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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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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ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. 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. March 15, 2022 : Partnership and S corporation returns for calendar year 2021.

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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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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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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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Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. State and Local Tax Workarounds.

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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. So, there you go!

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LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Keep reading to learn more about the child tax credit portal update! These people can now use the online tool to register for monthly child tax credit payments. Child Tax Credit Portal Update.

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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.

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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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Withum

MAY 16, 2022

Favorable rules, which were put into place for taxable years after 1992, could allow the cancellation of debt income to be deferred for federal income tax purposes even if the taxpayer is not in bankruptcy or insolvent—as is normally the case. In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000.

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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.

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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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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. Your tax deduction would be about $17,250. Crazy right?

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LyfeAccounting

APRIL 30, 2021

All to save you the most on your taxes. In either case, you want to make sure you’re aware of the tax write offs (OR deductions) you can take to minimize your taxes or even maximize your tax refund. Top 5 Tax Write Offs for New LLCs. real estate taxes. Are you ready? Let’s get started. maintenance.

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. 9 Reasons Why Your Tax Refund is Delayed.

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KROST

FEBRUARY 24, 2021

Historically, tax practitioners have taken the viewpoint that US tax law (FACTA regulations) and the burden imposed on US expats and US foreign nationals by these laws very much explained the shifting desires of US citizenship. Studies show that US tax law is not the only concern of individuals exiting the United States.

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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. For example, 501(c)(3) organizations are completely tax-exempt, which allows them to use more money towards their desired social causes.

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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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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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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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ThomsonReuters

JANUARY 12, 2023

Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto. . Significantly intensifying this need is the formation of a dedicated IRS team of criminal investigation professionals tasked with targeting taxpayers who do not report cryptocurrency transactions on their tax returns.

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Inform Accounting

APRIL 28, 2022

Where this is the case, can the loss be utilised to save tax? In 2021/22 the rental income and associated expenses for the three properties are as follows: Cottage. In 2021/22, the business makes a profit of £7,000, against which £7,000 of the loss from 2020/21 is set. Need tax planning support? Rental Income.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. According to Pilar Garcia, CPA , Tax and Accounting Executive Editor for Thomson Reuters, “AI, especially generative AI, can propel the accounting profession forward like no other technological advancement since Excel.

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Inform Accounting

AUGUST 2, 2022

The tax legislation allows employers to make a tax-free payment of £6 per week (£26 per month) to employees who work from home at least some of the time to help them meet the costs. The payment can be made tax-free regardless of whether the employee works from home through choice. Taxing cryptoassets: what you need to know.

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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. On July 20, 2020, the U.S.

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ThomsonReuters

MAY 6, 2021

It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. Their focus is on taxpayers who omit cryptocurrency income from their tax returns.

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LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Not every letter means you owe more taxes. IRS Letter Type #1.

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Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Included in the newest tax package are the following: Employee Retention Credit Elimination: With every tax relief bill comes costs.

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Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

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Going Concern

JUNE 26, 2023

PricewaterhouseCoopers (PwC) Australia is under fire after a former partner leaked confidential government tax plans between 2014 and 2017 which were then used to drum up work with multinational companies hoping to sidestep new rules. In total, 34% of Americans said they worked at least partly at home in 2022, down from 38% in 2021.

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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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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. If you pay yourself too little, you might be overwhelmed by all of the taxes you owe as an LLC. So let’s begin!

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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