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 new-found property is taxable to you at its fair market value in the first year that it is in your undisputed possession. In 2011, two U.S.

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inDinero Tax Tips

NOVEMBER 4, 2021

When it comes to income, the IRS errs on the side of it being taxable, so make sure you report every dollar. Employee classification: If you are a business that relies heavily on contractors, the IRS may want to investigate you for employee misclassification. However, most businesses are unprepared and need IRS tax audit help.

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CPA Practice

JANUARY 3, 2024

[This article first appeared on the Avalara blog.] A sales tax holiday is a time when consumers don’t pay sales tax on eligible purchases of certain normally taxable goods. Retailers otherwise required to collect sales tax on taxable retail sales don’t collect it on sales of qualifying goods during a sales tax holiday.

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LyfeAccounting

OCTOBER 27, 2020

But if you are doing any kind of business whether you are a freelancer, contractor or self-employed, you will likely need to make tax payments. Step 1: Estimate Your Taxable Income for the Year. Alright, so step number one for Jimmy is to estimate his taxable income for the year. Your tax year was 12 months long.

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ThomsonReuters

SEPTEMBER 8, 2023

What is a C corporation? What is an S corporation? When is it better to create an LLC instead of a C corp or S corp? What is an LLC? Many entrepreneurs wonder what types of business ownerships are possible and how to determine which one is right for their business. Are required to submit tax return filings for business income and profits.

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Withum

SEPTEMBER 14, 2022

Independent contractors : Perhaps we should ask Uber how it feels about this issue. Many of these strategies will not withstand an audit, and even if the promoters know this, they often are just playing the audit lottery. Now, the IRS’s ability to audit these schemes and strategies is about to change. Expect them to be denied.

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LyfeAccounting

APRIL 13, 2021

So if you ended up contributing $58,000, that would lower your taxable income by that amount, resulting in lower taxes for you. For example, if you make $100,000 per year and can deduct $20,000, that brings your taxable income down to $80,000. Today, we want to help you do this by taking advantage of SEP IRAs. What is a SEP IRA?

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LyfeAccounting

JULY 12, 2021

According to the IRS, you are self-employed if: You carry on a trade or business as a sole proprietor or an independent contractor. Note that another name for the self-employed is a 1099 worker or an independent contractor. If you can relate to that, this post is for you. Are Taxes Taken Out for the Self-employed?

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ThomsonReuters

FEBRUARY 9, 2022

This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base. After checking into my hotel, I went for a walk to get a bite to eat. There are many restaurants in Miami Beach. Unemployment and FUTA.

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LyfeAccounting

JUNE 22, 2021

And if you’re wondering if that money is taxable, well you bet it is! According to the IRS, all income received is considered taxable. You are also not a 1099 contractor in your business. So again, business revenue minus tax-deductible expenses equals your taxable income. How sole proprietors pay taxes? You earn money.

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tax return Tax accounting and finance income tax 52

inDinero Accounting

JANUARY 9, 2023

Table of Contents What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant Getting Started with Startup Accounting Oftentimes, accounting for startups is left to whoever is best at managing data in the company – or if no one – one more job for the founder.

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inDinero Accounting

JANUARY 9, 2023

Table of Contents. What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant. Getting Started with Startup Accounting. Oftentimes, accounting for startups is left to whoever is best at managing data in the company – or if no one – one more job for the founder.

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LyfeAccounting

JANUARY 31, 2021

All you have to be is a business owner or independent contractor – meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. By the way, when we say deduct, we mean lower your taxable income. Who Qualifies For This Home Office Deduction and What Can You Deduct? Now here’s my take.

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LyfeAccounting

MAY 8, 2021

At the end of the day, what we’re trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS. Top tax write offs for rental property – let’s get into this. Now, this post is focused purely on real estate. Keep reading! a PASSIVE real estate investor.

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ThomsonReuters

JULY 13, 2021

A May 2021 version of IRS Publication 1281 , Backup Withholding for Missing and Incorrect Name/TINs, to reflect the use of Form 1099-NEC for reporting commissions, fees, or other payments for work performed as an independent contractor. This notice informs the payer of its responsibility to begin backup withholding. Federal News.

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ThomsonReuters

MARCH 15, 2021

This section was added after the American Jobs Creation Act of 2004 was signed into law and covers compensation arrangements, such as salary and bonus deferral arrangements, severance pay arrangements, taxable reimbursement arrangements, and certain in-kind benefits (i.e., This was the case for most months. In the U.S.,

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ThomsonReuters

JUNE 14, 2021

Department of Labor (DOL) issued Unemployment Insurance Program Letter (UIPL) 20-04 to state workforce agencies regarding the localization of work provisions. The UIPL discusses the principles for determining where wages should be reported when work is performed entirely in one state or in a number of different states.

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ThomsonReuters

MARCH 8, 2021

International Women’s Day is March 8 and the 2021 theme is “Choose to Challenge,” noting that a challenged world is an alert world and that from challenge comes change. Women have faced many challenges over the years and many have met such challenges head-on. For example, Frances Perkins was the first woman to serve in the U.S.

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ThomsonReuters

JUNE 21, 2021

Commonwealth of Massachusetts. The case challenges a temporary Massachusetts rule requiring specified nonresident employees of Massachusetts employers to treat income earned for services performed in another state because of the coronavirus (COVID-19) pandemic as if the income had been earned in Massachusetts.? . The IRS has?announced

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ThomsonReuters

NOVEMBER 8, 2022

On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. A large portion of this bill includes climate change provisions. For tax practitioners, this is all about energy credits. . 25C(g)(2)]. The increased credit for a tax year is an amount equal to 30% of the sum of: . 25C(b)(6)(A)]. 25C(b)]. . 25C(b)]. .

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ThomsonReuters

DECEMBER 29, 2020

Technical adjustments to definitions and taxability for paid sick and family leave. The Consolidated Appropriations Act, 2021 (CAA, 2021) has more than 5,500 pages and comes with a $2.3 trillion price tag – $900 billion in stimulus relief for the COVID-19 pandemic and $1.4 trillion in omnibus spending for the 2021 fiscal year.

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