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. . Business insurance

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ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? What are the roles and responsibilities for accountants?

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Nancy McClelland, LLC

FEBRUARY 9, 2024

I’m especially indebted to NATP because when I first started doing taxes, I wasn’t a CPA yet — and spoiler alert: they don’t really teach you that much about tax preparation when studying for your CPA exams; in fact, three-quarters of the test aren’t related to taxes at all.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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MyIRSRelief

NOVEMBER 3, 2023

Unpaid Back Taxes Owing back taxes can feel like a heavy burden. The IRS can place liens on your property, garnish your wages, or levy your bank accounts. This rigorous training ensures that they are well-equipped to help taxpayers navigate complex tax issues.

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MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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MyIRSRelief

OCTOBER 16, 2023

Popular Individual Tax Credits 3.2. Lesser-Known Tax Credits Tax Deductions for Businesses 4.1. Business Expense Deductions 4.2. Depreciation Deductions Tax Credits for Businesses 5.1. General Business Tax Credits 5.2. Industry-Specific Tax Credits Maximizing Your Tax Benefits 1.

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LyfeAccounting

OCTOBER 21, 2020

So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. In these times, whether your business is on the ropes or booming, you want to take advantage of deductions. Tax Deductible Categories. an accountant.

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MazumaBusinessAccounting

FEBRUARY 1, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle. Overview: What Does a Small Business Accountant Do?

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Ronika Khanna CPA,CA

MAY 3, 2024

Despite your (and/or your accountants’)best efforts , occasional errors or omissions relating to your personal tax return are unavoidable. It is possible that you forgot to include a tax slip, overstated your expenses or was unaware of a specific tax credit. the new home buyer’s credit or the hybrid car tax credit.

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MazumaBusinessAccounting

JANUARY 31, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle. Overview: What Does a Small Business Accountant Do?

Account 52

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LyfeAccounting

NOVEMBER 13, 2020

Regardless of what happens to that 20 dollars next, these transactions have started bookkeeping and accounting processes. But a lot of people are still confused when it comes to bookkeeping vs accounting. At LYFE Accounting, we’ve helped companies with their bookkeeping and accounting processes. Why do I need them?

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Basis 365

MARCH 6, 2022

While we may not be tax accountants , we, too, look for ways to save money, and having tax write-offs is a great way to save your business some money. In that sprint, we’ve devised a list of some common tax write-offs that you might consider when preparing your taxes this season.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Plan Ahead.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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xendoo

SEPTEMBER 28, 2021

Today, we’ll take a closer look at common bookkeeping services rates, so you can find the best fit for the needs of your business. Small business bookkeeping costs can depend on the education and experience of your bookkeeper. Bookkeeping and accounting costs are influenced by the type of service being performed.

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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. Tax credits to look out for.

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Going Concern

JANUARY 19, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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ThomsonReuters

NOVEMBER 15, 2023

How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Helping clients with Form 990 and charity exemptions Charities and nonprofits must comply with tax obligations in order to maintain their tax-exempt status. What tax forms do a 501(c)(3) need to file?

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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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ThomsonReuters

MARCH 1, 2024

Some examples include—but are not limited to—the following: Business vehicle expenses Charitable donations Real-estate taxes Self-employment health insurance Marketing and advertising costs Salaries and employee benefits Business-related travel expenses Professional fees/organizational dues Training/education General business expenses (e.g.,

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Taxes and licensing fees. Business travel expenses.

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. 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.

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Nancy McClelland, LLC

MAY 6, 2024

Tax season is over. Take a deep breath – whether you’re a bookkeeper or tax preparer, you’ve endured plenty of stress these past months, and now you’re in the perfect space between vacation and conference season to look back and figure out how to make it go better next year. She’s now our Senior Accountant).

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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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LyfeAccounting

APRIL 27, 2021

This tax credit is also refundable meaning it reduces the taxes you owe and could result in a refund. American Opportunity Tax Credit or AOTC . This is for eligible students to help offset the expenses associated with higher education and has a max refundable amount of $1000. We’d be happy to help you!

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Nancy McClelland, LLC

DECEMBER 26, 2023

2) It’s the reason you don’t have to issue 1099-NEC to anyone you pay via credit card/debit card, Zelle, QuickPay, a business PayPal account, or a business Venmo account. 3) You may need to reconcile this form against the amount of sales income you report on your tax return. How does PayPal work? What about Venmo?

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Nancy McClelland, LLC

DECEMBER 26, 2023

2) It’s the reason you don’t have to issue 1099-NEC to anyone you pay via credit card/debit card, Zelle, QuickPay, a business PayPal account, or a business Venmo account. 3) You may need to reconcile this form against the amount of sales income you report on your tax return. How does PayPal work? What about Venmo?

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Nancy McClelland, LLC

DECEMBER 28, 2022

My 2018 blog post linking to their article on how to properly account for partnership and S-Corp health insurance to avoid double-dipping now points to a web archive of the original site — but since that’s hard to find, I’m borrowing some of their material and sharing it here as well.

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ThomsonReuters

JUNE 16, 2023

We are seeing new IRS regulations on credits for going solar or purchasing an electric vehicle , credits that incentivize businesses to begin manufacturing semiconductor chips here in the United States, and that incentivize STEM education programs and jobs. What are the best sources to stay up to date with tax regulations?

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