ThomsonReuters

DECEMBER 19, 2020

163(j) business interest expense deduction limitation. It limits the amount of business interest expense that a taxpayer can deduct, effective for tax years beginning after December 31, 2017. The CARES Act makes the deduction limitation less restrictive for 2019 and 2020 in three ways.

Real Estate 105

Real Estate New York Tax accounting and finance 105

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Upwork or Fiverr Short term accommodations e.g. Airbnb Task based platforms e.g. taskrabbit or pet sitting services E-commere selling e.g. ebay, Amazon and affiliate programs Writing/Blogging which generates revenue either by selling articles to publications or via ads on their website Virtual assistants, online surveys, tutoring etc.

Tax 52

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LyfeAccounting

MAY 21, 2021

Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of. And, specific accounting advice should come from your contact attorney or CPA. That’s right!

Tax 98

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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. Instead, businesses must deduct a part of the cost each year until they fully recover the cost.

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Accounting Insight

AUGUST 15, 2023

As a finance professional, your employees’ business travel often presents a complex challenge due to the numerous policies and industry standards governing a crucial aspect: travel expenses. In this blog, we’ll provide you with a helpful guide about reimbursable travel expenses.

Travel Expense Management 52

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. There are many reasons businesses get audited.

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ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! This one-stop-shop can help make life easier by providing comprehensive resources so you can stay ahead of the game in today’s ever-changing world of tax and accounting. Businesses What’s new for businesses in the 2022 tax season? Enter: Thomson Reuters Tax Season Toolkit.

Tax 59

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Evaluate the potential benefits of converting traditional retirement accounts to Roth IRAs. Consider pension and annuity payments. Delay Social Security.

Tax 52

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Acterys

JULY 12, 2023

In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. What is vertical analysis?

financial statements 130

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Shay CPA

FEBRUARY 15, 2023

Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Last-minute expense report submittals could make things tricky, so set a deadline for your staff.

Tax 52

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ThomsonReuters

MARCH 25, 2024

. __ Here are three important takeaways from their conversation: #1 – Big changes to research expenses The treatment of Section 174 research expenses following the Tax Cuts and Jobs Act (TCJA) is a source of great uncertainty for businesses. As a reminder, Section 174 defines both indirect and direct research expenses.

Tax 45

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Inform Accounting

APRIL 21, 2022

However, if costs are incurred while the property is not let, can you deduct the costs for tax purposes? Expenses are deductible in computing the profits and losses for a property business as long as they are revenue in nature and the expenses are incurred wholly and exclusively for the purposes of the business.

tax planning 52

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ThomsonReuters

SEPTEMBER 22, 2022

QUESTION: If our company sets up a qualified educational assistance program, what expenses can the program reimburse? For example, can we limit reimbursements to courses that are related to our business? Reimbursable expenses include, but are not limited to, tuition, fees and similar payments, and books. only tuition).

Education 52

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Understanding Deductible Business Expenses.

Tax 52

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ThomsonReuters

OCTOBER 19, 2023

When a bond is amortized , the principal amount, also known as the face value, and the interest due are gradually paid down until the bond reaches maturity. For instance, if the bond matures after 30 years, then the bond’s face value, plus interest , is paid off in monthly payments. What are the benefits of bond amortization?

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auditor Tax accounting and finance Account 52

LyfeAccounting

NOVEMBER 10, 2020

More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. That’s right, if you’ve carved out a portion of your home for business use, you can claim more than a handful of tax advantages and deductions.

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business tax Tax Entertainment accounting and finance 52

LyfeAccounting

OCTOBER 21, 2020

So I’d say, learn how to use small business tax deductions to lower your liability. Another month… Another week… And another day… So today we’re going to look at how you can start reducing taxes by taking advantage of small business tax deductions. What is a Tax Deduction? an accountant.

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Inform Accounting

OCTOBER 27, 2022

Have we piqued your interest yet? Hire an accountant First and foremost, we strongly recommend hiring an accountant. Instead, let the experts oversee your books so you can spend your time streamlining your business and generating profits. Maximise your business expenses You are afforded business expenses for a reason.

