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. Taxpayers whose income fluctuates from year to year may find the plan beneficial, as their tax payments can be based on current in-year income.

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Withum

DECEMBER 20, 2023

Further, with the higher 2024 RMD, you can look forward to an increased Adjusted Gross Income and, therefore, higher Medicare insurance payments that will be deducted from your 2026 Social Security benefits. When that date is set, I’ll post the free registration information on one of my blogs. Not so good. However, it is what it is.

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ThomsonReuters

OCTOBER 31, 2023

They have a legal right to income from the extraction of the mineral or cutting of the timber and must seek a return of their capital investment. This assigned depletion rate is multiplied by the gross income from the property. Blog Highlights of the similarities and differences between accounting depreciation and tax depreciation.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns.

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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. So, keep in mind that a company can be an LLC but be taxed as a corporation.

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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. So, keep in mind that a company can be an LLC but be taxed as a corporation.

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Withum

FEBRUARY 29, 2024

So, let me set some ground rules for my clients and the people who read my blogs. The rest of this blog will provide an understanding of what the stock market represents and means for my typical client or the typical investor. When the market is up, most everyone is happy, but not everyone.

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Xero

JUNE 8, 2023

Because if the value of your stock moves up or down during the year, it can affect your taxable income. These are generous deductions, but keep in mind that you still need to find the cash to pay for the asset, and it may take several months before seeing a tax benefit from the deduction. Looking for more year-end tips?

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ThomsonReuters

FEBRUARY 14, 2022

Withholding : Federal income tax (FIT) is not withheld; however, FICA (Social Security and Medicare taxes) must be withheld. . Beneficiary/Estate 1099-MISC reporting: Wages should be reported in Box 3 (Other Income). . Beneficiary/Estate 1099-MISC reporting: Wages should be reported in Box 3 (Other Income). .

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5 Minute Bookkeeping

JUNE 24, 2021

Coming across unapplied cash payment income and expenses in the Profit and Loss report during a QuickBooks Online cleanup can leave you stumped. Keep reading, and I’ll answer these questions and tell you how to clean up unapplied cash payment income and expenses in QuickBooks Online. The accounts cannot be deleted.

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xendoo

DECEMBER 15, 2021

In this blog post, we are exploring the top 5 benefits of catch up bookkeeping ! . Be aware that your bank account does not necessarily reflect the exact amount of cash that is available to spend. Be aware that your bank account does not necessarily reflect the exact amount of cash that is available to spend.

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Xero

NOVEMBER 23, 2022

Tackle late payments and improve your cash flow. Late payments can have a huge impact on cash flow, making it incredibly difficult to plan for the future. Without the need to chase for late payments, you can ultimately improve cash flow. Save details quickly and accurately, and automatically categorise spending as you go.

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ThomsonReuters

JANUARY 28, 2022

Figuring out how to stabilize revenue throughout the year can help you reduce overall stress and improve income potential. Avoid cash flow fluctuations. Tax accountants who only earn an income part of the year have to figure out how to stretch that income through the lean months. Filing quarterly employment taxes.

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ThomsonReuters

AUGUST 2, 2023

Rule 1: Income Inclusion Rule (IIR): The IIR is one of two measures that allows profits taxed at less than 15% to be targeted for additional taxation. ’s Global Intangible Low-Tax Income (GILTI) rules with Pillar 2 rules in a way that would make the resulting tax qualify as an IIR. Mexico plans to apply Pillar 2.0

corporation tax 98

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Withum

MAY 26, 2022

I also tell clients and readers of my blogs that if they like to trade stocks, buy or sell options or if they want to limit their investing to specific sectors or types of stocks, I am not someone they should retain or listen to. I could write many blogs about this and have. Funds also provide a level of diversification. Earnings do.

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Withum

JUNE 22, 2023

Both blogs are combined here with some editing, and I am reposting it with the hope that they will do something. I also know more than a few other people that are in a similar situation, and I will call them and send a link to this blog trying to get them to get it done. Please follow through. This is important stuff.

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Xero

OCTOBER 11, 2022

It’s really helping us manage our cash flow.” . Not only will the tax process be improved, the many business owners who also need to comply with MTD for Income Tax Self Assessment (ITSA) have an opportunity to get prepared even earlier. Close the door, pull down the shutters. The time has come. The future of MTD. And this is good news.

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LyfeAccounting

JUNE 7, 2021

You usually don’t start feeling the impact of taxes on your income until you start hitting the 22% tax bracket or higher. The tax system can be simplified like this – the more income you make, the more taxes you pay. So if you want to avoid paying taxes, then you usually have to figure out a way to reduce your taxable income.

Legal 59

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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. For instance, why is it essential to select between cash and accrual accounting methods? What Is Cash Basis Accounting?

