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Full Service CPA Firm for Accounting, Payroll, and Taxes. TAX PLANNING & PREPARATION FEDERAL & STATE TAX RETURNS Rely on us as your trusted partner for seamless tax navigation, committed to the goal of minimizing your tax liability. WHAT WE OFFER Individual 1040 Corporate 1120S & 1120C Partnership 1065 Fiduciary 1041 Estate Tax 706 Gift Tax 709 Exempt 990 & MORE! Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP FULL SERVICE CFO PAYROLL SMALL BUSINESS CONSULTING BOOKKEEPING

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Payroll driving you postal? Call Coastal to get your payroll processed Home Office Exepenses How To Apply Home Office Expenses To Your Business Home Office Deductions Putting an administrative office in your home has multiple benefits. This home office will need to be your primary office for managerial and administrative functions. By having this additional business location, it will eliminate the commute you could not deduct before. According to the IRS, “If you have an office in your home that qualifies as a principal place of business, you can deduct your daily transportation costs between your home and another work location in the same trade or business.” This allows you to have more than one business location for the same business or trade. For many small business owners, this means that your home office could also be a deduction for your taxes. Of course, you have to make sure you meet the IRS’s home office qualifications. The IRS states “Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements: 1) You use it exclusively and regularly for administrative or management activities of your trade or business 2) you have no other fixed location where you conduct substantial administrative or management activities of your trade or business” What do these two quotes from the IRS mean to you? You can deduct the expenses to and from your home office to another work location. What are administrative and management duties to the IRS for your home office location. The IRS state the following: “There are many activities that are administrative or managerial in nature. The following are a few examples: -Billing customers, clients, or patients -Keeping books and records -Ordering supplies -Setting appointments -Forwarding orders or writing reports” The IRS gives you some flexibility with this rule too. If you are able to do the administrative and managerial duties at another location, but you simply decide to read the mail, pay bills, order supplies, and write reports at your home office then you can still claim it as an additional location. Just remember that the substantial amount of time of the managerial and admin duties need to be done out of this home office. If you occasionally do them at another location, then that is fine as long as it is occasional. Your secondary location then becomes your primary location for meeting with clients, providing a service to customers, or a sales office. A good example would be a realtor. The broker might offer you space at the real estate broker’s office, but you schedule appointments, pay bills, receive mail, preparing for showings, post listings, and the other numerous admin and management duties of a realtor. You now have a home office space that you can deduct. How to figure out your deduction for your home office. To make the math easy, you have a dedicated room that is used exclusively for the business. This room is 10 x 10 feet and your overall house is 1,000 sqft. This mean that 10% of your home is used exclusively for your home office. -Mortgage interest: $1200/yr x 10%: $120 -Property taxes: $2,000/yr x 10%: $200 -Utilities: $1,400/yr x 10%: $140 -Office furniture: 100% -Office repairs: 100% - I think you get the point here. 10% of your home office become a deduction. Another big deduction becomes the mileage deduction for driving to the other business locations. Just be sure to keep a written log, or use an app on your phone, to keep track of all of your miles. Here are the posted mileage rates from the IRS. You need a place to live and work, so now you know how to add the extra expenses of having a home office and a 2nd location. Enjoy the tax deduction. Need us to review or assist you with your tax return for your home office, Contact Us to assist you.

