MyIRSRelief

MARCH 15, 2023

There are several back tax help options available for truckers that can help you resolve your tax debt and get back on track. One option for back tax help is to hire a tax professional. They can also help you prepare and file your tax returns, ensuring that they are accurate and complete.

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CPA Practice

OCTOBER 17, 2023

Here’s what you need to know: If the individual works for an employer, the Social Security tax is withheld from the paycheck and gets reported by their employer through payroll taxes. It is important to note that if the individual is receiving a W-2, the individual and their employer each share the tax burden of 6.2%.

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ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. This goes into effect on January 1, 2024.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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xendoo

SEPTEMBER 10, 2021

Every small business owner should have access to an accountant. A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. But finding the right accountant is about more than just cost.

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MyIRSRelief

MAY 1, 2024

They stay current on the latest regulations, ensuring your business maximizes legal tax breaks on forms like 1120, 1120S, and 1065, while minimizing liabilities. Compliance Navigation: Tax compliance goes far beyond just filing. Tax Planning and Strategy: A skilled tax professional is more than just a filing machine.

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MyIRSRelief

APRIL 22, 2024

What Help is Available for 941 Employment Payroll Problems in Corona, CA? Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention. What should I do?

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LyfeAccounting

NOVEMBER 17, 2020

With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. I missed payroll tax filing deadlines that cost me thousands of dollars. Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. Withholding Taxes.

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inDinero Accounting

DECEMBER 22, 2021

Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%. With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. What is Enterprise Accounting Software?

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inDinero Accounting

DECEMBER 22, 2021

Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%. With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. What is Enterprise Accounting Software? Clear reporting.

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MyIRSRelief

OCTOBER 3, 2022

Whether you’re a striving business owner or an individual taxpayer, you can hire a tax preparer to process and complete all of your tax forms. Once the process is complete, you sign the forms and make a payment to the tax preparer. Los Angeles Tax Planning Services for Individuals and Businesses.

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FusionCPA

NOVEMBER 24, 2020

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 US corporations are taxed at a rate of 21 percent by the United States government.

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CPA Practice

DECEMBER 19, 2023

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. Administrative considerations: If administrative or logistical challenges could cause delays, planning for a later filing date may provide the necessary time to address and overcome these issues.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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SkagitCountyTaxServices

DECEMBER 7, 2023

Now that we’re into December, time is short to take care of your year-end accounting. This is something we specialize in so be sure to get on our calendar to set up your EOY tax planning appointment: app.acuityscheduling.com/schedule.php?owner=19530343 Another of those areas is payroll reconciliation.

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

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MyIRSRelief

JANUARY 16, 2023

They can help ensure that you are taking advantage of all the tax credits and deductions available to you, and can also help you avoid any costly mistakes that could result in an audit or fines. Call Mike Habib, EA today at 562-204-6700 for tax & accounting service.

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Withum

FEBRUARY 29, 2024

Of course, our focus for this article is to analyze the Federal and State(s) tax effect to Ohtani over the life of his deferred contract including the deferred payments he is to receive over the 10 years after the contract has expired. Let’s start with his federal payroll tax liability.

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Withum

FEBRUARY 29, 2024

Of course, our focus for this article is to analyze the Federal and State(s) tax effect to Ohtani over the life of his deferred contract including the deferred payments he is to receive over the 10 years after the contract has expired. Let’s start with his federal payroll tax liability.

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Basis 365

APRIL 28, 2022

The tax side, which is closer to the accounting side, relates to selecting the appropriate business type that minimizes unintended tax liabilities. We have worked with a tax professional to outline some key considerations for what entity type you should be looking into. Sole Proprietorships 13.1%

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Going Concern

OCTOBER 27, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. They also expressed doubt IRS would deliver on its promise to not increase audits on those making less than $400,000 per year, promising to hold IRS Commissioner Danny Werfel accountable. “My

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ThomsonReuters

FEBRUARY 8, 2024

Now, if an LLC has employees in addition to its members, or owners, the LLC must collect and pay payroll taxes, which include unemployment, Medicare, and Social Security taxes — also known as FICA taxes (i.e., Federal Insurance Contributions Act), or “self-employment” tax. It’s also surprisingly affordable.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. What Does a Tax Consultant Do?

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ThomsonReuters

MARCH 1, 2024

Each child can make up to $12,000 without paying federal income taxes, and those salary amounts ($24,000 for two children, say) are subtracted from the business’s total income, saving on taxes. Deduct state taxes (if possible) S corps can deduct state and local taxes (known as a SALT deduction), but there are a few factors to consider.

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SingleTrackAccounting

MAY 13, 2021

He pays $100,000 to his employees and he pays $100,000 (subject to typical payroll taxes) to himself as a salaried employee. This leaves $200,000 as business profit left over to be taxed at ~20%. Therefore; his tax bill in April would be roughly $40,000 ($200,000 x.20). Let’s break this down into two scenarios.

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Xendoo does online accounting , bookkeeping, and taxes for businesses, so it’s a question we answer frequently. Taxes Taxed as a pass-through entity. Subject to self-employment taxes. CFO services?

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CPA Practice

AUGUST 31, 2023

Add the retirement conversation to your advisory agenda : Often, clients don’t know what to expect from their accountant or an advisory relationship. Advise your client throughout the year on strategies such as estimated tax payments, early withdrawals from retirement accounts, and the max income limits to qualify to contribute to a Roth IRA.

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Xendoo does online accounting , bookkeeping, and taxes for businesses, so it’s a question we answer frequently. Taxes Taxed as a pass-through entity. Subject to self-employment taxes.

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LyfeAccounting

JULY 28, 2021

All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. Today, we’re excited to show you how to hire your kids and put them on the payroll. Instead, pay your kids and stop paying the tax on it.

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KROST

SEPTEMBER 21, 2020

While there are many benefits of a remote workforce, businesses should take a step back and ask the following questions: Does the business have employees who reside and work remotely in other states, and if so, what are the state payroll tax implications? Do the remote employees create income tax nexus in other states?

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MyIRSRelief

NOVEMBER 19, 2021

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money.

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LyfeAccounting

NOVEMBER 4, 2020

Similar to employees, payroll taxes such as Medicare and social security should be withheld and paid on every paycheck. So essentially, you would be paying self-employment taxes with every paycheck but only on the salary you would be paying yourself. These Forms tell the IRS how you have withheld and paid in payroll taxes.

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Withum

MARCH 3, 2023

The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax. Contact Us For more information on this topic, please contact a member of Withum’s State and Local Tax Services Team.

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LyfeAccounting

APRIL 22, 2021

For instance, in Georgia alone, where LYFE Accounting is headquartered, the State provides an enormous amount of credits to help and encourage entrepreneurs to start a business and create jobs. Myth #1: Amazon pays $0 in taxes. You just have to do your research or hire the right accountant that can help you save on your taxes.

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LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. The research & development tax credit can put up to $250,000.00

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