CTP

SEPTEMBER 22, 2022

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. However, thanks to Certified Tax Planners, even a small business owner can get the same huge savings the rich do. MUCH more than an accountant merely reporting your taxes! UNDERSTANDING INCOME LIMITS.

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FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. 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

corporation tax 52

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xendoo

NOVEMBER 1, 2021

You might not be thinking about taxes until closer to the deadline, but planning your eCommerce tax deductions is a year-round process. If you run an online business, investing in tax-deductible business expenses can reduce your tax burden and increase your profits. We’ll help you plan ahead for next year’s filing.

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SkagitCountyTaxServices

MARCH 17, 2023

Forward-thinking is a must in business… that goes for your taxes too. But first, let’s talk about your tax filing. While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. And I’m going to dive into what that looks like today.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. Whether it be refining past plans, developing new ones, or a combination of both, our office is ready to assist you. 179 small business expensing provision.

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CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. TCJA brought sweeping changes to the tax code for both businesses and individuals. 529 plan accelerated gifts.

Tax 119

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KROST

NOVEMBER 24, 2020

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for individuals.

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Anders CPA

NOVEMBER 22, 2022

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

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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. In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. Let’s look at an example.

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LyfeAccounting

NOVEMBER 23, 2020

?. The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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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. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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LyfeAccounting

MAY 3, 2021

Tax credits vs tax deductions: What is the difference? Now, of course, no one really wants to pay more than their fair share of taxes. And understanding the difference between tax deductions and tax credits can give you more confidence that you are not paying too much in taxes. What is a Tax Credit?

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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. It is no longer attached to and identified with the owner for tax or liability purposes.

Tax 52

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LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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South Carolina Hawaii West Virginia Delaware 52

LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 12 Best Tax Breaks To Help You Save Money. 0% Tax on Capital Gains.

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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

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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South Carolina Hawaii West Virginia Delaware 52

Withum

OCTOBER 18, 2023

“Those who fail to plan, plan to fail.” These words apply to all sorts of things in life and, of course, when it comes to taxes. With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023.

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LyfeAccounting

MARCH 10, 2021

Avoid Paying Tax Penalties: Here’s How. 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.

Tax 52

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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. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

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SingleTrackAccounting

MAY 13, 2021

The new presidential administration has proposed a large new tax bill to offset other priorities such as improving infrastructure, funding the American Rescue Plan, combating employment inequality and tackling climate change. These are expected to be financed with increased taxes targeted at high income brackets and corporations.

Tax 52

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Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. The New York PTET allows partnership (including LLCs) and S corporation entities to make an annual election to pay an entity-level tax. PTET Income Tax Addback.

income tax 112

income tax New York Tax New Jersey 112

LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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Withum

NOVEMBER 17, 2022

For 2022, Donors may claim a tax deduction limit for contributions of cash of 60% (for non-cash gifts up to 30%) of one’s AGI. Donation amounts in excess of these limits may be carried over for up to five tax years. In 2021, the deduction would have been the full $10,000,000. 2022 Year-End Tax Planning Resources.

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CPA Practice

JUNE 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Democrats’ latest proposal to expand the child tax credit includes a new feature: a $2,000 payment for newborn babies. The two parties have been battling over the tax benefit since before a larger version of it lapsed after 2021. The new legislation from Democratic Reps.

Tax 52

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CTP

MARCH 2, 2022

Without careful planning, your beneficiaries could find themselves with a hefty tax bill. A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7

income tax 97

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared.

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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 82

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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. Yeah me, too.

Real Estate 52

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LyfeAccounting

JUNE 7, 2021

We have 10 tips on how you can avoid paying taxes. Because for most people, paying taxes is such a drag, annoying, frustrating… So today, we want to talk about how to avoid taxes and give you 10 legit and legal ways to do so. Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual.

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ThomsonReuters

NOVEMBER 10, 2020

Are you owed a tax refund? The importance of modeling the GILTI High Tax Exclusion. . Department of the Treasury and the Internal Revenue Service issued the final regulations regarding the election to exclude high-tax Global Intangible Low-Taxed Income (GILTI) from a U.S. shareholder’s gross income.

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ThomsonReuters

DECEMBER 17, 2021

In 2022, tax authorities around the world hope to finalize the myriad details that will shape a Global Minimum Tax on multinational corporations — if they can reach consensus and make it happen. Reuters noted that this is “an extremely tight timeframe given that previous international tax deals took years to implement.”.

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Withum

MARCH 3, 2022

A topic that got a tremendous amount of attention was LIFO(last in, first out) – with the limited supply of new vehicles out there, LIFO was going to be an income pick-up this year, and a particularly nasty one at that. In four out of these ten stores analyzed, the LIFO adjustment resulted in more income in 2020 than it had in 2021.

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LyfeAccounting

AUGUST 10, 2021

Look, taxes are the single greatest expense that most people will pay over the course of their lives. It’s taxes. . Believe it or not, taxes are evading almost every single part of your life. You pay taxes on your income, on your purchases, the property you own, and so much more. The Tax Code is Not Your Enemy.

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LyfeAccounting

NOVEMBER 16, 2020

It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility. Let’s discuss the biggest issue for small businesses and tax professionals which is tax deductibility. State Taxes.

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xendoo

OCTOBER 25, 2021

Keeping track of your cash flow can save you time and money, not only helping you during tax season but also helping you to streamline and strategize in every area of your business. The Effect on Taxes. Basically, you’ll pay tax on every source of income, though each method records income slightly differently.

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KROST

MAY 19, 2022

The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. Tax Long-Term Capital Gains at the Ordinary Income Rate. Under current tax law, long-term capital gains and qualified dividends are taxed at a maximum income tax rate of 20%.

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