RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. For 2023, the SE tax is imposed at the painfully high rate of 15.3% for Social Security tax and 2.9% for Medicare tax. additional Medicare tax, on all income. This includes 12.4% The S corp.

Tax 213

Tax CPA business tax 213

RogerRossmeisl

JANUARY 2, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022.

Tax 200

Tax CPA business tax 200

RogerRossmeisl

NOVEMBER 25, 2023

As reported via Tax Tip 2022-122 on 8/10/2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. Business owners must take these steps when closing a business: File a final tax return and related forms.

Tax 130

Tax tax return CPA business tax 130

RogerRossmeisl

APRIL 24, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

Tax 190

Tax income tax tax return CPA 190

RogerRossmeisl

FEBRUARY 20, 2023

The total value of M&A transactions in North America in 2022 was down 41.4% If you’re considering buying or selling a business, it’s important to understand the tax implications. Two approaches Under current tax law, a transaction can basically be structured in two ways: 1.

Tax 215

Tax CPA business tax 215

RogerRossmeisl

SEPTEMBER 25, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. If you expect to be in a higher tax bracket next year, opposite strategies may produce better results. Here are some other ideas that may help you save tax dollars if.

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RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. The post Many Tax Limits Affecting Businesses Have Increased for 2023 appeared first on Roger Rossmeisl, CPA.

Tax 204

Tax CPA business tax 204

RogerRossmeisl

APRIL 21, 2022

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. More options Other small business retirement plan options include: 401(k) plans, which can even be.

Tax 211

Tax income tax CPA Account 211

Ronika Khanna CPA,CA

JANUARY 3, 2022

With the beginning of a new year upon us, tax submission deadlines for individuals and businesses are starting to loom. Every small business owner must adhere to these deadlines or risk facing penalties for late filing of returns plus interest on any overdue balances. Learn more. Available at Amazon.

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business tax Tax income tax tax return 52

SkagitCountyTaxServices

AUGUST 19, 2022

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). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

business tax 88

business tax Tax Real Estate CPA 88

RogerRossmeisl

NOVEMBER 28, 2021

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit. For calendar-year taxpayers, that is March 15, 2022. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to.

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RogerRossmeisl

DECEMBER 31, 2020

The recent stimulus legislation, the Consolidated Appropriations Act of 2021, (CAA 2021) included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. This rule applies to expenses paid or incurred in calendar years 2021 and 2022.

CPA 232

CPA business tax Tax 232

RogerRossmeisl

JANUARY 21, 2024

The changes apply to qualified alternative fuel vehicle refueling property placed in service after December 31, 2022 and before January 1, 2033. The post Treasury and IRS Issue Guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit appeared first on Roger Rossmeisl, CPA.

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

business tax 52

business tax Tax income tax tax return 52

RogerRossmeisl

JULY 17, 2022

Although merger and acquisition activity has been down in 2022, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. appeared first on Roger Rossmeisl, CPA.

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Tax income tax CPA business tax 172

Ronika Khanna CPA,CA

JANUARY 27, 2023

and it is time for business owners (and individuals) to start thinking about one of their favourite subjects i.e. taxes. I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. These deadlines relate to unincorporated business owners.

business tax 52

business tax Tax income tax tax return 52

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

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business tax Tax Education tax preparation 97

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.

tax planning 52

tax planning business tax Tax tax return 52

RogerRossmeisl

JUNE 25, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post 2022 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. In addition, the sum of the annual deductible and other annual.

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Account accountant accounted CPA 131

RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

Tax 133

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SkagitCountyTaxServices

MAY 31, 2024

Something also truly American, is paying taxes… which you know all too well as a business owner. Something I haven’t reported on in a while that has to do with not paying as much taxes is the potential tax breaks for small businesses Congress is considering. I guess that’s because there’s not much new to report.

Tax 67

Tax Real Estate business tax CPA 67

SkagitCountyTaxServices

DECEMBER 8, 2021

And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Now I get it … the rush of customers and clients, strange hours, extra errands: It’s a tough time of year to think about tax. But the calendar waits for no business, and time is getting short to plan your moves.

business tax 52

business tax Tax tax preparation payroll tax 52

RogerRossmeisl

NOVEMBER 13, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2023, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 212

Hospitality CPA Tax business tax 212

RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. The post Worker Classification 101: Employee or Independent Contractor appeared first on Roger Rossmeisl, CPA.

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CPA Legal Tax cpa firm 183

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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tax services California Tax tax preparation 147

RogerRossmeisl

JULY 16, 2022

The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the deductible costs of operating a vehicle for business. Fortunately, the IRS is providing some relief.

CPA 212

CPA Tax business tax 212

CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. 15, 2024, to file various federal individual and business tax returns and make tax payments. As a result, affected individuals and businesses will have until Feb. 15, 2023, and Jan.

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Tax income tax tax return payroll 119

xendoo

JANUARY 31, 2022

New Year, New Tax Requirements. In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. Will this new rule apply to your business? What Changed?

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Tax bookkeeping tax return business tax 105

CPA Practice

DECEMBER 22, 2023

Taylor, Kiplinger Consumer News Service (TNS) Just in time for the holidays, the IRS has announced a move to help individuals, businesses, and tax-exempt organizations that owe back taxes. The agency will waive nearly $1 billion in penalties for taxes owed by more than 4.7 5, 2022, and Dec. 5, 2022, and Dec.

Tax 131

Tax tax return Washington Maine 131

CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

Tax 110

Tax cpas tax services audit 110

RogerRossmeisl

MAY 16, 2022

Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). The post Fully Deduct Business Meals This Year appeared first on Roger Rossmeisl, CPA.

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Entertainment CPA Tax Government 217

RogerRossmeisl

APRIL 24, 2023

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. R&E expenses The TCJA has affected many businesses, including manufacturers, that have significant R&E costs. Previously, businesses had the option of deducting these costs immediately as current expenses.

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Manufacturing CPA Tax business tax 181

Withum

JULY 26, 2023

In what seems to be an unprecedented turn of events on July 21, 2023, the IRS released Notice 2023-55 , providing temporary relief for taxpayers in determining which foreign taxes are “creditable” taxes for U.S. In early 2022, the IRS issued final regulations providing guidance on determining if a foreign tax is creditable for U.S.

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Maine Tax income tax CPA 98

CPA Practice

FEBRUARY 28, 2023

16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. The current list of eligible localities and other details for each disaster are available on the Tax Relief in Disaster Situations page on IRS.gov. 16 to file their 2022 return and pay any tax due.

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Tax Alabama tax return Georgia 128

CPA Practice

AUGUST 19, 2023

The Internal Revenue Service will allow Hawaii taxpayers in Maui and Hawaii counties extra time – until February 15, 2024 – to file various federal individual and business tax returns and make tax payments that would have been normally been due before then. As a result, affected individuals and businesses will have until Feb.

Hawaii 97

Hawaii Tax income tax tax return 97

CPA Practice

OCTOBER 2, 2023

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. This impacts the Sec.

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CPA Practice

OCTOBER 2, 2023

October 16 is this year’s deadline for taxpayers who requested additional time to file their taxes. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. 24, 2024, to file various individual and business tax returns. This list continues to be updated regularly. 16 due date.

South Carolina 124

South Carolina Tax Georgia income tax 124