xendoo

NOVEMBER 1, 2021

per mile as of 2021. If you use Shopify for your eCommerce store, the fees associated with this service can be deducted from your business income taxes. Additionally, since you’ll be relying on a business bank account, bank fees can be counted among your business expenses, though only those that relate to normal business operations.

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CTP

OCTOBER 26, 2021

However, in the world of tax accounting, goodwill refers to intangible assets that increase a company’s value. The post Tax Planning for a Business Sale: Factoring in Goodwill appeared first on certifiedtaxcoach. The post Tax Planning for a Business Sale: Factoring in Goodwill appeared first on certifiedtaxcoach.

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ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Accountant responsibilities extend far beyond number crunching.

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FusionCPA

NOVEMBER 24, 2020

Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1 US corporations are taxed at a rate of 21 percent by the United States government.

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LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession.

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CPA Practice

APRIL 15, 2024

A Florida attorney was sentenced today to eight years in prison for conspiring to defraud the United States and tax evasion arising out of his promotion of an illegal tax shelter scheme involving false charitable deductions. According to court documents and statements made in court, from at least 2013 through 2021, Michael L.

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CPA Practice

JULY 25, 2023

This webinar will look at common and not so common lies accountants tell themselves. Field of Study: Business Management and Organization Register Today Presented by Ryan Lazanis , CPA founded Xen Accounting, a 100% cloud-based accounting firm, in 2013. Already registered for this webinar? Click here to log in.

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CPA Practice

APRIL 16, 2024

A Florida attorney was sentenced today to eight years in prison for conspiring to defraud the United States and tax evasion arising out of his promotion of an illegal tax shelter scheme involving false charitable deductions. According to court documents and statements made in court, from at least 2013 through 2021, Michael L.

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Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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LyfeAccounting

JUNE 17, 2021

It’s called the “Non-filer sign-up tool” which is for people who did NOT, we repeat, DID NOT file their 2020 taxes which would have been done in 2021. These people can now use the online tool to register for monthly child tax credit payments. Bank account information (if you have one). What is the Non-Filer Sign Up Tool?

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ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

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CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

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LyfeAccounting

APRIL 30, 2021

With the mileage approach, you can write off 56 cents in 2021 for every business mile you drove. Solo 401k is similar but you can’t have any employees in your business to establish this retirement account. You can be taxed as a sole proprietor which is usually the default and results in a lot of SE taxes.

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KROST

MAY 24, 2022

The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. The options to treat inherited IRA accounts differ depending on the type of beneficiary. Prior to that, the rules were very beneficial to non-spousal beneficiaries. – Minor child of the decedent. Take a lump-sum distribution.

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Going Concern

JUNE 26, 2023

PricewaterhouseCoopers (PwC) Australia is under fire after a former partner leaked confidential government tax plans between 2014 and 2017 which were then used to drum up work with multinational companies hoping to sidestep new rules. In total, 34% of Americans said they worked at least partly at home in 2022, down from 38% in 2021.

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xendoo

OCTOBER 25, 2021

As a business owner, accounting methods may not rank that high on your list of passions, but understanding cash basis accounting vs. accrual accounting can be vital to your company’s health. . Cash basis and accrual accounting represent the two major methods of accounting used by financial professionals.

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CPA Practice

NOVEMBER 15, 2023

Ignition , a platform for professional services to get paid faster and run smarter, has expanded its strategic partnership with Intuit by integrating with ProConnect Tax , a cloud-based tax software. This new integration with ProConnect signifies a third wave for the continued partnership.

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. Self-employment Taxes. The 2021 self-employment tax rate is 15.3%.

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LyfeAccounting

JULY 3, 2021

How to start a nonprofit organization in 2021 – otherwise known as a 501(c)(3) organization. But we can’t ignore that it has some incredible tax benefits for its members and managers. So you win in both ways, you save on taxes and you support your favorite social cause. You have tax exemption status. Keep reading!

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ThomsonReuters

JANUARY 21, 2022

Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due. April 18, 2022 : 1st quarter 2022 estimated tax payment due.

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LyfeAccounting

MARCH 10, 2021

Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.

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LyfeAccounting

APRIL 23, 2021

Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. So we’re not going to use a bunch of tax jargon you will read on other blogs. Actual Expense Vehicle Tax Deduction.

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LyfeAccounting

JULY 22, 2021

Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today! The post The 10 States With the Lowest Property Taxes in 2021 appeared first on Small Business Accounting & Finance Blog.

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Anders CPA

OCTOBER 25, 2023

About Jane Maddox – Tax Jane joined the firm in 2011 and has over a decade of experience specializing in tax planning strategies for individuals and privately held businesses involved in real estate development, investment and construction. in Accountancy from the same university. Learn more about Jason Gotway.

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Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Company A sold widgets in 2021 for $150 per unit. Assume Company A sold 275 units in 2021. billion in taxes for the industry in 2022. Wait and See.

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Going Concern

JULY 24, 2023

The probe was set up after the PwC tax leak scandal in which a partner marketed confidential information about government tax plans to clients. Steven Wasserman wants everyone to know that the accountant shortage isn’t limited solely to accounting firms. In 2018, we switched accounting firms.

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CPA Practice

NOVEMBER 19, 2023

Ignition , a platform for professional services to get paid faster and run smarter, has expanded its strategic partnership with Intuit by integrating with ProConnect Tax , a cloud-based tax software. This new integration with ProConnect signifies a third wave for the continued partnership.

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ThomsonReuters

AUGUST 16, 2022

Starting with their tax years that begin in 2021 (the 2021 tax year) pass-through entities with items of international tax relevance must contend with a number of new forms and instructions. What K-2 and K-3 Relief Is Available for 2021?

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CPA Practice

MARCH 12, 2024

One of the first things I notice when building out John and Linda’s financial plan is that there is still a mortgage balance. This is not an issue because they refinanced into a 15-year, 3% loan in 2021. While that was often the case before tax laws changed in 2018, it is no longer. Not taking advantage of lower tax years.

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CPA Practice

FEBRUARY 23, 2023

Avantax , a provider of tax-focused financial planning, increased its asset recruiting results during the fourth quarter of 2022, contributing to full-year 2022 newly recruited assets of approximately $1.7 billion, an increase of 79% over 2021.

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LyfeAccounting

JULY 22, 2021

Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today! The post The 10 Best Property Taxes By States in 2021: Move Here to Save Money! appeared first on Small Business Accounting & Finance Blog.

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CPA Practice

JANUARY 31, 2023

As social media continues to evolve, tax and accounting firms need to evolve their strategies and tactics to stay ahead of the curve. While many articles promote paid social media marketing, my team at MBS Accountancy has seen great results from organic social media efforts since 2019. But this doesn’t have to be the case.

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

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KROST

JANUARY 27, 2021

trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C and 25D tax credits for homeowners. .

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CPA Practice

MARCH 11, 2024

One of the first things I notice when building out John and Linda’s financial plan is that there is still a mortgage balance. This is not an issue because they refinanced into a 15-year, 3% loan in 2021. While that was often the case before tax laws changed in 2018, it is no longer. Not taking advantage of lower tax years.

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto. . So, what can accountants do to prepare for crypto audits? . The rise of crypto tax reporting software.

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LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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