Dent Moses

MARCH 21, 2024

Assets transferred beyond the exemption amount are typically subject to a 40% tax rate. How many estate tax returns are filed annually, and how much tax is paid? The post Estate and Gift Taxes – Plan Now for Reduced Exemption in 2026 appeared first on Dent Moses, LLP.

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CTP

MARCH 16, 2021

Here are three common problems and their solutions to help you develop a successful and strategic tax planning sales pitch. The value of your tax plan has to be obvious to your clients, but it can be difficult to quantify. The post Three Reasons Why Your Tax Plans Aren’t Selling (& What to Do!)

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CapataCPA

NOVEMBER 12, 2020

Year-end Tax Planning With the year coming to a close, now is an important time to be thinking about ways to save on taxes for 2020 and possibly 2021. Year-end tax planning and projections are especially valuable this year as new guidance was released on the Tax Cuts and Jobs Act (TCJA) as well as the.

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CTP

SEPTEMBER 22, 2022

For 2021 tax returns, this deduction phases out between $70,000 to $85,000 in modified AGI (or $140,000 to $170,000 for married filing jointly). However, you cannot double-dip by claiming interest paid via a 529 plan or your employer’s educational assistance program. To find a Certified Tax Planner near you, click here.

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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). Taxes never stop — so your small business tax planning shouldn’t, either.

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CTP

JANUARY 11, 2022

If the taxpayer exceeds the annual threshold, the amount of Social Security benefits they can receive will be reduced by $1 for every $3 earned above the limit for that year ($14,640 in 2021) until they reach full retirement age. Then the test disappears and their benefit will continue to grow as long as they’re working.

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Withum

NOVEMBER 17, 2022

Failing to prepare for a tax examination at the outset of a move jeopardizes the ability to ultimately prevail at the audit. Failing to plan = planning to fail. 2022 Year-End Tax Planning Resources. Continue to monitor changes to economic nexus and tax laws. Sales and Use Tax Planning Considerations.

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xendoo

NOVEMBER 1, 2021

per mile as of 2021. Tax Planning Takes Time and Xendoo Can Help. Are eCommerce bookkeeping services tax-deductible? Not only can Xendoo’s outsource accounting solutions be deducted from your taxes; we can also help you plan your eCommerce tax deductions to help you make the most from your business.

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CTP

OCTOBER 26, 2021

The post Tax Planning for a Business Sale: Factoring in Goodwill appeared first on certifiedtaxcoach. Tax Planning for a Business Sale: Factoring in Goodwill was first posted on October 26, 2021 at 9:00 am. The goodwill […].

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CTP

NOVEMBER 9, 2021

Buyers and sellers tend to have diametrically opposed preferences, since what is advantageous for one is often disadvantageous for the other from a tax perspective. The post Tax Planning for Business Deals: What to Consider When Representing the Buyer appeared first on certifiedtaxcoach. In this article, we’ll zero […].

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CTP

NOVEMBER 2, 2021

The post Representing the Buyer vs the Seller: Tax Planning for Business Deals appeared first on certifiedtaxcoach. Representing the Buyer vs the Seller: Tax Planning for Business Deals was first posted on November 2, 2021 at 9:00 am. For example, a buyer will likely […].

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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

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TaxConnex

FEBRUARY 27, 2024

More than 300,000 accountants quit their jobs between 2019 and 2021, data show.” You have two initial ways to address your need for sales tax expertise: Your outside tax accountant or bringing tax expertise in-house. With the former, you risk that a professional versed in the tax code of the U.S. in 2022, up 1.3%

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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

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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Withum

NOVEMBER 15, 2021

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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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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. So we hope this was a helpful child tax credit portal update for everyone.

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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. You can be taxed as a sole proprietor which is usually the default and results in a lot of SE taxes. You can be taxed as an S-Corporation or even a C-Corporation as well. Let us explain. Get the help of the experts today!

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RogerRossmeisl

DECEMBER 14, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction.

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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

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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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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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

APRIL 23, 2021

And by the way, for the tax year 2021, the IRS is projecting the standard mileage rate will be 56 cents per mille, so a slight reduction but still something to take advantage of. Actual Expense Vehicle Tax Deduction. Now, this is the power of leveraging the tax code and why accountants and CPAs get paid so much money.

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Withum

DECEMBER 8, 2021

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tax planning 52

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CPA Practice

NOVEMBER 15, 2023

While Ignition has integrated with QuickBooks Online since 2015, the company first announced a strategic partnership with Intuit ProConnect in June 2021. In June 2022, Ignition and Intuit took their partnership one step further with the launch of Tax Planning and Advisory Proposal templates to further support thousands of ProAdvisors.

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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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Withum

NOVEMBER 17, 2022

The income tax deduction will be limited to $6,000,000, and $4,000,000 in charitable contributions can be carried forward for the next 5 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

FEBRUARY 12, 2024

It’s also the highest mark reported since the survey began asking the question in the fourth quarter of 2021. This was also an all-time high since the question’s inception in Q4 of 2021. Although 67% of CFOs said the technology in their tax functions is effective, one-third (33%) are working with inadequate technology tools.

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LyfeAccounting

JULY 22, 2021

These are the top 10 states with the best property taxes. 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!

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Withum

MAY 16, 2022

In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. The FMV of the building in 2021 is $150,000. In 2021, Julia’s bank agrees to reduce the second mortgage debt from $90,000 to $30,000, resulting in cancellation of debt income of $60,000. Let’s look at an example.

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Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. Assume Company A sold 275 units in 2021. Wait and See.

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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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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

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