Zumbac International, LLC

01/16/2025

"it's beginning to look like XMAS!"......for some people(TAX RETURNS)

04/28/2024

Arsenal win!!!

02/07/2024

Here are the qualified expenses to keep in mind with 4 popular tax positions you should be using with your business:
1. Home office: Qualified home office expenses may include direct expenses such as painting and repairs made to specific areas of the home used for business.

It can also include indirect expenses like a portion of rent or mortgage interest and property taxes based on the percentage of your home used for business.

2. Depreciation: In the context of depreciation, qualified expenses generally refer to the cost of assets you use in your business, like furniture, equipment, and even the building itself, if you own it.

The cost of these assets can be deducted over the course of several years.

3. Augusta rule: This IRS regulation allows business owners to rent their personal residences to their businesses for 14 days or fewer per year to generate tax free income

The rent and related expenses like cleaning or catering can be deducted as a business expense.

4. R&D credit: Qualified research expenses (QREs) may include the wages of employees and supervisors engaged in research work, supplies used in the research process, and 65% of any payments made to outside researchers.

This applies to research that is technological in nature, intended to develop a new or improved business component, and includes a process of experimentation to resolve uncertainty surrounding the development or improvement.

Keeping qualified expenses in mind for all these strategies is essential for several reasons.

Firstly, identifying and understanding qualified expenses allows you to maximize the possible tax deductions for your business.

This could potentially decrease your taxable income and subsequently, your tax liability.

Secondly, it ensures that your business stays compliant with the tax code.

This is important to avoid potential disputes, penalties, or fines that could arise from improperly filed taxes.

Thirdly, having a clear record of qualified expenses can provide a more accurate representation of your financial position.

It can help you better manage your cash flow and make informed decisions for your business.

04/13/2023

From the National Society of Accountants:
Form 1040 with Schedule A and state return: $273
Form 1040, non-itemized, with state return: $176
Schedule C (business activity): $184
Schedule D (gains and losses): $124
Schedule E (rental activity): $135
Schedule F (farm): $180

02/10/2023

Officially begins Feb 15th...get 'er done!!!!

05/16/2022

Great advice!!!! Awesome tips

IR-2022-100, May 3, 2022 — The IRS today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.

05/14/2022

We haven't forgotten about our small business owners.
Here's some tips from Forbes that can alleviate some tax stress for you:

https://www.forbes.com/sites/davidrae/2021/10/14/6-year-end-tax-planning-moves-for-small-business-owners/?sh=6f50b0e86772/2021/10/14/6-year-end-tax-planning-moves-for-small-business-owners/?sh=6f50b0e86772

For business owners, tax planning shouldn't be a once-per-year exercise when filing your taxes. Here six creative tax strategies to make before year end.

05/14/2022

So April 18th has come and gone...end of tax season. Not even close. Start planning for next year now!!
For individuals here's some tips from the IRS:

Tax planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money next tax season. Here are six things you can do now to make next April 15 easier.

1. Adjust your withholding. Each year, millions of American workers have far more taxes withheld from their pay than is required. Now is a good time to review your withholding to make the taxes withheld from your pay closer to the taxes you’ll owe for this year. This is especially true if you normally get a large refund and you would like more money in your paycheck. If you owed tax when you filed, you may need to increase the federal income tax withheld from your wages. Use the IRS Withholding Calculator at IRS.gov to complete a new Form W-4, Employee’s Withholding Allowance Certificate.
2. Store your return in a safe place. Put last year’s tax return and supporting documents somewhere safe. If you need to refer to your return in the future, you’ll know where to find it. For example, you may need a copy of your return when applying for a home loan or financial aid. You can also use it as a helpful guide for next year’s return.
3. Organize your records. Establish one location where everyone in your household can put tax-related records during the year. This will avoid a scramble for misplaced mileage logs or charity receipts come tax time.
4. Shop for a tax professional. If you use a tax professional to help you with tax planning, start your search now. You’ll have more time when you’re not up against a deadline or anxious to receive your tax refund. Choose a tax professional wisely. You’re ultimately responsible for the accuracy of your own return regardless of who prepares it. Find tips for choosing a preparer at IRS.gov.
5. Consider itemizing deductions. If you usually claim a standard deduction, you may be able to reduce your taxes if you itemize deductions instead. If your itemized deductions typically fall just below your standard deduction, you can ‘bundle’ your deductions. For example, an early or extra mortgage payment or property tax payment, or a planned donation to charity could equal some tax savings. See the Schedule A, Itemized Deductions, instructions for the list of items you can deduct. Planning an approach now that works best for you can pay off at tax time next year.
6. Keep up with changes. Find out about tax law changes, helpful tips and IRS announcements all year by subscribing to IRS Tax Tips through IRS.gov or IRS2Go, the mobile app from the IRS. The IRS issues tips regularly during the summer and tax filing season.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

05/13/2022

Knock, Knock
Me: who's there
FL:........

Just another day in Florida! Check out when a huge alligator blocks a Tampa Bay resident’s front door. When Odessa resident Ed Ferraro took a look out his front door, something was wrong. There was a massive...