litespeed-cache domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/thrsjbp0/staging.360globalbusinessllc.com/wp-includes/functions.php on line 6260The post What the IRS Already Knows About Your Business (And What You Need to Have Ready) first appeared on 360 Global Business LLC.
]]>1099-K data from payment processors. If you accept credit cards, your processor sends the IRS a 1099-K reporting those card payments, no matter the amount. Payment apps and online marketplaces such as PayPal and Venmo send one once your payments pass $20,000 and 200 transactions in a year. If that number does not reconcile with your reported income, the IRS can flag the mismatch.
1099-NEC data from clients. Businesses that paid you $2,000 or more for work in 2026 ($600 or more for payments made before 2026) generally must report those payments to the IRS. If reported payments exceed your declared income, the IRS will investigate.
W-2 and payroll tax data. The IRS receives employment tax data from every payroll deposit made on your behalf. Missing or mismatched deposits trigger automatic enforcement action.
The IRS does not need to audit you to know there is a discrepancy. Automated matching identifies gaps between third-party reporting and your filed return. When those gaps are significant enough, a notice or an audit follows. The best protection is clean, accurate records: every dollar of income accounted for, every deduction documented, every tax obligation paid and filed on schedule.
Not a drawer full of receipts. Clean monthly books with proper categorization. A profit and loss statement that matches your return. Bank statements that reconcile with your reported income. Documentation for every major deduction. At 360 Global Business LLC, we maintain your books throughout the year so that if the IRS comes calling, your response takes hours, not months. Twenty-seven years of federal tax experience means we know exactly what auditors look for, and exactly how to ensure they find nothing to question.
Get audit-ready before you need to be. Book a Tax Review
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post What the IRS Already Knows About Your Business (And What You Need to Have Ready) first appeared on 360 Global Business LLC.
]]>The post The Year-End Tax Planning Checklist Every Small Business Owner Needs Before December 31 first appeared on 360 Global Business LLC.
]]>Pull your year-to-date profit and loss statement. Calculate your estimated net income for the full year. If that number is higher than last year, you have time to act. If you do not know what the number is, that is the first thing to fix.
Contributions to a SEP-IRA can be made up to the tax filing deadline including extensions. Solo 401(k) contributions require the plan to be established before December 31. If you have not maximized your retirement contributions, calculate the maximum allowable contribution now and fund it before year-end. The tax savings are immediate and significant.
If you anticipate significant income this year, consider accelerating deductible expenses into the current year: purchasing equipment, prepaying business insurance, stocking supplies, or investing in professional development before December 31. Every dollar of deductible expense reduces your taxable income.
W-2s and 1099-NECs must be issued by January 31. Before the year closes, verify your payroll records are accurate and that you have current addresses and tax identification numbers for every contractor you paid $2,000 or more in 2026 (the threshold was $600 for payments made before 2026).
Not in February. Before December 31. The conversation in October or November is the one that actually changes your outcome. At 360 Global Business LLC, we offer year-end tax planning sessions designed to identify every legal strategy available to you before the books close.
Book your year-end session now. Schedule Here
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post The Year-End Tax Planning Checklist Every Small Business Owner Needs Before December 31 first appeared on 360 Global Business LLC.
]]>The post LLC or S-Corp: Why the Entity You Chose May Be Costing You Thousands in Unnecessary Taxes first appeared on 360 Global Business LLC.
]]>A single-member LLC with no special election is treated as a disregarded entity for federal tax purposes. Every dollar of net profit is subject to both income tax and self-employment tax at 15.3%. This is appropriate at lower income levels. As income grows, the self-employment tax burden becomes significant enough to warrant a different structure.
When an LLC elects S-corp tax treatment, the business income is split between a reasonable salary, which is subject to payroll taxes, and distributions, which are not subject to self-employment tax. At the right income level, the payroll tax savings on distributions more than offset the cost of running payroll. The conversation typically becomes relevant around $60,000 to $80,000 in net profit, and becomes clearly beneficial above $100,000.
Tax law changes. Your income changes. Your business structure should be reviewed regularly, not set once and forgotten. At 360 Global Business LLC, we evaluate entity structure as part of every business tax engagement. The question is not which entity sounds best. It is which structure produces the lowest legal tax liability given your specific situation this year.
Find out if your structure is still working for you. Book a Business Tax Strategy Session
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post LLC or S-Corp: Why the Entity You Chose May Be Costing You Thousands in Unnecessary Taxes first appeared on 360 Global Business LLC.