Full Service CPA Firm for Accounting, Payroll, and Taxes. Apply For ERTC Receive up to $26,000 per Employee Employee Retention Tax Credit The Employee Retention Credit (ERC) stands as a powerful government-backed initiative designed to support businesses during challenging times, such as the COVID-19 pandemic. This tax credit program aims to incentivize employers to retain their employees by offering financial relief in the form of refundable tax credits. In this blog post, we will explore the key aspects of the Employee Retention Credit, including its eligibility requirements, qualified wages, and the potential benefits it provides to businesses. Additionally, we will refer to three authoritative government sources to gain a deeper understanding of the ERC and its impact on employee retention and business stability. Reference 1: Internal Revenue Service (IRS) - "COVID-19-Related Employee Retention Credits : Overview" The Internal Revenue Service (IRS) serves as the primary source for information on the Employee Retention Credit. The IRS provides a detailed overview of the ERC, including eligibility criteria, qualified wages, and how to calculate the credit. Reference 1 sheds light on the key updates to the ERC brought about by legislation, ensuring businesses have the latest information. It also explains the interaction of the ERC with other relief programs, such as the Paycheck Protection Program (PPP). The IRS reference serves as a crucial resource for businesses seeking clarity on the ERC and its application. Reference 2: Small Business Administration (SBA) - "Employee Retention Credit: A Guide for Small Businesses" The Small Business Administration (SBA) offers a comprehensive guide on the Employee Retention Credit specifically tailored to small businesses. Reference 2 provides an overview of the program and emphasizes the benefits of the ERC for small business owners. It explores the eligibility requirements, qualified wages, and the maximum credit amount that businesses can claim. Additionally, the SBA highlights how the ERC can help small businesses retain their valuable workforce and ensure long-term stability. Reference 2 serves as a trusted source for small businesses seeking practical information on leveraging the ERC. Reference 3: U.S. Department of the Treasury - "American Rescue Plan Act: Employee Retention Credit Frequently Asked Questions" The U.S. Department of the Treasury offers valuable insights into the Employee Retention Credit through its FAQ section on the American Rescue Plan Act (ARPA). Reference 3 addresses common questions about the ERC, such as eligibility criteria, calculating the credit, and claiming procedures. It provides clarity on specific scenarios, allowing businesses to better understand the nuances of the program. Moreover, Reference 3 outlines how the ARPA expanded the ERC, making it more accessible to a wider range of businesses. The U.S. Department of the Treasury reference serves as an authoritative source for understanding the ERC and its recent updates. The Employee Retention Credit stands as a robust government-backed solution for businesses facing economic challenges, offering essential financial relief and incentives for employee retention. The Internal Revenue Service (IRS), Small Business Administration (SBA), and U.S. Department of the Treasury serve as invaluable government resources, providing detailed information on the ERC's eligibility requirements, qualified wages, and its interaction with other relief programs. By referring to these authoritative government sources outlined in References 1, 2, and 3, businesses can gain a comprehensive understanding of the ERC and harness its benefits to ensure the resilience and continuity of their operations during uncertain times. Interested in applying for the ERC for your business, Contact Us or Schedule a consultation to go over your options.

Get personalized and dedicated service for processing your payroll. We offer direct deposit, live paper checks, and after-the-fact payroll. Local CPA handling your payroll and HR needs. PAYROLL Streamline your payroll with our expertise: Accurate, timely, and hassle-free payroll services tailored just for you. WHAT WE OFFER RUN YOUR OWN PAYROLL $15/mo + $1.50 per paycheck Vendor payments Payroll reports Add 401k plans Add ancillary insurance plans Direct deposit & live checks Calculate paychecks & taxes Employee access to paystubs Next-day direct deposit OR LET US HANDLE IT FOR YOU 1 BASICS $40/month + $5/employee per month Fast & unlimited payroll runs Calculate paychecks & taxes Employee access to paystubs Next-day direct deposit 401k plans Health benefits 1099 e-file & pay 2 MANAGER $70/month + $8/employee per month Basic Plan features PLUS : Same day direct deposit Track time HR support center Workers comp administration 3 EXPERT $120/month + $10/employee per month Basic Plan features PLUS : Same day direct deposit Track time & projects Personal HR advisor 24/7 product support Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP FULL SERVICE CFO TAX PLANNING & PREPARATION SMALL BUSINESS CONSULTING BOOKKEEPING

