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EOFY is coming up. Know the lodgment dates for the financial year ahead

Reckon

You can lodge your 2022/23 tax return from now until 31 October. 28 August: If you did not pay your contributions earlier (to receive the 30 June tax deduction) this is the final date to lodge and pay your Q4 (1 April–30 June) Superannuation Guarantee Charge Statement. 31 October: Individual tax returns are due for 2022-23.

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Tax dates for your diary till 31 December 2022

Reckon

The purpose of completing a BAS form is to report the goods and services tax amount you’ve collected on your sales, minus any that you’ve paid on your purchases with the difference being your refund—or what you owe—to the ATO since your last lodgement. 31 October: Individual tax returns due for 2021-22. August 2022.

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Best Real Estate Accounting Tips for Agents and Brokers

xendoo

Setting up your real estate accounting system the right way will enable you to minimize the labor and stress involved in large-value transactions, extreme income fluctuations, employee pay formulas, and government regulations. Building construction. Figure Out Worker Pay and Taxes. Property management. Residential sales.

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The Difference: Cash Basis Accounting vs. Accrual Accounting

xendoo

For example, if your company sells a product to a customer in December of 2021 and receives payment in January of 2022, this transaction would not be recorded on your business income tax return until the following year. Accrual Accounting and Taxes. This can actually be a great method for eCommerce bookkeeping.

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Business Tax Credits to Lower Your Tax Bill

xendoo

The Inflation Reduction Act increased the maximum threshold from $250,000 to $500,000, starting with the tax year 2023. To obtain this credit, businesses must submit Form 6765 to their federal income tax return by April 18, 2023. Your filing date should match the deadline for your tax return.

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Tax Credits You May Claim Now

MyIRSRelief

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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How to Choose the Right Software to Simplify Your Real Estate Accounting

xendoo

Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Breeze through tax time. Suppose you wait until a week before your tax return is due to get your books updated.