]]>The post Home Office Deduction Done Right: What Qualifies, What Doesn’t, and What the IRS Will Ask first appeared on 360 Global Business LLC.
]]>Regular and exclusive use. The space must be used regularly and exclusively for business. A desk in the corner of your bedroom that you also use for personal tasks does not qualify. A dedicated room used only for client calls and professional work does.
Principal place of business. Your home office must be either your primary business location or where you regularly meet clients and customers.
Simplified method: $5 per square foot, up to 300 square feet ($1,500 maximum). Simple to calculate. No depreciation recapture when you sell the home.
Regular method: Actual expenses proportional to office size. More complex, often larger deduction. Involves depreciation of the home, which creates a taxable event when the property sells. The right method depends on your home expenses, office size, and long-term plans.
Claiming a home office does not automatically trigger an audit. What does trigger scrutiny: claiming a space that does not meet the exclusive use test, claiming 100% of home expenses as business use, or inconsistency between reported home office income and expenses over multiple years.
A floor plan showing the office space and measurements. Receipts for home expenses. Evidence of business activity in the space. If you can produce this documentation on request, the deduction is solid.
Claim what you are owed, correctly. Book a Tax Review
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post Home Office Deduction Done Right: What Qualifies, What Doesn’t, and What the IRS Will Ask first appeared on 360 Global Business LLC.
]]>The post Quarterly Estimated Taxes: The Complete Guide for Self-Employed and Small Business Owners first appeared on 360 Global Business LLC.
]]>When you earn a paycheck as an employee, your employer withholds federal income tax and FICA taxes. When you are self-employed, no one withholds anything. You are responsible for both the income tax and the self-employment tax (15.3% on the first $160,200 of net earnings). If you do not pay throughout the year, you owe it all at once in April, plus an underpayment penalty on top.
Q1 (Jan 1 to Mar 31): Due April 15. Q2 (Apr 1 to May 31): Due June 16. Q3 (Jun 1 to Aug 31): Due September 15. Q4 (Sep 1 to Dec 31): Due January 15 of the following year. Missing any of these generates an automatic underpayment penalty, even if you pay everything by April.
The safest method is the prior year safe harbor: pay at least 100% of last year’s tax liability (110% if your AGI exceeded $150,000) across the four quarters, and you will avoid penalties regardless of how your income changes. If your income this year is significantly different, calculate 90% of what you expect to owe.
Pay as soon as possible. The penalty is calculated based on how much you owe and how long it has been outstanding. A partial catch-up payment still reduces the total penalty. Waiting only makes it larger.
Stop guessing. Start planning. Book a Tax Planning Session
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post Quarterly Estimated Taxes: The Complete Guide for Self-Employed and Small Business Owners first appeared on 360 Global Business LLC.
]]>The post The S-Corp Payroll Trap: How the IRS Finds Business Owners Who Are Underpaying Themselves first appeared on 360 Global Business LLC.
]]>If you are an owner-employee of your S-corp, the IRS requires that you pay yourself a reasonable salary before taking any distributions. That salary is subject to payroll taxes. The IRS defines reasonable based on what you would pay someone else to do your job. If you are a consultant billing $200 per hour, paying yourself $20,000 in salary while taking $180,000 in distributions will raise flags.
The IRS runs automated screening that compares the ratio of W-2 wages to total S-corp distributions. When that ratio falls outside reasonable ranges for your industry and revenue level, it becomes a trigger for examination. An audit costs you the back taxes, plus penalties, interest, and the payroll taxes that should have been paid all along.
Your reasonable salary should be documented in writing, based on comparable market wages, run through actual payroll, and reviewed annually as your revenue changes. At 360 Global Business LLC, we help S-corp owners establish compliant payroll structures that protect them from audit exposure while legally minimizing overall tax liability.
Have you paid yourself a defensible salary this year? Book a Business Tax Consultation: 360globalbusinessllc.com/tax-services
Shannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | 1-855-500-1514 | taxes@360globalbusiness.com
The post The S-Corp Payroll Trap: How the IRS Finds Business Owners Who Are Underpaying Themselves first appeared on 360 Global Business LLC.
]]>The post The Tax Mistake That Quietly Costs Florida Small Business Owners Thousands Every Year first appeared on 360 Global Business LLC.
