ThomsonReuters

APRIL 25, 2024

This means that the funds are deposited into your retirement account before they are taxed — and you won’t owe any income tax on these funds until you withdraw the money from your account, typically after you retire. Jump to: Is a 401(k) pre-tax? Is there a 401(k) inheritance tax? Are 401(k) contributions tax deductible?

Tax 52

Tax income tax tax preparation Account 52

TaxConnex

APRIL 1, 2021

Every state can apply tax exclusions on goods and services within their state. This means the good or service is non-taxable for all customers purchasing the item. Tax exemptions can also be applied at the customer level as opposed to the product level. However, there are further tax-exempt purchases.

Sales 224

Sales Tax Manufacturing Education 224

Xero

DECEMBER 4, 2023

There are more than 13,000 jurisdictions across the US, so sifting through them all and making sure you’re selecting the right ones for your business can be a real compliance headache. It’s particularly well-suited to you if you operate across multiple jurisdictions, and have a mix of taxable, non-taxable and exempt goods.

Sales 76

Sales Tax accounting and finance Start-ups 76

TaxConnex

MAY 27, 2021

Taking advantage of sales and use tax exemptions can save your business money and headaches. The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions. The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions.

Sales 165

Sales Tax Connecticut Idaho 165

TaxConnex

APRIL 27, 2021

In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Figuring out where you have nexus is key to determining your sales tax liability. Not knowing if your products and/or services are exempt. Is it software as a service (SaaS-based)?

Sales 130

Sales Tax Wisconsin Missouri 130

TaxConnex

APRIL 13, 2021

Make the right decisions for your business so you can best manage compliance in a way that doesn’t overburden your finance team or put your business at risk of penalties and fees. This blog will help explain one part of the sales tax compliance puzzle: your filing process.

Sales 222

Sales Tax E-commerce general ledger 222

Ronika Khanna CPA,CA

SEPTEMBER 28, 2023

When starting your new Canadian small business or launching into self employment, it is essential to determine whether you are required to register for GST/HST (and QST if you have a started a business in Quebec ). As the name suggests products and services on which you are not required to charge GST/HST and QST are referred to as zero rated.

quickbooks 98

quickbooks Tax Sales Healthcare 98

Xero

MARCH 13, 2024

We know end of financial year is a busy time, so we’ve prepared a quick 10-step checklist to help you cover your bases at the end of FY24 and start the new financial year off strong. Get on top of your outstanding payments & invoices Got any outstanding bills to pay, or money to receive?

tax return 83

tax return bookkeeping accounting software payroll 83

CPA Practice

JULY 28, 2023

This blog post can help you understand your sales tax requirements by answering the following questions: Is sales tax based on shipping address or billing address? Postal Service to facilitate mail delivery and have nothing to do with sales tax. Fun fact, New Mexico sales tax is actually a gross receipts tax.)

Sales 98

Sales Tax Retail New Mexico 98

Xero

AUGUST 21, 2023

Our events focused on product updates that are either currently in play, or coming down the pike at rapid speed (accelerating, if you will). This early version is designed for clients who primarily invoice for goods and services in Xero, operate across multiple jurisdictions, and have a mix of taxable, non-taxable, and exempt goods.

bookkeeping 75

bookkeeping Non-Profits Technology Tax 75

ThomsonReuters

AUGUST 25, 2023

With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance. When businesses deduct the declining value of assets used in their income-generating activities, it reduces the amount of taxable income they must report to tax authorities. This temporary expansion is better known as bonus depreciation.

corporation tax 98

corporation tax Tax income tax financial statements 98

TaxConnex

APRIL 20, 2021

The reality is your sales tax returns can create hefty penalties and fees for your business if not done correctly. Don’t forget about these other necessary aspects of maintaining sales tax compliance: Monitoring your sales tax obligation. Who do you want on your side? They turn to experts. Managing a tax calendar.

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Sales Tax tax return income tax 139

ThomsonReuters

DECEMBER 19, 2023

Overview of clean energy credits by energy type Helping clients with renewable energy credits In recent years, the U.S. and other countries around the world have placed a growing emphasis on sustainability and green energy. How do renewable energy tax credits work? Residential Clean Energy Tax Credit If you invest in renewable energy (i.e.,

Tax 110

Tax accounting and finance Manufacturing income tax 110

ThomsonReuters

JULY 10, 2023

While they are both a tax paid to the government on the purchases of goods or services, there are differences in how they are collected and paid to the government. Sales tax is a tax imposed on the sale of goods and services. It is typically a percentage of the purchase price and is added to the final cost of the product or service.

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Tax Sales Arizona Georgia 97

ThomsonReuters

DECEMBER 1, 2023

As explained by the IRS , this limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000. Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900 (up from $27,000 in 2022).

tax return 97

tax return Tax Transportation Non-Profits 97

ThomsonReuters

JULY 10, 2023

Use tax is a tax that is imposed on the use, storage, or consumption of goods and services that were purchased without paying sales tax. It is typically imposed by the state or local government where the goods or services are used, and the rate is often the same as the sales tax rate. Jump to: What is use tax? What is nexus?

Tax 98

Tax Massachusetts Washington South Dakota 98

ThomsonReuters

DECEMBER 19, 2023

Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. Biodiesel and Renewable Diesel Tax Credits: Credits for the production and use of biodiesel and renewable diesel fuels.

