We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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๐พ๐๐ฃ ๐ ๐๐๐ฉ๐ช๐๐ก๐ก๐ฎ ๐๐๐ฉ ๐ ๐ง๐๐๐ช๐ฃ๐ ๐ค๐ฃ ๐ฉ๐๐ง๐๐๐๐จ ๐ ๐๐ก๐ง๐๐๐๐ฎ ๐ฅ๐๐๐?
Yes, you can get a refund on a tariff you already paid BUT only if you have legal standing with Customs.
In trade, it doesnโt matter who paid the bill; it matters who is listed as the Importer of Record (IOR). To see if youโre eligible for a recovery, check your Entry Summary (CBP 7501):
โข Your EIN is listed: You own the claim and can pursue the refund directly.
โข A Broker or Carrier (UPS/FedEx) is listed: They hold the legal standing. You must coordinate through them to access the funds.
Not sure if your entries are still open for a claim? Send me a DM and I can help you figure out if your refund window is still open.
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Who would have thought there was still IRS tax refund money to be claimed from the COVID era?
Or, in some cases, an abatement (aka a fee reduction or elimination).
But as with most things, there are specifics to qualification. Find out how to apply by reading the article (or let us help with that).
You May Be Entitled to a Tax Refund From COVID. How to File a Claim by the Deadline
www.today.com
The deadline for filling out the claim is July 10 for most taxpayers.0 CommentsComment on Facebook
๐๐ผ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ ๐๐ฟ๐ฎ๐ฐ๐ธ ๐บ๐ถ๐น๐ฒ๐ ๐ถ๐ณ ๐ ๐ฑ๐ฟ๐ถ๐๐ฒ ๐ณ๐ผ๐ฟ ๐๐ผ๐ฟ๐ธ?
You have two main options: the standard mileage method or the actual expense method.
The ๐๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐บ๐ถ๐น๐ฒ๐ฎ๐ด๐ฒ method is usually simpler. You track your business miles, then multiply them by the IRS mileage rate.
The ๐ฎ๐ฐ๐๐๐ฎ๐น ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ method takes more recordkeeping. You track costs like gas, insurance, repairs, and maintenance, then deduct the business-use percentage.
So if 75% of your vehicle use is for business, you may be able to deduct 75% of your eligible vehicle expenses.
The important thing here: ๐๐ฆ๐ต๐ต๐ฆ๐ณ ๐ณ๐ฆ๐ค๐ฐ๐ณ๐ฅ๐ด ๐จ๐ช๐ท๐ฆ ๐บ๐ฐ๐ถ ๐ฃ๐ฆ๐ต๐ต๐ฆ๐ณ ๐ฐ๐ฑ๐ต๐ช๐ฐ๐ฏ๐ด.
And if you own the car, your first-year choice can affect what methods are available later.
If you're tracking miles in your business, tell us which method you prefer and why in the comments below.
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First State CPAs & Associates |
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|
18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
| January 1st January 31st | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| February 1st April 15th | |
| MondayโThursday: | 8amโ6pm |
| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |