MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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ThomsonReuters

JANUARY 28, 2022

Companies that only offer tax services have to start over each year building a brand through marketing and advertising. By offering services that last throughout the year, you can keep your business at the forefront of customers’ minds even when they don’t need tax preparation. Bookkeeping.

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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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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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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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xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. Return of Partnership Income? To the IRS, an informational form is one that does not calculate any tax due.

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xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. Return of Partnership Income? To the IRS, an informational form is one that does not calculate any tax due.

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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. Because of this, you are only required to file a personal tax return.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Ensuring the accuracy of bookkeeping and that the bookkeeping is compliant with state and federal laws. Preparing tax returns. Accountant vs. CPA vs. tax preparer: What are the differences? Working with external auditors.

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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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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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PYMNTS

NOVEMBER 16, 2018

Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution. ZDNet reported this week that Xero, based in New Zealand, will acquire U.K.-based

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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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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Individual tax returns are due by April 18, 2022. Deductions.

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LyfeAccounting

FEBRUARY 19, 2021

This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities. The primary business taxes you will pay are federal income taxes and self-employment taxes. This is attached to your personal federal tax return that you file with the IRS.

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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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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? Great news, because this step-by-step guide will cover the critical 7 steps you’ll need to follow to set up a modern bookkeeping practice and to land your first clients. In this guide, you’ll learn: How to set up a strategic business plan.

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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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Snyder

DECEMBER 28, 2022

If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit. What does a tax audit mean? IRS tax audit process. Let’s have a look!

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xendoo

MAY 16, 2023

Difference between filing and paying taxes There is a difference between filing and paying your taxes. While you file tax returns once a year, businesses must also pay estimated taxes quarterly. The deadline for both is the same in Q1 of 2023, but quarterly taxes have different due dates throughout the year.

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xendoo

MAY 16, 2023

Difference between filing and paying taxes There is a difference between filing and paying your taxes. While you file tax returns once a year, businesses must also pay estimated taxes quarterly. The deadline for both is the same in Q1 of 2023, but quarterly taxes have different due dates throughout the year.

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xendoo

MAY 19, 2021

With so many day-to-day responsibilities that go into running a small business, such as inventory accounting, staffing, bookkeeping, and marketing, it can be easy to forget about the tax deadline. Yet, before you know it, their tax deadline came and went. . What is the Deadline for the Florida Business Tax Extension?

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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

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. October 29.

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xendoo

MARCH 18, 2021

Xendoo does all of the work for you – we utilize Quickbooks and Xero accounting software, so you have ownership of your financial records while benefiting from the Xendoo online bookkeeping and accounting team. Why your small business needs accounting software. Why you should hire an accountant for your business.

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xendoo

DECEMBER 11, 2022

Corporation Income Tax Return, is an IRS form that certain businesses use to file taxes. It helps businesses report their yearly profits and losses to determine their tax liability. Businesses can also use Form 1120 to report the gains or losses from the sale of assets and any taxes due from foreign income.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th.

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xendoo

JULY 6, 2022

Why do businesses need receipt apps? The IRS recommends that you keep certain financial records for at least three years after filing a tax return. So, if you don’t know how to do your bookkeeping and other financial tasks, you may end up making mistakes. You can try Keeper Tax for free for seven days.

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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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MazumaBusinessAccounting

AUGUST 12, 2021

However, your city or state may require you to obtain a business license, so be sure to look into the requirements for your specific state. In addition, you will want to register your business name with your state. When it comes to your business taxes, filing is quick and easy. General Partnership. Single-Member LLC.

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