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

Tax E-commerce audit income tax 52

ThomsonReuters

SEPTEMBER 30, 2022

Employers using these rates to set per diem allowances can treat certain categories of travel expenses as substantiated without requiring that employees prove the actual amount they spent. General guidance issued in 2019 regarding the use of per diems after the Tax Cuts and Jobs Act remains in effect (see our Checkpoint article ).

Expense Reimbursements 93

Expense Reimbursements Transportation Tax Account 93

Xero

JUNE 7, 2022

It’s no secret that end of financial year (EOFY) comes with its challenges for many self-employed Australians. Whether you’re a sole trader, side-hustler or freelancer, understanding deductions to super and taxes – on top of running your own show – is enough to make anyone’s head spin. Don’t forget to tax plan .

bookkeeping 105

bookkeeping tax planning Tax accounting software 105

ThomsonReuters

FEBRUARY 16, 2023

IRS Publication 502 (Medical and Dental Expenses (for 2022 Returns)); IRS Publication 503 (Child and Dependent Care Expenses (for 2022 Returns)) Publication 502 Publication 503 The IRS has released updated versions of Publications 502 and 503 for the 2022 tax year. employer-sponsored medical plans). Contributing Editors: EBIA Staff.

income tax 98

income tax tax return Tax Account 98

ThomsonReuters

OCTOBER 20, 2022

For 2023, the maximum amount of payments and reimbursements under a QSEHRA will be $5,850 for self-only coverage and $11,800 for family coverage (up from $5,450 and $11,050, respectively). Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP.

Transportation 97

Transportation Tax income tax Account 97

ThomsonReuters

MAY 13, 2021

The IRS has released the 2022 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). HDHP Minimum Deductibles. They can be offered by employers of any size and must meet specified requirements.

Tax 93

Tax Account accountant accounted 93

Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. As the saying goes, the best offense is a great defense.

Tax 105

Tax tax return audit Entertainment 105

ThomsonReuters

SEPTEMBER 8, 2023

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. Which is better, a C corp or S corp or LLC?

income tax 75

income tax Tax Legal tax return 75

ThomsonReuters

DECEMBER 10, 2020

ANSWER: Here’s an explanatory list of common acronyms primarily used in our Cafeteria Plans, Consumer-Driven Health Care, ERISA Compliance, Self-Insured Health Plans, and Fringe Benefits manuals. DCTC — Dependent Care Tax Credit. EIN — Employer Identification Number. EPP — Employer Payment Plan.

income tax 90

income tax Tax Account accountant 90

ThomsonReuters

MARCH 2, 2023

Here are highlights relevant to employer-sponsored group health plans: COVID-19 Vaccines, Testing, and Treatments. The end of the PHE will not change how COVID-19 treatments are covered; plans that require cost sharing or apply deductibles may continue to do so. Access to Telehealth Services. Contributing Editors: EBIA Staff.

Tax 97

Tax Account accountant accounted 97

ThomsonReuters

OCTOBER 12, 2023

expats pay taxes? Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status.

Tax 75

Tax tax return income tax tax preparation 75

ThomsonReuters

NOVEMBER 11, 2021

For 2022, the maximum amount of payments and reimbursements under a QSEHRA will be $5,450 for self-only coverage and $11,050 for family coverage (up from $5,300 and $10,700, respectively). Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP.

Transportation 98

Transportation Tax income tax Account 98

ThomsonReuters

SEPTEMBER 9, 2021

The IRS has released two information letters that provide general information about health savings accounts (HSAs) and high-deductible health plans (HDHPs). The letter advises that the account holder should contact the custodian to obtain a corrected Form 5948-SA.

Manufacturing 78

Manufacturing Tax Account accountant 78

ThomsonReuters

FEBRUARY 3, 2022

The IRS has released updated versions of Publications 502 and 503 for the 2021 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their 2021 federal income tax returns. employer-sponsored medical plans). 1 (“Only Code § 213 Medical Care Receives Favorable Tax Treatment”).

income tax 96

income tax tax return Tax Account 96

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. from the partnership for the tax year. from the partnership for the tax year.

Non-Profits 59

Non-Profits tax return Tax income tax 59

Nancy McClelland, LLC

DECEMBER 28, 2022

(Note: our affiliate link will earn you a $100 gift card after you run your first payroll — or up to $500 if you are an accountant or bookkeeper who signs up your own clients. More in this blog post and from the IRS here.). Under Employment Details, make sure the employee is designated as a 2% Shareholder. Click Save.

payroll 52

payroll payroll tax income tax quickbooks 52

Inform Accounting

JULY 14, 2023

Tax payments for the self-employed or those who declare their income under self-assessment are payable by 31 January and 31 July every year. A budget payment plan (BPP) allows taxpayers to make regular advance payments towards their next self-assessment tax bill.

Tax 52

Tax tax accountant online accounting Government 52

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

Tax 52

Tax income tax payroll tax payroll 52

LyfeAccounting

APRIL 13, 2021

The SEP IRA allows business owners to deduct up to $58,000 and put that money towards retirement. This is thousands of dollars more than the $6,000 contribution limit that a standard traditional or Roth IRA account allows you to deduct. And the good news is that your contribution is tax-deductible.