]]>Misclassified expenses. When personal and business transactions run through the same account, deductible expenses get overlooked. Vehicle use, home office, professional development, meals with business purpose — these are legitimate deductions that require clean documentation to claim.Retirement contributions. SEP-IRA, SIMPLE IRA, Solo 401(k) — these are among the most powerful deductions available to self-employed and small business owners. Most do not maximize them because no one walked them through the math.Section 179 and bonus depreciation. Equipment, software, vehicles used for business — these can often be deducted in full in the year of purchase. Most business owners never ask.Health insurance premiums. Self-employed business owners can deduct 100% of health insurance premiums paid for themselves and their families. This one alone changes tax liability for many clients.Why Your Tax Bill Feels WrongIf you finish tax season feeling like you paid too much and are not sure why — you probably did. Not because your prior preparer was dishonest. Because federal tax law is detailed, and the difference between a return that captures everything you are owed and one that leaves money behind is the experience of the person preparing it.At 360 Global Business LLC, tax preparation is not data entry. It is a review of your full financial picture. Twenty-seven years of federal tax experience means we know what you are leaving on the table.Ready to stop overpaying? Book a Tax Review: 360globalbusinessllc.com/tax-servicesShannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | Phone: 1-855-500-1514 | taxes@360globalbusiness.com
The post The Tax Mistake That Quietly Costs Florida Small Business Owners Thousands Every Year first appeared on 360 Global Business LLC.
]]>The post Florida Small Business Tax Guide: What Every Orlando Business Owner Needs to Know first appeared on 360 Global Business LLC.
]]>But favorable does not mean simple. Federal tax obligations remain fully in force, and Florida has its own set of requirements that can catch unprepared business owners off guard. This guide covers what every Florida small business owner needs to understand.
Florida does not impose a state personal income tax. For sole proprietors, single-member LLCs, S-Corporation shareholders, and partners in a partnership, this means that business income passing through to your personal return is taxed only at the federal level in Florida — not by the state.
This is a significant advantage over business owners in states like California, New York, or New Jersey, where state income taxes on pass-through income can range from 5% to 13%.
Florida does impose a corporate income tax — but only on C-Corporations and entities treated as C-Corporations for tax purposes. The current Florida corporate income tax rate is 5.5% on Florida net income, with the first $50,000 of net income exempt for qualifying small businesses.
S-Corporations, LLCs taxed as partnerships or disregarded entities, and sole proprietorships are generally not subject to Florida corporate income tax. Their income flows to the owner’s federal return.
Florida imposes a 6% state sales tax, with county surtaxes bringing the effective rate to 6.5–7.5% in most areas. Orange County (Orlando) has a combined rate of 6.5%.
Most professional services — tax preparation, accounting, bookkeeping, legal, medical — are not subject to Florida sales tax. However, certain services attached to tangible personal property or digital products may be taxable. Business owners in retail, food service, rental, and certain digital service industries need to understand their sales tax obligations carefully.
Failure to collect and remit required sales tax triggers penalties and interest from the Florida Department of Revenue.
Florida employers must register with the Florida Department of Revenue and comply with:
Florida’s new hire reporting requirement applies to all employees hired or rehired — reports must be submitted to the Florida New Hire Reporting Center within 20 days of the hire date.
Florida businesses must renew their business registration annually with the Florida Division of Corporations (Sunbiz.org). LLCs pay an annual fee; corporations file annual reports. Failure to file results in administrative dissolution of the business entity.
While Florida’s state tax burden is low, federal obligations are substantial. Business owners must address:
Florida’s combined state and federal tax environment rewards business owners who plan proactively. The difference between reactive tax filing and proactive tax strategy can add up to real money every year for a growing small business.
At 360 Global Business LLC, we serve business owners across Florida — from Orlando to Miami, Tampa to Jacksonville — with tax preparation, strategic planning, bookkeeping, and payroll services built on 27 years of federal tax experience.
To schedule a consultation: 1-855-500-1514 | info@360globalbusiness.com | 2295 S Hiawassee Rd., Suite 104, Orlando, FL 32835
This guide is for educational purposes. Tax laws change. Consult a qualified tax professional for advice specific to your situation.
Shannon C. Williams | Federal Tax Educator | Founder, 360 Global Business LLC
The post Florida Small Business Tax Guide: What Every Orlando Business Owner Needs to Know first appeared on 360 Global Business LLC.
]]>The post The S-Corp Accountable Plan: Stop Paying Tax on Money That Should Be Tax-Free first appeared on 360 Global Business LLC.
]]>Either you are absorbing those business expenses personally without any reimbursement from the corporation, or your corporation is reimbursing you and those reimbursements are appearing on your W-2 as taxable income when they absolutely should not be.
Both scenarios cost you real money every year. The fix is a document called an Accountable Plan.