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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. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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LyfeAccounting

JUNE 23, 2021

In this post, we will be going over 10 passive income ideas that you can start implementing today. Passive income is money you earn that takes very little effort. If you think about your business or job, that’s actually considered active income because it takes a lot of time and effort to earn money from it. Bank CDs.

Real Estate 52

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Anders CPA

MAY 16, 2023

In previous blog posts, we discussed the concept of “missing” participants in a 401(k) Plan. If these individuals don’t move the money out of your Plan into either another Plan, an Individual Retirement Account (IRA) or take the funds as a cash withdrawal, you may lose touch with them over time. This shows the extent of the problem.

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Snyder

OCTOBER 27, 2022

This blog will teach you how to receive payments on Etsy , both including and apart from PayPal. This blog is a part of a series dedicated to the most popular e-commerce marketplaces’ payment solutions. There’s absolutely no need to worry about knowing your net and gross income amounts and monthly reconciliation.

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ThomsonReuters

APRIL 18, 2023

The accounting profession has faced a profound shift in recent years: from significant regulatory changes to an influx of innovative technologies, to reimagined business models, to an increase in client expectations. What are the current issues in accounting? but there are several common hurdles that often run industry wide.

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LyfeAccounting

OCTOBER 19, 2020

And that is the difference between cash vs accrual accounting. I have a client that previously was doing their books with accrual accounting and when I reviewed their cash balances, the income in their books and cash in the bank were completely different. The answer had everything to do with cash vs accrual accounting.

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Inform Accounting

OCTOBER 17, 2022

What we know now: The basic rate of income tax remains at 20% and likely to stay there for the foreseeable future. It is important to keep an eye on your business’s cash going forward. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? The 45% higher tax rate is here to stay. dollar to the pound.

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LyfeAccounting

APRIL 27, 2021

We actually have some really good posts on this blog explaining what might be the causes of that so be sure to check those out after reading this post. So in actuality, you paid more in income taxes than was necessary by law. For example, like investing that cash. Earned Income Tax Credit. It’s sort of like this.

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LyfeAccounting

JULY 1, 2021

No matter how you receive income, where you receive income, or why you receive income, you can bet that the IRS wants their fair share of it. Most people know that income from your job or investment is taxable. Even criminals are required to report their income to the IRS. Yup, you read that right!

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LyfeAccounting

OCTOBER 14, 2020

Keep in mind that cash transactions are not recognizable using bank statements alone. If you have cash transactions, you have to retain the physical receipt or recall the purpose of the cash transaction and communicate that to your bookkeeper if you have one. For example, cash would be an asset. More simply, bookkeeping.

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LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”. What are Income Taxes?

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LyfeAccounting

JANUARY 11, 2021

Discounted cash flow. Assets are the resources in your business that help you earn sales – things like inventory or cash. The earnings or income of a business are used to value a business in this method. Do you include non-sales income like interest income? Discounted Cash Flow Method. Market value.

Non-Profits 52

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LyfeAccounting

JUNE 21, 2021

Consider the following account characteristics before choosing your business checking or savings account: Sign-up Bonuses: Some banks have one-time cash bonuses you can qualify for when you open a business checking or savings account. The ability to deposit cash , which you can do with the BlueVine checking account. are online banks.

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LyfeAccounting

JANUARY 28, 2021

Now according to the SEC, an individual accredited investor is anyone who either: Earned income of more than $200,000 (or $300,000 together with a spouse) in each of the last two years and reasonably expects to earn the same for the current year, or. New 2021 SEC Accredited Investing Rules. But at the same time, you can stand to gain a lot.

Tax 52

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Snyder

JANUARY 8, 2023

Like in any other form of commerce, the income in a dropshipping business is formed by a margin. Unlike typical online stores, a dropshipping business doesn’t work with inventory and order fulfillment directly. All businesses that sell products online accept orders and ship goods to customers. Why start a dropshipping business?

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ThomsonReuters

FEBRUARY 1, 2024

GAAP rules in FASB ASC 210 concerning the composition of “ cash available for current operations” and rules that allow or prohibit the offsetting of certain asset and liability balances. seemingly conflicts with this practice because it indicates that outstanding checks should be reported as a reduction of cash,” Garcia said.

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LyfeAccounting

JUNE 22, 2021

According to the IRS, all income received is considered taxable. Generally, the main taxes are Federal income taxes, State taxes, and the big-ugly-fat 15.3% self-employment tax on your income. Now, of course, you pay these taxes on your income, but what exactly is income when you’re operating as a sole proprietor?

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LyfeAccounting

OCTOBER 18, 2020

If you don’t provide records requested by investors or lenders, that could mean a stoppage of cash flow and so on. When income and expenses are properly organized, it makes it easier to review financial resources and expenses. It’s this delicate balance of cash inflow and outflow that will keep your business going.

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