ThomsonReuters

NOVEMBER 15, 2023

Rules for cash donation tax deductions Filling out Schedule A for Form 1040 Helping clients with tax deductible donations on their tax return As the season for giving approaches, many individuals and businesses consider making monetary donations to charitable organizations. Use Schedule A Form 1040 to figure your itemized deductions.

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xendoo

AUGUST 24, 2021

In this blog post, we will walk you through paying yourself as a sole proprietor! . Once you decide on an amount to take (more on that in a moment), it can be transferred from your business bank account to your personal account. Once your DBA is set up, you can open a business bank account. Self-Payment, Simplified.

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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). Income Tax Return for an S Corporation, and Schedule K-1 ( Form 1065 ).

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Shay CPA

FEBRUARY 28, 2024

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. That can give you and your accountant a good foundation to build on for this year. Amazon, Staples) Payroll (e.g.,

Tax 52

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Xero

NOVEMBER 30, 2022

When you select the figures in the ‘This month’ column on your accounts watchlist on the Xero dashboard, you’ll now be taken to the new version of the Account Transactions report. We’ve released a new 2022 Schedule C report template for advisors in the US. Auto super accounts in Xero Payroll — Australia.

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ThomsonReuters

FEBRUARY 24, 2023

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s, however, are quite different and can come with some complexities for tax and accounting firms. What is Schedule K-1? Is Schedule K-1 considered income? taxpayers each year.

Non-Profits 59

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Withum

APRIL 19, 2022

this blog is for you. For full details on Power Platform licensing, read our recent blog post “A Comprehensive Guide to Power Platform Licensing.” Synchronize data between systems on a scheduled basis. Schedule a Consultation. First, some basics – what is Power Platform? Power Platform Licensing.

Technology 105

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Lockstep

JUNE 1, 2022

As the Federal Reserve tightens interest rates at the highest level in over 20 years, it’s a good time to review your manual accounts receivable (AR) processes to seek out your unresolved cash traps. Guest Blog by Ryan Waldo, Lockstep. Accounts receivable automation elevates your payments strategy and reduces DSO by 30%.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. 864(c)(8), Sec.

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ThomsonReuters

NOVEMBER 2, 2021

The two main types of corporations that must file federal tax returns are: C corporations: A legal structure for a corporation in which the owners or shareholders are taxed separately from the entity, a C corporation is the most prevalent type of corporation. 1. Determine if your corporation is a C corporation or an S corporation.

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Xero

NOVEMBER 13, 2022

You can add a planned date to a purchase invoice in the Awaiting Payment tab to create a schedule of planned payments. . This is great for businesses with a daily payment limit on their bank accounts, because Xero totals the bills as you select them — so you can see if the total exceeds your daily limit.

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ThomsonReuters

JANUARY 21, 2022

April 18, 2022 : Last day for individuals to make a 2021 IRA contribution and C corporation tax returns for calendar year 2021. For all the 2022 inflation-adjusted tax brackets and other inflation-adjusted numbers, see the official inflation-adjusted tax rate schedule and other key tax figures for 2022 within the Checkpoint platform.

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ThomsonReuters

JUNE 29, 2022

This was option “c” from last week’s quiz. These include time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages. Find the answer to this question and more in the following CPP Corner Series blogs. This edition’s question.

payroll 97

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ThomsonReuters

MAY 17, 2022

Tax practitioners will do well to advise their gig-working clients that they have a Schedule C business with taxable income and that they should keep proper documentation to accurately report net income to minimize their tax liability. Separate Personal Amounts from Gig Income Receipts. Start Tracking Deductions.

Tax 105

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ThomsonReuters

APRIL 13, 2023

These two words can strike fear in the hearts of your tax and accounting clients: IRS audit. Understanding how to manage client expectations and concerns and how to get through the process is an essential skill in the tax and accounting professions. Getting a letter from the IRS about an audit can be frightening.

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LyfeAccounting

JUNE 2, 2021

As an accounting firm, we’ve filed our fair share of amended tax returns. An amended return is also not necessary if you forgot to submit a required form or schedule with your original tax return as you will receive an IRS letter with a notice regarding the missing item. Let’s look at columns A and C first and then Column B.

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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. That can give you and your accountant a good foundation to build on for this year. Amazon, Staples) Payroll (e.g.,

Tax 52

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LyfeAccounting

FEBRUARY 19, 2021

C-Corporations. To report and pay federal income taxes on your single member LLC business, you will need to complete a Schedule C, which is a profit or loss business form. Schedule C will report all your business transactions such as income, expenses, assets, and profits. limited partnerships. S-Corporations.

Tax 52

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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

FEBRUARY 23, 2023

Miscommunication, unrealistic expectations, and personality differences are bound to surface on occasion, but establishing boundaries early on can help accountants avoid these problems and better manage client expectations. The relationship accountants have with their clients is no different. Do they pay the bills on time?

Account 59

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ThomsonReuters

SEPTEMBER 7, 2023

While the cost of sending your child to an after school program isn’t directly tax deductible, there are other ways to save on taxes related to childcare. One option is the c hild and dependent care tax credit , which can provide tax relief for a percentage of qualifying childcare expenses, including after school care.