An Accountable Plan is a formal, written employer reimbursement policy governed by Treasury Regulation Section 1.62-2. When properly implemented, it allows your S-Corporation to reimburse you — the shareholder-employee — for legitimate business expenses you paid personally, completely free of payroll taxes and income taxes.
Without an Accountable Plan, any reimbursement your S-Corp pays you is classified as a distribution or as additional W-2 wages. With an Accountable Plan, those same reimbursements are non-taxable business expense reimbursements — to you personally and to the corporation.
To qualify as an Accountable Plan under Treasury Reg. 1.62-2, the plan must satisfy three requirements:
An Accountable Plan is a written document — a formal corporate policy adopted by the S-Corporation. It does not need to be complex. It does need to be in writing, signed, dated, and on file with the corporation. Most S-Corp owners we work with either have never created one or were never told they needed one.
The dollar impact varies based on what you spend and your tax bracket. But as a general benchmark: an S-Corp owner who runs $15,000 to $30,000 of annual business expenses through an Accountable Plan instead of ignoring them can save between $3,000 and $8,000 in combined income and payroll taxes per year.
That is a recurring, annual benefit — not a one-time event.
At 360 Global Business LLC, we review S-Corp structure, compensation, and reimbursement policies as part of our tax strategy service. If you are operating an S-Corporation without an Accountable Plan, you are overpaying — and it is a straightforward fix.
Contact us at 1-855-500-1514 or info@360globalbusiness.com to discuss your S-Corp tax strategy.
This article is for educational purposes. Tax results vary. Consult a qualified tax professional.
Shannon C. Williams | Federal Tax Educator | 360 Global Business LLC | Orlando, Florida
The post The S-Corp Accountable Plan: Stop Paying Tax on Money That Should Be Tax-Free first appeared on 360 Global Business LLC.
]]>The post The Augusta Rule: How Florida Business Owners Can Generate Tax-Free Income From Their Own Home first appeared on 360 Global Business LLC.
]]>It is called the Augusta Rule. It is legal, it is codified, and it is consistently overlooked.
The Augusta Rule takes its name from Augusta, Georgia — where homeowners have long rented their properties to visitors during the Masters Tournament, tax-free. The rule itself is codified in IRC Section 280A(g), and it allows any homeowner in the United States to rent their personal residence to their business for up to 14 days per calendar year and exclude that rental income entirely from their gross income.
You pay zero federal income tax on that rental income. Your business, however, deducts the full rental expense.
Read that again: the income is tax-free to you personally, and the business deduction is fully legitimate.
Here is a practical example for a Florida business owner:
Your LLC or S-Corporation holds a quarterly strategy meeting, a team planning session, or a client training event at your personal home. Before the meeting, you research what a comparable venue — a hotel conference room, a co-working meeting space, or a banquet room — would charge for the same event. That is your benchmark for fair market value.
Your business pays you, the homeowner, that rental rate. The business records the expense as a venue or meeting cost. You deposit the payment into your personal account. You owe no federal income tax on that income.
At $1,500 to $3,000 per event across four quarterly meetings per year, you are looking at $6,000 to $12,000 of tax-free personal income paired with a legitimate business deduction — simultaneously.
The Augusta Rule is not a gray area — it is statute. But like any tax provision, it must be applied correctly to withstand scrutiny. Here are the non-negotiable requirements:
Florida has no state income tax, which already gives Florida business owners an advantage. The Augusta Rule adds a federal layer on top of that advantage — generating federally tax-free income within a state that already taxes it at zero percent. For Florida business owners operating structured entities, this strategy is particularly powerful.
The most common errors we see when business owners attempt to use this strategy without proper guidance:
The Augusta Rule is one of several tax provisions that business owners routinely miss — not because it is secret, but because no one told them it existed. It is written in the tax code. It has been used for decades. And with proper documentation and a structured business entity, it is available to you.
At 360 Global Business LLC, we work with business owners across Florida and nationwide to identify and properly implement strategies like this one. Our approach combines 27 years of federal tax experience with the precision that comes from treating every client’s return as a business-critical document.
If you would like to discuss whether the Augusta Rule applies to your situation, contact our office at 1-855-500-1514 or email info@360globalbusiness.com.
This article is for educational purposes only. Individual tax situations vary. Consult a qualified tax professional regarding your specific circumstances.
Shannon C. Williams is a Federal Tax Educator and Founder of 360 Global Business LLC — a full-service tax, accounting, bookkeeping, and payroll practice based in Orlando, Florida.
The post The Augusta Rule: How Florida Business Owners Can Generate Tax-Free Income From Their Own Home first appeared on 360 Global Business LLC.
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