CPA Practice

JANUARY 27, 2023

Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions. Rahill, CPA/PFS, JD, LL.M.,

Illinois 119

Illinois CPA Non-Profits cpas 119

CPA Practice

APRIL 24, 2024

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error.

tax return 111

tax return Tax income tax cpas 111

Shay CPA

MARCH 6, 2024

That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. Now, you can apply that research tax credit toward your payroll tax liability instead of your income tax liability.

payroll tax 52

payroll tax payroll Tax tax return 52

xendoo

JANUARY 6, 2022

It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . Because self-employed individuals do not have taxes withheld from their paychecks like W-2 employees, they pay quarterly estimated taxes in order to cover Social Security, Medicare, and income tax.

Tax 59

Tax bookkeeping income tax business tax 59

Shay CPA

MAY 3, 2023

As you wrapped up the 2022 books for your startup, you probably did some high-level financial review and analysis. That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. But again, don’t worry.

payroll tax 52

payroll tax payroll Tax tax return 52

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

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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Tax income tax Non-Profits Legal 59