority of days away are not spent doing business.

Business owners that rent a building, office space, warehouse, or other type of business property may be able to deduct rent expenses if space meets eligibility standards.

Eligibility: The property must be used for business purposes in order to be written off.

Special considerations: The IRS claims that if you have or will eventually receive equity in or title to the property in question, rent expenses will not be considered deductible. If you use a home office, you may be eligible to write off a portion of the cost. This expense must be recorded under the home office deduction.

Small businesses that provide their workforce with educational benefits may be able to fully deduct the associated costs of offering this perk. Tax-deductible education expenses include everything from continuing education to courses intended to provide workers with advanced professional licenses.

Eligibility: Deductible education costs must add value to the business and increase the workforce’s expertise and skills

Special considerations: Educational expenses that qualify employees for a different trade are exempt. Courses necessary to meet the minimum education requirement are also exempt from tax deduction.

Loans taken out for business purposes, including mortgages on business real estate or lines of credit obtained for business purchases, may qualify for tax deduction.

Eligibility: The taxpayer must be legally liable for the acquired debt.
• The taxpayer and the lender have a true debtor-creditor relationship.
• The taxpayer and the lender must intend for the debt to be repaid.

Special considerations: Interest that must be capitalized does not qualify as tax-deductible. This includes any interest added to a principal balance of a business loan or mortgage. Capitalized interest should be assessed and depreciated along with other costs of the business asset.

Office supplies that are essential to running and maintaining a functional office are considered fully tax-deductible.

Eligibility: There are three key IRS rules that determine whether or not an office supply qualifies as tax-deductible: The taxpayer must not keep a record of when the supplies are used.
• The taxpayer must not take inventory of the supplies.
• Deducting these items must not skew the business’s final income.
Special considerations: Business filers are only allowed to deduct the costs of office supplies used in the current tax year.

Small business owners who are interested in giving back to their community through charitable donations deduct the entire cost contributed.

• Eligibility: To qualify, the donation must: Benefit a qualifying organization
• Be a cash contribution
• Be made during the current tax year

Special considerations: If the business is set up as a sole proprietorship, LLC, or partnership, these charitable expenses should be claimed on personal tax forms. If the business is an S-corporation, charitable expenses should be claimed on corporate tax return forms.