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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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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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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ThomsonReuters

DECEMBER 1, 2023

Information on the use of automobiles and other transportation vehicles. A depreciation schedule is used to outline how a fixed asset ’s costs are expensed over its useful life, using the chosen accounting method (I.e., MACRS depreciation on automobiles and other listed property. What does a depreciation schedule look like?

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. Table of Contents What is the QSBS Exemption? A C Corporation must issue the shares.

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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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Snyder

JUNE 9, 2022

The amount of tax is determined by how much money the business or individual makes. Note: The higher your taxable income, the more you’ll pay in income tax. The IRS collects the money and then uses it to fund public services such as education, transportation, medical research, etc. . How does income tax work?

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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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ThomsonReuters

SEPTEMBER 22, 2022

Of course, there are some restrictions: The education cannot relate to a sport, game, or hobby, unless it involves the employer’s business or is required as part of the student’s degree program. Meals, transportation, and lodging cannot be reimbursed. Qualifying expenses can be reimbursed tax-free up to $5,250 per calendar year.

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Shay CPA

JULY 26, 2023

Businesses participating in START-UP NY can enjoy several tax credits, including the Business Tax-Free NY Area Elimination Credit, which eliminates franchise tax and personal income tax calculated by the business when filing its tax return.

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Accounting Insight

FEBRUARY 21, 2023

And for SMEs, these expenses can be a tax deduction for your business and can reduce your taxable income to help lower your tax bill. The HMRC defines these items as follows: Travel Travel expenses include any costs you incur to get from one place to another, including transportation and lodging, meals, and incidentals.

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ThomsonReuters

DECEMBER 19, 2023

How to claim electric vehicle tax credits Helping your clients with EV tax credits As the world shifts towards sustainable transportation, the IRS and many states are incentivizing the adoption of electric vehicles (EVs) through various tax credits. What are the tax credits available for electric vehicles?

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DMCL

APRIL 11, 2022

Introduction of the new Tax-Free First Home Savings Account (FHSA). Similar to TFSAs, income earned in the account is tax-free and withdrawals are tax-free provided withdrawals are for purchases of a qualifying first home. Budget 2022 focuses on several key initiatives: Addressing housing affordability.

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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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MazumaBusinessAccounting

JUNE 30, 2021

Below, I have listed several common business expenses you should consider as tax deductions, but this is by no means a comprehensive list. Business Travel. This includes plane tickets, transportation, gas, rental cars, meals, conferences, etc. Business Meals. We’d love to help you any way we can.

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Ronika Khanna CPA,CA

DECEMBER 3, 2021

This Fujitsu scanner handles documents, receipts, business cards etc. The portable scanner comes in handy when the small business owner is away from his office at a trade show or at a client and needs access to documents (eg. accountants who don’t want to have to schlep a sheaf of documents after visiting clients). Laptop Bag ?.

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ThomsonReuters

JANUARY 30, 2023

Tax credits State legislators are looking to offer businesses tax incentives for certain benefits to employees. The post Trendspotting: Top Ten Payroll Issues of State Legislatures appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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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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xendoo

SEPTEMBER 19, 2022

What is considered a business travel expense? This list may include: Transportation. If you can book your lodging and transportation online, you’ll already have written documentation of some of these expenses, and restaurant receipts can easily account for the rest. Transportation. Baggage fees.

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Withum

JUNE 8, 2023

Items such as employee bonuses, bank fees, and business taxes are often excluded from the overhead rate calculation, when in actuality, a portion of those expenses may be allowable. Accounting software often presents limitations, such as a single expense account for all payroll expenses.

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Steve Feinberg

DECEMBER 23, 2022

With all of this work, it’s understandable that strict bookkeeping and daily accounting aren’t at the top of your priority list, but without them, even the best landscapers can find themselves in a bind when it comes to their cash flow. Bookkeeping Habits to Increase Cash Flow for a Landscaping Company. Get Payments Faster.

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CPA Practice

JULY 6, 2023

This includes all costs associated with travel by airplane, train, bus, or car between your home and your business destination. Other expenses that are deductible include the following: Fares for taxis or other types of transportation. Use of your personal vehicle for business trips. Dry cleaning and laundry.

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ThomsonReuters

JUNE 10, 2021

New legislation raises wages for transportation workers. Employers must use one of the special payment methods if their average tax liability was $25,000 or more per month during the previous calendar year for business taxes, which includes withholding tax (wage withholding tax and non-wage withholding tax).

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