Nancy McClelland, LLC

JANUARY 23, 2023

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year. Taxpayers may use IRS Free File on IRS.gov, other tax software or a trusted tax professional.

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xendoo

JANUARY 12, 2022

You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022? You may have already marked April 18, 2022, on your calendar to remind you to pay your personal income taxes.

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xendoo

NOVEMBER 1, 2021

In other words, if your home office doubles as a nursery or workout room, you’ll likely be unable to claim it as a deduction on your tax return. If you use the simplified option for claiming tax deductions, the IRS permits you to deduct $5 per square foot of office space. per mile as of 2021. Train or subway tickets.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

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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.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. So, to make sure we’re all on the same page, here are a few choice tax benefits that are often overlooked.

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. On March 7, a federal grand jury in Austin, Texas, returned an indictment charging seven individuals with conspiracy to commit mail and wire fraud and other crimes arising out of their scheme to defraud the IRS using stolen identities.

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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. All the deadlines for 2020 business taxes in 2021 by Type.

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ThomsonReuters

JANUARY 28, 2022

Companies that only offer tax services have to start over each year building a brand through marketing and advertising. By offering services that last throughout the year, you can keep your business at the forefront of customers’ minds even when they don’t need tax preparation. Business tax preparation.

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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. How a Single Member LLC is Taxed. Self-employment Taxes. Pass-through Taxation.

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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. 5 Things You Should Know About Tax Penalties.

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Nancy McClelland, LLC

APRIL 9, 2023

The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. There are multiple options for paying personal quarterly estimated taxes. It may require you to enter your driver’s license information or your AGI from a past tax return to confirm identity and get your IL-PIN.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer.

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CPA Practice

AUGUST 15, 2023

Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer.

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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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Nancy McClelland, LLC

FEBRUARY 13, 2022

The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

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Ronika Khanna CPA,CA

MARCH 31, 2022

The information from this form would then be entered on Schedule T777 of your personal tax return. For 2021 the temporary flat rate method allows you to claim $2 per day for up to 250 days. Consider any additional costs for preparing your tax return using the detailed method. Submission of form TP-64.3

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xendoo

APRIL 3, 2023

Compare your tentative minimum tax and the 25% of the net regular tax liability calculated in the first step. Subtract the greater value from step two from your net income tax to find your general business credit limit. You are also allowed to carry forward tax credits. Identify the greater value.

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xendoo

APRIL 3, 2023

Compare your tentative minimum tax and the 25% of the net regular tax liability calculated in the first step. Subtract the greater value from step two from your net income tax to find your general business credit limit. You are also allowed to carry forward tax credits. Identify the greater value.

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Nancy McClelland, LLC

FEBRUARY 6, 2022

If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. To get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] and enter your SSN, Name, and the year (in this case 2021). Let the tax return preparing begin!

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LyfeAccounting

JULY 16, 2021

In this post, we’re going to break down to you what you need to know in order for you to claim your unemployment tax refund based on recent updates from the IRS. Unemployment Tax Refund Recap. In this case, make sure to include any required forms or schedules with your amended return. the Advance Premium Tax Credit.

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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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Nancy McClelland, LLC

DECEMBER 26, 2023

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. If the 1099-K is for an amount that is lower than what’s on the income section of the Profit & Loss, it’s not likely to be an issue.

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Nancy McClelland, LLC

DECEMBER 26, 2023

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. If the 1099-K is for an amount that is lower than what’s on the income section of the Profit & Loss, it’s not likely to be an issue.

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LyfeAccounting

JUNE 4, 2021

Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. This means that the business’s taxable income is allocated directly to the owners, to pay on their individual tax return.

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Going Concern

JULY 21, 2023

PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential. On the other, tax preparation firms like Intuit — the parent company of TurboTax — and H&R Block have been pouring millions into trying to stop the idea cold.

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SkagitCountyTaxServices

FEBRUARY 4, 2021

As a Mount Vernon business owner, you may have a couple different tax returns to wade through each year (and maybe more, depending on the number of active entities you’re managing). A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. Want to get a jump on things?

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Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.” 03/18/2021.)

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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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.

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ThomsonReuters

APRIL 12, 2021

You must access and share up-to-date regulatory information in every jurisdiction where your organization operates while automating critical tax preparation processes. How tax software streamlines international tax preparation. Corporate Tax Technology: Stepping into the Future. Do More with More?

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CPA Practice

APRIL 14, 2023

She said IRS employees answered 11% of taxpayer calls in fiscal 2021, the 12-month period that ended on Sept. 30, 2021, and 13% in the next 12 months. Tax preparers and consumers have seen that change. Then again, one reason tax preparers have an easier time is that they’ve learned how to use the IRS system.

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LyfeAccounting

JUNE 11, 2021

Earlier this year, the American Rescue Plan Act of 2021 excluded $10,200 in unemployment compensation when calculating taxable income. But a lot of taxpayers already filed their tax returns and paid the tax on this income. What is the Unemployment Tax Refund. Do You Need to File an Amended Return?

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LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. INCOME TAXED.

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LyfeAccounting

AUGUST 10, 2021

Average taxpayers, like wage-earners, are very limited in what they can deduct from their taxes. For instance, in 2021, single taxpayers can deduct $12,500 from their taxable income, and married taxpayers can deduct about $25,000. Step 4: Claim the deductions correctly on your tax return.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Burnell did not report any of the money he received from victims in 2011 or 2012 on his income tax returns.

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