It's vital to stay on top of the rapidly-changing rules & regulations especially as they relate to your business & your books! Our clients receive email updates regularly from Pam Saul and the team and benefit from her attention to detail and wealth of knowledge and experience. Here are just a couple of informational tidbits from the most recent update:
Mileage: As of 7/1/22, the IRS has changed the mileage rates to 62.5 cents per mile for business travel.
Business Related Food & Beverage: Congress removed the 50% deduction limit on business-related food and beverage expenses making them 100% deductible. A reminder that the business owner or employee of the business must be present when the food is provided and the expense cannot be lavish or extravagant. Last, the good must be provided by a restaurant (grocery and convenience stores do not qualify).
Program Administrator: I am now an E-Verify Program Administrator which means I have the ability to confirm that newly hired employees are eligible to work in the United States! E-Verify is mandatory for all federal contractors working on contracts with the Federal Government as well as the following states: Alabama, Arizona, Colorado, Florida, Georgia, Idaho, Indiana, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and West Virginia.
QuickBooks Sales Tax Rate: Did you know that each month states make changes to rules and rates for sales tax? To keep you updated, you can use QuickBooks’ free sales tax calculatorto find rates for any address in the United States. If you would like more information on sales tax holidays, please let me know.
Please don’t hesitate to reach out with any questions, concerns, or comments! We are here for you to make your financial operations run smoothly. As always, we thank you for your continued support of Saul Bookkeeping!