Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

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Patriot Software

NOVEMBER 1, 2022

If you are rushing to complete your income tax return, consider filing for a business tax extension. Filing taxes for small business can be difficult, and an extension allows you more time to file your business’s tax return. Learning how to file an extension for business taxes is simple.

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Accounting Today

NOVEMBER 3, 2023

The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.

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CPA Practice

APRIL 28, 2024

Choosing a business structure Small business owners, as taxpayers, must decide on what the most appropriate business structure should be for their enterprise when they start their new business. The business structure they choose dictates the type of income tax return form that the business owner will file each year.

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RogerRossmeisl

JULY 14, 2021

And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business is organized), and Enable retirement plan contributions for the children. However, in order for your.

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RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

Tax 200

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Patriot Software

FEBRUARY 8, 2023

It’s that time of year again when tax filing deadlines bear down on small businesses across the country. Read on to learn all about the deadlines for taxes in 2023. Business tax deadlines Tax day (aka the day individual income tax returns are due) is generally on April […] Read More

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inDinero Tax Tips

DECEMBER 22, 2023

Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning. At indinero, we’re committed to guiding you through these complexities and optimizing your financial strategy with our comprehensive business tax services.

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ThomsonReuters

OCTOBER 1, 2021

As the effects of the pandemic continue to reverberate through the economy, resource-constrained corporate tax departments are unceasingly adapting to change — including new regulatory requirements, new ways of working, extended tax deadlines, Covid tax relief provisions and, now, the demands of a busy tax-filing season.

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KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses.

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

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Steve Feinberg

MARCH 28, 2022

New Hampshire is generally considered to be a business-friendly state when it comes to taxes—the state was ranked 6th in terms of state business tax climate—but there are a few things to know about what to expect when taxes are due. What is the Small Business Tax Rate in New Hampshire?

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RogerRossmeisl

FEBRUARY 13, 2024

Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That translates into a 0% federal income tax rate on QSBC stock sale profits!

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Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Business Tax Services. Contact Us. Contact Us.

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inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. Table of Contents What Is a Small Business Tax Deduction and How Does It Work? What small business tax deductions are there?

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Ronika Khanna CPA,CA

JANUARY 3, 2022

I have compiled a list of deadlines for all unincorporated small business owners which includes sole proprietors and self employed individuals. Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th.

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RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

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RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941), if you deposited on time and in full all of the associated taxes due.

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xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

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RogerRossmeisl

AUGUST 6, 2023

That means your entire profit — including the portion from pre-development appreciation in the value of the land — will be treated as high-taxed ordinary income subject to a federal rate of up to 37%. net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too.

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FraudFiles

JULY 5, 2023

When one or both spouses have an ownership interest in a business, it is critical to get both income tax returns and financial statements for the entity. It is impossible to fairly evaluate the business and the income from it without both of these. Many times we meet resistance from …

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SkagitCountyTaxServices

AUGUST 19, 2022

Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

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RogerRossmeisl

APRIL 28, 2024

If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2024 by a whopping $22,080 (32% × $69,000). Other possibilities There are more small business retirement plan options, The post Don’t Have a Tax-Favored Retirement Plan?

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FraudFiles

OCTOBER 19, 2021

Of course, there are other very important financial documents, but income tax returns provide summary information about of lot of financial issues, including income, expenses, and assets. On the business side, it will be important to compare the financial statements with the income tax returns.

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RogerRossmeisl

NOVEMBER 6, 2023

A buyer can directly purchase a seller’s ownership interest if the target business is operated as a C or S corporation, a partnership, or a limited liability company (LLC) that’s treated as a partnership for tax purposes. Reasons: The corporation.

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RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes.

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RogerRossmeisl

NOVEMBER 6, 2023

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment.

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MyIRSRelief

OCTOBER 16, 2023

Popular Individual Tax Credits 3.2. Lesser-Known Tax Credits Tax Deductions for Businesses 4.1. Business Expense Deductions 4.2. Depreciation Deductions Tax Credits for Businesses 5.1. General Business Tax Credits 5.2. Industry-Specific Tax Credits Maximizing Your Tax Benefits 1.

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Snyder

OCTOBER 30, 2022

Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. Read till the end to find a helpful table with all important 2023 Tax Deadlines for the Tax Year 2022! How much do small businesses pay in taxes?

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

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MyIRSRelief

NOVEMBER 17, 2023

The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through to the owners’ personal income tax returns, thereby avoiding double taxation. We assist in business tax compliance, preparation, planning and representation.

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RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes.

Tax 246

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Snyder

FEBRUARY 7, 2023

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. What is a 100% tax deduction?

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CPA Practice

AUGUST 23, 2023

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business.

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RogerRossmeisl

MAY 5, 2022

There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future, because the pass-through income will be taxed on your personal return.

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RogerRossmeisl

AUGUST 6, 2023

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages.

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

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