2021 business tax income tax tax planning 
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.)
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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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).
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.
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. How a Single Member LLC is Taxed. Self-employment Taxes. Self-employment Taxes.
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.
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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