Annual Report Filing

reportI woke up this morning with a reminder to file my annual report with the state of Florida.  This gave me an idea for a post. I though I would share a best practice on the benefits of setting recurring events in gmail for items that you do not do on a regular basis.

Each year as a business owner in Florida I have to file my annual file with the state. This is due between Jan 1st and May 1st each year. A $400 non-negotiable late fee is imposed if you miss filling. I hate to see other businesses get unnecessary charges.

So, a best business practice for small businesses is to get a yearly recurring calendar event to pop up and remind you that the filing is due. I do mine in Gmail but any calendar will work.

So for all the Florida business out there and any state out there. This blog post is a reminder to file your annual report. This post is also to share a best practice to set reminders in your email for recurring events that do not happen regularly.

Of course, Got Questions? Send an email, call or set an appointment. My calendar is linked on my website.

robert.pipas@eagleeyebookkeepingservicesllc.com

www.eagleeyebookkeepingservicesllc.com

 

2017 IRS numbers

Every every business owner should update certain numbers released from the IRS.

For those that use mileage write off: 

The IRS issues a new mileage rate for business owners every year. This is the amount of money that business owners can write off per mile driven for business use if they do not capitalize their vehicle.

The new rate for 2017 is 53.5 cents. Down a half cent from the previous year.

Group Term Life Insurance table: 

For W2 employee’s Group Term Life Insurance is taxable in excess of $50k worth of cover. For every $1,000 worth of coverage in excess the IRS has a table in Publication 15(b). The chart is listed below for 2017. Make sure your payroll is updated for those making more than $50,000.

p15b-chart

Example: A 37 year old making $56,000 is ($56,000 – $50,000) = $6,000

$6,000 / $1,000 = 6

6 x 0.09 = $0.54 Payroll Tax Liability

 

If you have any questions do not hesitate to ask. To learn more click here robert.pipas@eagleeyebookkeepingservicesllc.com