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Payroll driving you postal? Call Coastal to get your payroll processed Grow Your Business Payroll, Tax Deposits, 1099's, W2's, HR, and the many other parts of having employees. Small Business Payroll Hiring employees and growing your small business is one of the most exciting events for any startup or small business. You are getting more customers and need employees to provide products and services to new and existing customers. Managing, HR administration, paperwork, and payroll aren’t as exciting. Figuring out how often to pay employees, calculating payroll taxes, and if paper checks or direct deposits are best. Just getting paperwork to enter a new employee can be tough for a small business with no HR specialist onboard. At Coastal Accounting & Tax Advisors, we remove all the HR and payroll worries and stress. Removing the extra work off your plate allows you to focus on your business and your customers. What are Payroll Services? We provide a secure cloud-based system for employees to view paystubs and change their personal and W4 information while providing easy to understand payroll reports to the business owner. The owner or operator can process their business’ payroll or the information can be sent to us for processing. A single member business owner that takes a payroll might not need direct deposit, but they just need to know what their payroll taxes and tax deposit needs to be and how often it needs to be paid. Our payroll software even let’s us put you and your employees on automatic payments. This is great for those salaried employees or owners that need to get a paycheck due to being an S Corp. If your employee isn’t salaried, we offer time and project tracking to help your employees clock in and out. How Often to Pay The standard pay period is two weeks, but some industries have set the standard at paying weekly. An often question is pay period vs when to pay the employees. Ending payroll on a Friday night or a Sunday night, then payroll would be for that Friday. Having this 4 to 5 day lead time allows for you to review time cards and payroll to be processed. Paying employees by direct deposit is the easiest way to process payroll. Writing a paper check gets costly with ordering business checks and hand writing a lot checks. We upload the employee’s paystub to our secure cloud based platform to allow them to view their checks whenever they want to see them. Employee Benefits Providing more than just a paycheck to an employee might make a big difference on hiring and retention of employees. We assist owners in health care insurance options, 401k and other investments options, and other fringe benefits to employees. We are also able to add in workers compensation insurance to your payroll. Read here about funding your child's retirement account from paying your child from the business. Contractors Some businesses pay contractors on a regular weekly or monthly basis. We provide the ability to track and pay these 1099 subcontractors via check or direct deposit. This help reduce the stress of the year end tax form, 1099’s. Payroll Taxes No more worries about missing a 941 tax deadline, underpaying the tax deposit, and filing with the state or local employment office. Under paying or missing a tax deposit can be very expensive. We take on all the responsibility of all tax reporting and payments. Taxes, deposits, and forms can be complex and tedious, but we handle it all for the small business. Being a small business owner requires you to wear a lot of hats in the business, but we are here to take on the HR & payroll hat for you. Read how you can "entertain" employees as a business expense .

Full Service CPA Firm for Accounting, Payroll, and Taxes. EMPLOYEE RETENTION CREDIT Don't miss out on potential tax credits that could help boost your bottom line - find out if your business qualifies for Employee Retention Credits. We specialize in guiding businesses like yours through the ERC application process to ensure you receive the maximum benefits you deserve. WHAT WE OFFER Eligibility Assessment Application Assistance Documentation and Compliance Tax Credit Calculations IRS Communication Support EXPERTISE : We stay up-to-date with the latest ERC regulations and guidelines to maximize your benefits. SAVINGS : We help you identify and claim every eligible ERC dollar, ensuring you receive the maximum credit available. PEACE OF MIND : Avoid costly mistakes and audits. Let us handle the complex paperwork, so you can focus on what you do best – running your business. PERSONALIZED SOLUTIONS : We tailor our services to meet your unique needs, whether you're a small startup or a larger corporation. RESULTS YOU CAN TRUST : Countless businesses have already benefited from our ERC services. Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP PAYROLL TAX PLANNING & PREPARATION SMALL BUSINESS CONSULTING BOOKKEEPING

Full Service CPA Firm for Accounting, Payroll, and Taxes. CHECK BACK FOR UPDATES AND INFO! Our site is currently under construction Schedule a consultation Have a question? Text us! WE ARE OPEN Monday - Thursday 9:00 am - 4:00 pm Friday 9:00 am - 1:00 pm FOLLOW US CONTACT OFFICE (352) 418 - 0829 FAX (352) 356-4047 info@accountingtaxadvisors.com ADDRESS 20 W NORVELL BRYANT HWY HERNANDO, FL 34442