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.

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CPA Practice

OCTOBER 16, 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.

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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. Are you still working on your 2019 business taxes?

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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800?

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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800?

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CPA Practice

AUGUST 9, 2023

Year-end is right around the corner, which means quarterlies, tax preparation, and more for accounting firms. Review what can be repurposed, e.g., 2022 tax prep tips, regulatory changes (hello meals and entertainment deductions), bookkeeping tips, unique tax situations you can highlight, and more.

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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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LyfeAccounting

MARCH 16, 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. The New Tax Deduction Update for Business Meals. Now, these expenses must be paid or incurred during 2021 or 2022.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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SkagitCountyTaxServices

JANUARY 28, 2021

But today is about simplifying, and clearing up the confusion — hopefully helping YOU to act quickly, and wisely with what is available to you by way of small business aid and tax savings options. This is just the goodies within the tax code, which is why I put it together. Because action will be necessary in some cases.

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Ronika Khanna CPA,CA

NOVEMBER 17, 2023

This is a significant increase from 2022 in which the analogous percentage was 13%. Gig workers tend to be independent contractors who usually decide when they are going to work, often bring their own “tools” (such as a car or a computer) and are required to report their earnings to tax authorities. What is the Gig Economy?

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xendoo

DECEMBER 6, 2021

The end of the year is a bustling time for small business owners. Between skyrocketing holiday sales, extended hours, and juggling multiple duties, it can be difficult to find a moment to stop and think about preparing for 2022. . What steps can be taken to effectively prepare your business for the new year? .

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LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

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xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. What is Form 1065: U.S. Who must file Form 1065?

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xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. What is Form 1065: U.S. Who must file Form 1065?

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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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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Individual tax returns are due by April 18, 2022. Deductions. Deductions.

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Snyder

NOVEMBER 14, 2022

Tax season. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants. What is tax season like for accountants? What months are busy season for accountant? How many hours do accountants work during busy season?

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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Nancy McClelland, LLC

DECEMBER 23, 2022

Accountants, small business owners, IRS representatives, bookkeepers, and tax attorneys everywhere are breathing a sigh of relief today as the IRS — awaiting relief from Congress that never came — finally made the decision to push off the confusing and troublesome changes to 1099-K reporting for another year.

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Going Concern

JANUARY 19, 2024

Leadership PwC Vets Finalists for Top Job as Industry Meets AI, Gen Z Era [ Bloomberg Tax ] PwC’s next leader will confront the challenges of rapidly advancing technology, recruiting and training an evolving workforce, and keeping up with the needs of its core accounting clients. I get my tax documents in early.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. The IRS is now planning a phase-in of $5,000 for tax year 2024.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. The IRS is now planning a phase-in of $5,000 for tax year 2024.

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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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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

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xendoo

JANUARY 26, 2023

As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. What happens if a business doesn’t file taxes by the due date?

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. This will ensure that you only admit the right small businesses into your accounting firm.

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xendoo

SEPTEMBER 2, 2021

Planning ahead is always a good business strategy, especially when it comes to taxes. Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs.

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xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. What is a business risk review in LB?

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SkagitCountyTaxServices

OCTOBER 21, 2020

I’m a tax professional though, and I’m not immune to conversations about proper planning for either eventuality. That means that if (again, in this example) Biden wins, AND he follows that particular pattern, then his new tax policies — whatever they might be — will likely impact your 2021 or 2022 tax returns.

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ThomsonReuters

JUNE 16, 2023

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. After a projection of enforced and other late payments totaling $70 billion, the net tax gap projection is $470 billion.

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Going Concern

DECEMBER 2, 2022

The role played by public company audit committees in cybersecurity risk oversight continues to increase, while some audit committees are beginning to take on ESG oversight, according to the 2022 Audit Committee Transparency Barometer report issued Wednesday by the Center for Audit Quality (CAQ). Trump’s chief enemies — the former F.B.I.

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CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. The IRS has also extended certain other tax filing and payment deadlines. On Saturday, Oct.

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