Payroll Taxes Tips

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Is your last payment of payroll taxes in the hands of the IRS or in the hands of an embezzler?

How would you know?

There’s one easy way to know: simply use the IRS’s online service to check. But that’s a bit of trouble, so why bother?

Because if the money has been stolen, you (1) are out the original money and (2) now have to pay a duplicate amount to the IRS. If you have to pay twice, you are going to be furious. Don’t let this happen.

Here’s a totally underutilized trick to checking on your payroll monies: simply log in to your IRS tax account to see whether the IRS got the payroll tax money.

That’s right, the IRS makes your tax payments available to you online with its Electronic Federal Tax Payment System (EFTPS). You can log in to the EFTPS system and see whether the IRS has your payroll money.

Sincerely,

Chrispine CPA

Use Your Personal Vehicle as a Business Vehicle For a Tax Deduction. | Atlanta Ga CPA

You probably like your personal vehicle just as it is.

But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act (TCJA) gives you the tax reform road map on how to do this.

Of course, to make this happen, you need to strip your personal vehicle of its personal status and re-dress it as a business vehicle. This is not difficult.

In its new business dress, your former personal vehicle can qualify for up to 100 percent bonus depreciation. 

Example. Sam has a personal vehicle with a tax basis for depreciation of $40,000. With 60 percent business use on this 100 percent bonus depreciation qualifying vehicle, Sam has a new $24,000 tax deduction for this year ($40,000 x 60 percent).

Please reach out to your Tax professional and see  what you would need to do to make this work for you and how much you could write off this year.

Reach out with any questions. Congango@chrispinecpa.com call/text 678.268.6869