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Stay on Top of Tax Law Changes!

New tax laws will change how you plan and operate your business.

The new changes impact what can be deducted in the meals and entertainment expense category. The old law allowed a 50% deduction for business-related meals and entertainment expenses and a 100% deduction for meals provided for employees at the employer’s convenience while on the premises of the employer’s place of business.

However, the new tax law states that there is no deduction for business expenses related to entertainment!

This includes meals with clients, prospects, and referral sources. All entertainment includes tickets, food, beverages, and admission fees. Meals while traveling on business out of the area and meals provided by the employer at their place of business for their convenience are still 50% deductible.

There is a lot to take in and consider now that the rules have changed. But unfortunately, this also means that your bookkeeping and coding of expenses need to be rethought and adapted.

ZümiFi will guide you and work with you to set up new expense categories to accommodate these changes to the law. In addition, we will ensure you leverage proper coding to optimize your tax liabilities and deductions!

Contact us today!

Stay on Top of Tax Law Changes

Bookkeeping Services

ZümiFi’s ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide you with key information in real-time, accessible anywhere, anytime, on any device.
We create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other tools in unique combinations to truly leverage technology. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping. And we ensure accuracy and completeness so that every dollar counts.

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The Scope of ZümiFi’s Bookkeeping Services:

Accounts Payable Services – Recording, tracking, and paying vendor bills.

Accounts Receivable Services – Recording and tracking customer invoices and payments.

Payroll Services – Processing payroll per each client’s instructions regarding amounts to pay; processing and filing appropriate payroll taxes and tax forms.

Reconciliations – Reviewing and balancing bank and credit card transactions; notifying the client of any discrepancies and resolving discrepancies per the client’s instructions when appropriate.

Reporting – Generating financial reports based on the collected data.

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