Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

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RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.

California 246

California income tax CPA Tax 246

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. Company A sold widgets in 2021 for $150 per unit. Assume Company A sold 275 units in 2021.

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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. Tax , Tax Specialty Services.

Maine 91

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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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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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inDinero Tax Tips

MARCH 3, 2021

By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Partnership Tax Deadlines.

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SkagitCountyTaxServices

AUGUST 19, 2022

After all of the junk in 2020 and 2021, “inflation” and “supply chain shortages” have been the recent flavor of our wild ride together. 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).

business tax 97

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RogerRossmeisl

JUNE 16, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. rate for Medicare.

Tax 147

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RogerRossmeisl

FEBRUARY 28, 2021

But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering such a transaction, it’s important to understand the tax implications of buying or selling a business. The current 21% corporate federal income tax rate makes buying the stock of a C.

Tax 147

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

Tax 126

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Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Contact Us.

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Withum

JULY 28, 2022

Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. Within these broad categories, however, there are many areas where businesses can trip up. For example, did the business apply the aggregation rules properly?

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SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill.

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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.

Tax 126

Tax income tax tax return audit 126

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. Assume that Julia acquires a building in 2018 that she uses in a trade or business. The FMV of the building in 2021 is $150,000.

Real Estate 131

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. What is income tax? How does income tax work? Who has to file income tax?

income tax 52

income tax tax return E-commerce Tax 52

Ronika Khanna CPA,CA

JANUARY 3, 2022

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. SALES TAX DEADLINES GST/HST returns for 2021 must be filed by June 15th, 2022 for those who are required to file annually.

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xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. State Income Tax.

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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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CPA Practice

DECEMBER 19, 2023

While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their tax debts.

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Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.

Tax 126

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Understanding Deductible Business Expenses.

Tax 52

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Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York 112

New York income tax New Jersey Tax 112

LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on.

Tax 52

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CPA Practice

JUNE 30, 2023

GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats. Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit.

Tax 122

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Reckon

JUNE 13, 2022

Beyond 30 June, there are still a lot of business tax ATO deadlines to be aware of in 2022—they run through the festive season, right up until the end of the calendar year. 25 June : (If lodging electronically) tax agents must lodge and pay their 2022 Fringe Benefits Annual Tax Return. 30 June: End of the financial year!

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Withum

MARCH 21, 2022

Several requirements must be met in order to take the 199A deduction, including the requirement that the related activities give rise to an active trade or business. However, the 199A rules become even more complicated in instances where a taxpayer’s taxable income exceeds certain threshold amounts. Aren’t federal income taxes grand?

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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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LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. Child Tax Credit.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

Tax 52

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ThomsonReuters

JANUARY 28, 2022

Business tax preparation. While individual tax season is at the beginning of the year, businesses have tax obligations throughout the year. That includes: Preparing federal and state income taxes. Filing quarterly employment taxes. Helping with tax audits or legal concerns related to taxes.

Tax 102

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LyfeAccounting

OCTOBER 27, 2020

And for the period September 1st to December 31st, payment is due January 15, 2021. With that said, Jimmy’s total taxable income is $57,800. So that’s how you get Jimmy’s taxable income for step number one. By the way, if you want to learn more about small business tax deduction then make sure you read my post here.

Tax 52

Tax tax return Start-ups income tax 52

xendoo

MAY 8, 2022

For example, you may go a step further and factor in the EBIT (earnings before interest and taxes), depreciation, amortization, rent, and business taxes into the equation. This will give you your business’s net profit for the period. For example, let’s say your business had total revenue of $100,000 in a year.

bookkeeping 98

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Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses. Learn more regarding different steps to prepare for R&E capitalization.

Tax 81

Tax income tax Real Estate Start-ups 81

Withum

AUGUST 16, 2024

The second VDP allows participants to retain 15% of the claimed ERC amount tax-free, but it is limited to 2021 ERC claims. The 15% of the ERC that is retained is tax free, and no amended income tax return is required to be filed to disallow wages relating to the 15% retained.

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xendoo

JANUARY 6, 2022

It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. . Pay Quarterly Estimated Taxes . To ensure that your estimated tax payments are made on time, mark your calendar with the upcoming deadlines: . April 18, 2022.

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