Tax 52

Tax accounting and finance small business accounting CPA 52

Inform Accounting

OCTOBER 27, 2022

We all have to pay taxes. But what if we told you there are several strategies you can adopt to help reduce the amount of tax you pay? Because we are sharing six tips to help you save tax and get the most for your money! Hire an accountant First and foremost, we strongly recommend hiring an accountant.

Tax 52

Tax income tax Account accountant 52

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

payroll tax 52

payroll tax payroll Tax income tax 52

ThomsonReuters

NOVEMBER 18, 2021

The IRS has issued guidance clarifying how the temporary 100% business expense deduction for food or beverages from restaurants applies to the meal portion of per diem rates and allowances. As background, Code § 274(n) generally limits otherwise allowable deductions for food or beverage expenses to 50% of the expenses.

Expense Reimbursements 52

Expense Reimbursements Tax Account accountant 52

xendoo

AUGUST 24, 2021

How do taxes factor in? Self-Payment, Simplified. Tax filing is simplified too! 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.

Tax 95

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ThomsonReuters

APRIL 20, 2023

EBIA Comment: Employers and others considering changes to their plans’ preventive health services coverage should proceed with caution since they may still be required to cover the full scope of recommended preventive services under other legal and contractual requirements. See also EBIA’s Self-Insured Health Plans manual at Section XIII.C.1

Legal 98

Legal Government Tax Account 98

ThomsonReuters

SEPTEMBER 9, 2021

Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount they spent. The special rate for the incidental expenses deduction is unchanged at $5 per day.

Expense Reimbursements 52

Expense Reimbursements Transportation Tax Account 52

ThomsonReuters

DECEMBER 10, 2020

Although largely aimed at insurers and Exchange regulators, some provisions may be of interest to employers and their advisors. The maximum annual limit on cost-sharing for 2022 is proposed to increase to $9,100 for self-only coverage and $18,200 for other than self-only coverage (the 2021 limits are $8,550 and $17,100).

Tax 98

Tax Account accountant accounted 98

ThomsonReuters

JANUARY 28, 2021

The IRS has released an updated version of Publication 502 for the 2020 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their federal income tax returns. employer-sponsored medical plans). 1 (“Only Code § 213 Medical Care Receives Favorable Tax Treatment”).

income tax 52

income tax tax return Tax Account 52

ThomsonReuters

OCTOBER 12, 2023

Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting. What is FEIE?

Tax 40

Tax tax return income tax Real Estate 40

ThomsonReuters

JANUARY 20, 2022

The cost-sharing limits for the 2023 benefit year will be $9,100 for self-only coverage and $18,200 for other than self-only coverage, up from $8,700 and $17,400, respectively, for the 2022 benefit year. The IRS generally updates those amounts on its employer shared responsibility webpage. Contributing Editors: EBIA Staff.

Start-ups 52

Start-ups Tax Account accountant 52

LyfeAccounting

NOVEMBER 9, 2020

And more importantly, what are the tax benefits of choosing an LLC over another entity? In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. LLC Tax Loopholes.

Tax 52

Tax CPA tax return accounting and finance 52

Cheap Accounting

SEPTEMBER 11, 2023

To help it’s worth reminding people about three tax free benefits that could be advantageous to the household coffers. There will be no tax to pay on the amount earned. Equally if your gross income from all trading is more than £1,000 you can use the tax-free allowance, instead of deducting any expenses or other allowances.

Tax 49

Tax Gaming Maine Retail 49

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

While being self employed comes with numerous benefits, there are also many challenges. One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

tax return 52

tax return Tax accounting software business tax 52

LyfeAccounting

MAY 18, 2021

7 Tax Mistakes Business Owners Make. 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. After all, you want to write off as many business tax deductions as possible.

Tax 52

Tax tax return accounting and finance Real Estate 52

LyfeAccounting

APRIL 30, 2021

All to save you the most on your taxes. 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. Top 5 Tax Write Offs for New LLCs. Home Office Deduction. real estate taxes. Are you ready?

Tax 52

Tax Real Estate tax planning accounting and finance 52

LyfeAccounting

APRIL 27, 2021

?. In one of our previous posts, we talked about the SEP IRA , which has some incredible tax benefits. Like being able to deduct up to $58,000 on your taxes and put that money in an investment vehicle to fund your retirement. Traditionally, 401K plans are offered by an employer to its employees to help them save for retirement.

Tax 52

Tax accounting and finance Start-ups tax return 52

LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. I missed payroll tax filing deadlines that cost me thousands of dollars. What are Income Taxes?

income tax 52

income tax payroll tax payroll Tax 52

LyfeAccounting

JUNE 22, 2021

How sole proprietors pay taxes? So let’s talk about how sole proprietors pay taxes. For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. What Taxes Do You Have to Pay as a Sole Proprietor?

tax return 52

tax return Tax accounting and finance income tax 52