Tax 52

Tax income tax tax return Manufacturing 52

Snyder

JUNE 17, 2022

If you’re a new e-commerce business owner scratching your head over sales tax, you’re not alone. Sales tax is a consumption tax that is levied on the sale of goods and services. But before you do that, make sure you apply for a sales tax permit and that you integrate the best accounting app for Shopify with your store.

Sales 52

Sales Tax E-commerce Non-Profits 52

ThomsonReuters

DECEMBER 20, 2020

Some use all of a company’s gross receipts; some look just at gross receipts from taxable transactions. Wayfair on your business’s sales tax obligations. The last thing any company wants is for sales tax complexity to limit the ability to enter new markets and sell products and services online.

South Dakota 72

South Dakota Sales Tax E-commerce 72

ThomsonReuters

DECEMBER 19, 2023

the IRS uses Form 6627 to calculate the environmental tax on: petroleum, ozone-depleting chemicals (ODCs), imported products that used ODCs as materials in the manufacture or production of the product, the floor stocks tax on ODCs, taxable chemicals and the applicable rates, and taxable imported chemicals substances and the applicable rates.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

AUGUST 25, 2023

To account for this decrease, the accountant depreciates the cost of the machinery over a period of time for the client using such depreciation methods as straight-line, double-declining balance, units of production, and sum-of-years digits. Jump to: What is book depreciation? What is tax depreciation? What is accelerated depreciation?

Tax 52

Tax tax return accounting principles Account 52

ThomsonReuters

SEPTEMBER 1, 2022

Internal Revenue Service (IRS) sections 4661 and 4671 currently list 42 chemicals and 151 “hazardous substances” as taxable. The distinction between “chemicals” and “substances” here is that chemicals are raw materials taxable on their own, and substances are comprised of one or more taxable chemicals.

Technology 52

Technology Tax Manufacturing accounting and finance 52

ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). Are you really doing everything you can to reduce your tax burden?

corporation tax 52

corporation tax Tax tax return income tax 52

LyfeAccounting

JULY 1, 2021

Most people know that income from your job or investment is taxable. But you’d be surprised at the number of things that are considered taxable that you never would have thought of. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities.

Tax 52

Tax Gambling tax return income tax 52

TaxConnex

JANUARY 24, 2023

In our previous blog, we looked at how exemptions, the taxability of the item being shipped and selling into tax-free states affect sales tax on shipping. What other factors change your shipping/sales tax obligations and in what states? Shipping is taxable in Illinois, by the way, after years of confusion.

Sales 26

Sales Tax South Carolina Massachusetts 26

Nancy McClelland, LLC

DECEMBER 26, 2023

Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

AUGUST 24, 2023

Tax depreciation and state-level complexities Managing depreciation of fixed assets Tax depreciation, which enables business clients to reduce the amount of their reported taxable income, may seem straightforward at first glance. How to calculate tax depreciation What are the tax depreciation methods? What is MACRS?

Tax 87

Tax business tax tax return Account 87

ThomsonReuters

MAY 17, 2022

Self-employed workers who drive for Uber or deliver food for DoorDash, who sell crafts and merchandise on Etsy, or who hire out their services on TaskRabbit? These budding entrepreneurs often get paid through mobile payment services like Venmo, Paypal or CashApp or get paid directly through the Uber or Doordash app.

Tax 105

Tax tax return income tax Start-ups 105

LyfeAccounting

JUNE 4, 2021

You work for yourself, your business is earning money, and now it’s time to make some decisions – how do you pay yourself? You work for yourself, your business is earning money, and now it’s time to make some decisions – how do you pay yourself? Should it be deducted from your paycheck, paid quarterly at tax time, or what?

CPA 52

CPA income tax Tax accounting and finance 52

ThomsonReuters

MAY 12, 2022

A sales tax audit determines whether a business has collected and paid the correct amount of sales tax owed to the state for taxable transactions. If your business has been selected for an audit, consider using a specialist, such as a CPA, a sales tax expert, or a tax professional who specializes in state and local taxes (SALT).

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audit Sales Tax auditor 105

inDinero Accounting

APRIL 8, 2023

Your choice between accrual vs cash will affect your business in several ways. Second, it will modify the timing of your tax liability for earnings and when you can declare expenses. Third, it will influence your capacity to forecast and budget with precision. You may have many questions as you face this decision.

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accrual accounting Account accountant accounted 52

ThomsonReuters

SEPTEMBER 7, 2023

These expenses must be incurred for children under the age of 13 or for a dependent who is physically or mentally incapable of self-care. Eligible expenses include daycare, babysitters, nannies, day camps, and similar care services. Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit?

Tax 52

Tax income tax tax preparation tax return 52

inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Hiring a tax professional can protect your company from costly errors and ensure you are aware of all your possible deductions. Interested in learning more?

Tax 52

Tax income tax Legal Entertainment 52

CPA Practice

JANUARY 3, 2024

If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? What products are included in tax-free weekends? This article first appeared on the Avalara blog.] What products are included in tax-free weekends? Sales tax holidays are all the rage right now.

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Sales Nevada Tax West Virginia 78

inDinero Tax Tips

NOVEMBER 16, 2021

Solar panels are a great, environmentally friendly way to reduce your energy costs. There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. Learn our tips for building creditworthiness with your bank. Think your business can’t afford a CFO? Think again!

Tax 52

Tax accounting and finance business tax tax preparation 52

inDinero Tax Tips

NOVEMBER 16, 2021

Solar panels are a great, environmentally friendly way to reduce your energy costs. There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. Learn our tips for building creditworthiness with your bank. Think your business can’t afford a CFO? Think again!

Tax 52

Tax accounting and finance business tax tax preparation 52