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Meals & Entertainment Deduction
IRS says…. Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. A meal expense includes the cost of food, beverages, taxes, and tips for the meal. You may be able to deduct business-related entertainment expenses you have for…
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Completed-Contract Method of Accounting
The completed-contract method of accounting is used by contractors and manufacturers. Unlike the percentage-of-completion method which recognizes revenues and gross profit in the applicable periods of the construction or manufacturing process, and not only in the period when the construction has been completed, under the completed-contract method of accounting, revenue, expenses, and gross profit is deferred…
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Sales Tax Collection Allowance in Florida eff. July 1, 2012
New law requires sales and use tax dealers to file and pay tax electronically to receive a collection allowance For sales and use tax returns and payments due on or after July 1, 2012, dealers may deduct a collection allowance only when they: File sales and use tax returns electronically; Pay tax electronically; and Electronically…
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Income Tax – the first law
July 1, 1862 First Income Tax bill President Abraham Lincoln signed the first income tax bill, levying a 3% income tax on annual incomes of $600-$10,000 and a 5% tax on incomes over $10,000. Also on this day, the Bureau of Internal Revenue was established by an Act of Congress. […]Read More… from Income Tax…
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First Time Home Buyer Credit Summary
The Housing & Economic Recovery Act is designed to help sell the large quantity of homes on the market starting in 2008. This is a summary of the 3 versions First Version 2008:The original credit was for as much as $7,500 for individuals who bought a principal residence in the U.S. between April 9 and Dec. 31,…