xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns? For most taxpayers, the audit rate is less than 1% to 2%.

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SkagitCountyTaxServices

MAY 26, 2021

(Of course, you have MANY more tax-savings opportunities as well.). But with those increased obligations comes increased opportunity for things to slip through the cracks, potentially resulting in business tax penalties and interest charges from the IRS. Some of these penalties are straightforward and simple. Buckle up, partner.

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Snyder

FEBRUARY 7, 2023

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. What is a 100% tax deduction?

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.

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xendoo

DECEMBER 11, 2022

Corporations and LLCs that are taxed as corporations must use this form to report their income, tax deductions , and credits. Corporation Income Tax Return, is an IRS form that certain businesses use to file taxes. Net capital gain income. Tax deductions (These vary by company.

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Reckon

JUNE 21, 2022

Hot on their lips is the nail-biting question: what if I don’t have enough coin in the bank to pay my tax bill? Most sole traders will know that they’ll need to file their business tax return to the ATO between 1 July and 31 October. 1) Know your tax bracket and tax rates. 5) Pay in instalments.

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xendoo

NOVEMBER 22, 2021

Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . They are reported on the Schedule K-1, and noted as income on the Schedule E.

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ThomsonReuters

JANUARY 28, 2022

If you aren’t sure whether you can handle payroll management services during tax season in addition to your other work, approach businesses that have their own seasonal employment cycles in the summer and fall (such as landscapers). Bookkeeping. Business tax preparation. Financial advising.

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xendoo

SEPTEMBER 28, 2021

Our goal is to make sure that you have the tools you need to appropriately file your tax return this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. The current deadline for business tax preparation and submission is currently April 15, 2022.

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xendoo

AUGUST 24, 2021

Keeping detailed records of your income and expenses will help you identify when cash flows into and out of your business, and how cash flow may change over time. An online bookkeeping service will be able to take this task off your plate, saving you time and stress. So, how can you maximize your tax savings?

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Reckon

JUNE 13, 2022

Beyond 30 June, there are still a lot of business tax ATO deadlines to be aware of in 2022—they run through the festive season, right up until the end of the calendar year. 25 June : (If lodging electronically) tax agents must lodge and pay their 2022 Fringe Benefits Annual Tax Return. October 2022. December 2022.

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. 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 main thing you need to have is your bookkeeping done.

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

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Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

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MazumaBusinessAccounting

MAY 31, 2022

Keep the following documents for seven or more years: Income tax returns (federal and state) W-2s and 1099s Medical bills Contracts Receipts for tax-deductible items Mileage records Canceled checks Real estate tax forms Credit cards statements that contain purchases used as tax deductions Retirement plan contributions.

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Snyder

JUNE 20, 2022

What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account. Go through business bookkeeping basics. Track your small business profit and expenses. Get to know small business tax obligations and procedures. What is small business accounting?

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xendoo

MARCH 14, 2023

A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns. As a pass-through entity, business owners pay taxes for their business on their personal tax returns.

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xendoo

MARCH 14, 2023

A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns. As a pass-through entity, business owners pay taxes for their business on their personal tax returns.

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Steve Feinberg

JUNE 6, 2023

Failure to comply with tax regulations can result in a government audit of your finances by the Internal Revenue System. This can lead to monetary penalties as the government attempts to recoup lost revenue and punish improper bookkeeping or business practices.

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xendoo

JANUARY 26, 2023

However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. When you run a business, it’s easy to fall behind on your books and taxes. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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Nancy McClelland, LLC

APRIL 5, 2024

Not only did we end up using these reports for our own tax clients, but we also sent them over to our colleagues who prepare the tax returns for certain bookkeeping clients of ours, to help them out. Who do you think they’re going to recommend when a tax client needs accounting and bookkeeping assistance?

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Nancy McClelland, LLC

DECEMBER 26, 2023

My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead). Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. I know, that’s all very confusing.

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Nancy McClelland, LLC

DECEMBER 26, 2023

My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead). Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. I know, that’s all very confusing.

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Basis 365

APRIL 28, 2022

You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. Sole proprietorships are beneficial when only one individual owns the entire business.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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LyfeAccounting

JANUARY 13, 2021

?. People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. business tax deductions. Taxable income.

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SingleTrackAccounting

FEBRUARY 7, 2020

This is in addition to income tax. Luckily for Alley, there’s an easy way to reduce or eliminate this tax. Carrying health insurance is still mandatory under the Affordable Care Act and most small business owners can deduct health insurance related expenses for themselves and their employees on their business tax return.

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Snyder

JANUARY 19, 2023

The general workload of the busy period includes getting the end-of-year info from clients, reconciliation, working with tax receipts, income reporting slips, preparing for tax returns, and more. But first, let’s ask an expert about the challenges that professional accountants face during this busy season.

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ThomsonReuters

JANUARY 18, 2024

Ensuring the accuracy of bookkeeping and that the bookkeeping is compliant with state and federal laws. Preparing tax returns. Working with external auditors. Recording disbursements and payments. Ensuring that systems are up to date. They also need one year of accounting-related work experience.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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LyfeAccounting

JUNE 22, 2021

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. Instead, you will file a Schedule C when you file your personal tax return. What Taxes Do You Have to Pay as a Sole Proprietor?

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LyfeAccounting

JANUARY 5, 2021

How Do You Claim Tax Deductible Donations? To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR. To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR.

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xendoo

SEPTEMBER 19, 2022

As long as a trip is primarily for business, you could claim it as a business travel expense (within reason) and save some money on taxes. Here’s how to follow the rules while saving a bundle on your tax return. What is considered a business trip?

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LyfeAccounting

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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