inDinero Tax Tips

SEPTEMBER 13, 2023

The deadline for adopting a new plan with both types of contributions after its first year is the due date of the individual’s previous year’s tax return (without extensions). on Small Business Finances Assessing how the latest retirement planning reforms might affect your company’s financial health is vital.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes?

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CPA Practice

JANUARY 30, 2023

But this effort took an unusual turn when he filed several FOIA requests during the nearly four years he spent unsuccessfully trying to block his tax returns from becoming public. Ironically, it’s that same section of the tax law that also gave House Democrats the authority to request Trump’s tax returns in April 2019.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.

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Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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Withum

JUNE 24, 2022

The IRS is expected to begin auditing ERC claims in the coming months and it has 3 years from the filing date of the relevant Form 941 tax return to assert deficiencies, and 5 years in the case of ERC claims for the third and fourth calendar quarters of 2021 ( see §3134(l) ). Business Tax Services. Contact Us. Contact Us.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

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SkagitCountyTaxServices

JULY 26, 2023

What a weekend for the movie industry as a whole that hasn’t seen these kind of opening weekend numbers since 2019’s one-of-many in the Avengers series. You’ll also need a proper audit trail to prove the deductions and losses you take (and believe me, you’ll need those in the first few years) on your business tax return.

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CPA Practice

JANUARY 24, 2024

Choosing Retirement Plans Opening a corporate retirement plan is a great option to lower business taxes. Qualified, profit-sharing plans allow employees to contribute a portion of their wages to individual accounts, while also allowing the employer to make a tax-deductible contribution. Tax Incentives with SECURE 2.0

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SkagitCountyTaxServices

JANUARY 28, 2021

1) Revamped and expanded Employee Retention Tax Credit In order to get this credit , you must have fewer than 500 employees (previously 100). You also must have been forced to at least partially suspend business operations in 2020 or had a 20% revenue decline in any quarter compared with the same quarter of 2019.

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PYMNTS

NOVEMBER 16, 2018

Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution. The company connects accountants, bookkeepers and small businesses to tax authorities to maintain compliance.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

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KROST

APRIL 19, 2021

Business Tax Identification Number. For Applicants that were in operation (making sales) prior to or on January 1, 2019 use calculation 1 below: (i) Calculation 1. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Valid ITIN. Expired EIN. Expired SSN.

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CTP

OCTOBER 2, 2023

Taxpayers also may be unaware of the rules surrounding tax credits—for instance, that if they learn after the fact they were eligible for a tax credit, they may still be able to claim it by submitting an amended tax return. For example, some nonrefundable tax credits may have a “carryforward” provision.

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ThomsonReuters

AUGUST 25, 2023

million American tax filers declared rental income in 2019. As a tax professional, your clients depend on your expertise to help them navigate the tax-related complexities to ensure compliance and minimize their tax obligations. This includes better understanding rental property tax depreciation.

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Ronika Khanna CPA,CA

OCTOBER 15, 2021

Quebeckers are resigned to this and fortunately tax software or a good accountant tends to make the management of taxes significantly easier. The net effect of this is that only final consumers and businesses that are not registered for GST/HST and QST end up paying sales tax.

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SingleTrackAccounting

FEBRUARY 7, 2020

Carrying health insurance is still mandatory under the Affordable Care Act and most small business owners can deduct health insurance related expenses for themselves and their employees on their business tax return. Example: Alley, a small business owner, contributes $15,000 per year to her SEP IRA retirement account.

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Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. June 17, 2019. A single finance course discussing buying vs. leasing provides more useful information for small business than any auditing course.

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KROST

NOVEMBER 24, 2020

The Section 179 deduction limit increased to $1,040,000 for 2020 from $1,020,000 in 2019. These two incentives can provide significant tax relief in 2020 if financed and placed in service by midnight, December 31, 2020. You must receive a certificate from CEFA before you can claim the credit on your state income tax return.

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Going Concern

NOVEMBER 10, 2023

Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. One customer says their business tax documents haven’t been filed since 2019.

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inDinero Tax Tips

NOVEMBER 15, 2021

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. But what if the bankruptcy occurred in a year prior to the tax filing.

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inDinero Tax Tips

APRIL 20, 2021

The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies. Our nation’s First State reported that 89% of companies with an IPO in 2019 incorporated there. and 11:59 p.m.

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ThomsonReuters

JUNE 16, 2023

The IRS defines the gross tax gap as “the difference between estimated “true” tax liability for a given period and the amount of tax that is paid on time.” Based on IRS projections for 2017-2019, the estimated average gross tax gap is projected to be $540 billion per year.

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