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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

States with legal sports betting Legal sports betting, including online betting, has expanded across the United States in the last few years. Supreme Court decision that allowed states to decide whether to legalize sports betting. The IRS expects you to report your winnings on your federal income tax return.

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How to File Income Tax Return: Tax Filing Preparation Guide 2022

Snyder

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

27, 2023, providing legal guidance on claims made by the postponed deadline. By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC).

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

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What happened in sales tax in 2022

TaxConnex

Nevertheless, some states looked to increase their sales tax base: Massachusetts floated the idea of following Maryland in taxing digital advertising sales. Alaska pondered its first statewide sales tax while proposals for higher local sales taxes were headed to ballots in November and before.

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Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

CPA Practice

The oil and gas industry boosted the per capita incomes for residents of North and South Dakota. States where inflation-adjusted income declined included Alaska, where oil drilling has been in long-term decline, as well as Georgia and Maryland. The knocks to personal incomes affected state revenues. Democratic Gov.