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ThomsonReuters

NOVEMBER 5, 2020

Separate Standard for Individual Account Plans Eliminated. Under the proposed rules, individual account plans were permitted to use only “objective risk-return criteria” when selecting and monitoring investment alternatives. Contributing Editors: EBIA Staff.

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5 Minute Bookkeeping

APRIL 22, 2021

Type of business entity ( Sole Proprietor, Partnership, LLC, S-Corp, C-Corp, etc. ). Accrual or Cash accounting ( method used for their internal bookkeeping and method used for tax purposes ). Whether there is a Schedule L in the tax return or not. ( Period(s) that you’re cleaning up. Cleanup checklist.

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ThomsonReuters

SEPTEMBER 7, 2023

Which tax software can accountants use for calculating the child tax credit? For accountants, understanding the intricacies of the child tax credit can have a meaningful impact on the families you serve. As an accountant, your clients rely on you to help them mitigate risk and maximize their tax benefits.

Tax 52

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inDinero Tax Tips

NOVEMBER 16, 2021

indinero’s flexible pricing options offer CFO services at the fraction of the cost of hiring a C-level officer. This is an affordable option for businesses looking for the wisdom of a CFO without the cost of hiring a C-level officer. Check out these blogs: What Does a CFO Know About People? Think again!

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inDinero Tax Tips

NOVEMBER 16, 2021

inDinero’s flexible pricing options offer CFO services at the fraction of the cost of hiring a C-level officer. This is an affordable option for businesses looking for the wisdom of a CFO without the cost of hiring a C-level officer. Check out these blogs: What Does a CFO Know About People? Think again!

Tax 52

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ThomsonReuters

MARCH 16, 2021

They have managed an unprecedented series of disruptions that imperiled international commerce, threatened companies’ survival, and elevated global trade management to a top concern for the C-suite and corporate directors. Data is the key to managing trade compliance and supply chain risk.

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LyfeAccounting

NOVEMBER 25, 2020

Also, as a disclaimer, I have to say that this is not financial advice and you should always consult with your specific accountant or lawyer. After that, you’re going to have to input the date the PPP Loan arrived in your bank account. After that you’ll get into some more questions such as: What is your payroll schedule?

payroll 52

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LyfeAccounting

JANUARY 19, 2021

Just a little disclaimer though, this post is not financial advice and we always recommend you consult with your specific accountant or lawyer. Also, the PPP borrower must have an eligible entity which the bill defines as a Schedule C taxpayer, LLC , S Corp or partnership. And if you have an existing PPP loan. Good news!

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Nancy McClelland, LLC

DECEMBER 26, 2023

Law firms and attorneys have so many specialized 1099 issues, they get their own blog post.) (**) There’s a lot of confusion over Venmo and PayPal, because there are personal-use “Friends & Family” versions as well as business versions of both platforms. There’s also an exception to the incorporation rule for attorneys and law firms.

bookkeeping 52

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Nancy McClelland, LLC

DECEMBER 26, 2023

Law firms and attorneys have so many specialized 1099 issues, they get their own blog post.) (**) There’s a lot of confusion over Venmo and PayPal, because there are personal-use “Friends & Family” versions as well as business versions of both platforms. There’s also an exception to the incorporation rule for attorneys and law firms.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

JANUARY 21, 2021

Final Regulations: Application of the Employer Shared Responsibility Provisions and Certain Nondiscrimination Rules to Health Reimbursement Arrangements and Other Account-Based Group Health Plans Integrated With Individual Health Insurance Coverage or Medicare, 26 CFR Parts 1 and 54, __ Fed. Reg. __ (__, __). Available at [link].

Tax 59

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ThomsonReuters

FEBRUARY 15, 2023

Accountants who help clients effectively manage property taxes can further strengthen their role as a trusted advisor. For real estate and personal property taxes paid on property used in a business, they are deducted on Schedule C (Form 1040) or Schedule F (Form 1040).

Tax 52

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LyfeAccounting

JUNE 22, 2021

Instead, you will file a Schedule C when you file your personal tax return. Step 1: Operate out of a business bank account. Step 2: Transfer money from your business bank account to your personal account. Put yourself on a schedule to pay your estimated taxes quarterly. Here are the steps you should take.

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ThomsonReuters

FEBRUARY 7, 2022

Minimum wage rate adjustments have not yet been determined for the District of Columbia, Nevada, and Oregon which are scheduled to take effect on July 1 of this year. . The post 2022 Minimum Wage and Overtime Salary Threshold Increases appeared first on Tax & Accounting Blog Posts by Thomson Reuters. per hour, $9.80

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LyfeAccounting

MAY 18, 2021

Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. Too often, we see new business owners operating from their personal accounts which creates a big mess at tax time. Schedule a meeting with us today!

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ThomsonReuters

DECEMBER 7, 2022

To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary tax return, what defines estates and trusts, and more. Examples of income producing assets include, but are not limited to: C ertificates of deposit.

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