Tax 52

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LyfeAccounting

JANUARY 31, 2021

?. If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction… then you’re probably paying more than you have to in taxes to the IRS. In today’s post, I’m going to help you do this with the home office deduction. What is the Home Office Deduction? HOA expenses.

Tax 52

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Withum

AUGUST 23, 2022

Concealing domestic or foreign bank accounts, brokerage accounts, digital assets such as virtual currency or other property. Consistent concealment of unexplained currency, especially in a business not routinely requiring large cash transactions. Indicators of Fraud – Expenses or Deductions.

Account 59

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LyfeAccounting

APRIL 30, 2021

In either case, you want to make sure you’re aware of the tax write offs (OR deductions) you can take to minimize your taxes or even maximize your tax refund. Home Office Deduction. If you have a dedicated room or space in your home that is strictly for business, you can take the home office deduction. mortgage interest.

Tax 52

Tax Real Estate tax planning accounting and finance 52

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.

Tax 52

Tax tax return business tax accounting and finance 52

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

This in turn reduces stress as tax deadlines approach and can result in significant potential tax savings as you keep track of all your tax deductions and avoid interest and penalties. What type of businesses are required to prepare a T2125? If not, CRA will often assess you for this amount.

tax return 52

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ThomsonReuters

OCTOBER 5, 2023

Jump to: What is amortization in accounting? These assets vary depending on the type of business, but they often include such tangibles and intangibles as office buildings, corporate vehicles, computers, patents, copyrights, and trademarks. Some assets will fall under amortization accounting. So how does this look?

Account 52

Account accountant accounted Expense Amortization 52

Snyder

JUNE 9, 2022

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. Business income taxes. Income tax is one of the most common kinds of taxes for business in the USA. Contents: 1.

income tax 52

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Basis 365

FEBRUARY 20, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. A balance sheet is a financial statement that provides a snapshot of your business's financial health at a particular moment in time.

accounting and finance 52

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Nancy McClelland, LLC

APRIL 11, 2023

My note: Your small business accounting file needs to be tied out to source documents and all adjustments booked before we will finalize a return, and there may be delays in this process due to a variety of issues. Our blog post step-by-step on how to make quarterly estimated tax payments online. SEP IRA). •

Tax 98

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Basis 365

MARCH 23, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. A balance sheet is a financial statement that provides a snapshot of your business's financial health at a particular moment in time.

financial statements 52

financial statements accounting and finance accounting standards accounting principles 52

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables.

income tax 75

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LyfeAccounting

NOVEMBER 16, 2020

Now there are some interesting developments going on right now related to PPP. For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness.

payroll 52

payroll income tax Tax accounting and finance 52

LyfeAccounting

JANUARY 20, 2021

Are expenses deductible? Does my business type qualify? All we saw were headlines like “PPP loan plan a mess so far for small businesses”, or. Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. …and the list goes on.

Non-Profits 52

Non-Profits payroll Healthcare Hospitality 52

LyfeAccounting

JANUARY 30, 2021

Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. The next date/deadline is like our own recommendation that we made up to help businesses prepare. The specific date is going to depend on your business covered period or alternative covered period.

Tax 52

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LyfeAccounting

NOVEMBER 9, 2020

LLCs are by far the most popular entity type amongst small businesses. How does it protect your business? The answers to these questions may influence the entity structure that you choose for your business, and how much money you end up paying the IRS. First of all, your business is taxed on all income. in taxes as a LLC.

Tax 52

Tax CPA tax return accounting and finance 52

Snyder

FEBRUARY 12, 2023

The only thing that a business owner wants is to nail the tax season. This article will help outline the basics of payroll taxes every small business owner needs to know about. The amount of taxes collected from individuals and businesses within a state depends on the specific state tax laws. Contents: 1. What is a payroll tax?

payroll tax 52

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inDinero Accounting

APRIL 8, 2023

However, deciding between cash vs. accrual accounting methods is a critical one that will have far-reaching implications. 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.

accrual accounting 52

accrual accounting Account accountant accounted 52

Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. This category typically includes salaries, wages, bonuses, and self-employment income received from foreign employment or business activities. However, the U.S.

Tax 40

Tax tax return income tax Real Estate 40