Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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Ronika Khanna CPA,CA

OCTOBER 5, 2023

You are expected to take on role of salesperson, market researcher, accountant, lawyer and social media expert , while not getting paid for any of it. Filing the documents so that they are easy to locate makes life much easier at tax time. If you don’t have a business bank account, a separate personal bank account is ok.

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SkagitCountyTaxServices

APRIL 27, 2023

How long do I have to keep business tax documents? is a natural question this time of year – and keeping tax records looms large as you often use them for financing and budgeting and paying taxes at other times of the year. How long should you keep your tax returns themselves? It’s never been easier.

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ThomsonReuters

DECEMBER 1, 2023

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

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inDinero Tax Tips

AUGUST 29, 2023

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. Unfortunately, these are nondeductible entertainment expenses.

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year.

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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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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. Most business owners spend their days managing operations, nurturing client relationships, and focusing on growth goals. When that time comes, consider indinero’s accounting services.

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Gifts that are specifically for meals or entertainment such as a gift certificates to a restaurant or tickets to a sporting event, even if you don’t accompany the client, are only 50% deductible and should be reflected as meals and entertainment in your accounting.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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inDinero Tax Tips

NOVEMBER 15, 2021

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Our CPAs Answer Your Top 5 Burning Tax Questions.

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Snyder

DECEMBER 28, 2022

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’s interesting is that the less income you have, the higher the chance of a tax audit. What does a tax audit mean? IRS tax audit process.

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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. more people and time resources and so costs too).

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xendoo

SEPTEMBER 19, 2022

As long as a trip is primarily for business, you could claim it as a business travel expense (within reason) and save some money on taxes. Here’s how to follow the rules while saving a bundle on your tax return. What is considered a business trip? Numerous business travel expenses are deductible.

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inDinero Tax Tips

MAY 24, 2023

A crucial prerequisite for calculating net income is proper documentation of business expenses. You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns.

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ThomsonReuters

JANUARY 9, 2024

For C corps, double taxation refers to the taxation of corporate profit at two different times: First, the corporation itself is taxed on their corporate income at the federal corporate tax rate of 21%. For fiscal year businesses, the deadline is the 15th of the month six months after the initial fiscal deadline.

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ThomsonReuters

FEBRUARY 8, 2024

LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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