Sales Tax Holiday

Food and Food ingredients

 When: Monday August 1 12:01 am- Wednesday August 31 11:59 pm

State of Tennessee defines Food and Food ingredients as; "defined as liquid, concentrated, solid, frozen, dried, or dehydrated substances that are sold to be ingested or chewed by humans and are consumed for their taste or nutritional value." Do not include Alcohol, tobacco, candy, dietary supplements, and prepared food. 

Gun safes and Safety equipment

When: July 1st 2022- June 30th 2023

" Locking container or other enclosure equipped with a padlock, key lock, combination lock, or other locking device that is designed and intended for the secure storage of one or more firearms. "

https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

New mileage rates for the final 6 months of 2022 are as follows:

• Standard mileage rate for business travel will be 62.5 cents per mile.
• Medical or moving expense (available for active duty member of the military only) will be 22 cents.

Read more about it here.

Spidell:

" We've heard from numerous tax professionals that their clients are receiving erroneous CP14 notices for nonpayment of balance due for 2021 tax returns even though payments were debited from their clients' bank accounts. We have reached out to the IRS and confirmed that this appears to be a systemwide issue. The IRS is still investigating which taxpayers were impacted and has yet to determine what actions it will take to correct those notices. We will keep you updated as we learn more." 

For 2021 & 2022 only, business can deduct the full cost of food and drinks from a restaurant as long as it is business related. Other meal items from grocery stores or convenience stores do not qualify as restaurants and usually limit 50% of the cost of the meal. To read more about it click here.

The IRS is very hard to get in touch with over the phone. Creating and IRS account is a much easier way to check on any issues you may have.

With an IRS account you can look up to see payment history and any scheduled or pending payments and many more options. to find out what all you can do click here