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Five Tax Breaks Often Overlooked By Small Business Owners

CPA Practice

citizen and business owner, I really don’t have a problem with paying the taxes I owe. trillion, net , in federal taxes in 2022) goes toward everything from education, transportation and the country’s defense to Social Security, health care and veterans’ benefits. I understand the money the IRS collects (about $4.3 Hire your kids.

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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SUI Tax? The federal tax rate is a flat 6%.

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VARC Solutions Helps Clients Outsource Sales Tax Compliance

CPA Practice

Initially focusing on providing bookkeeping and payroll services, VARC Solutions has expanded to offer fully outsourced business management, payment processing, invoice management, consulting, implementation, and training. Since there are more than 12,000 sales and use tax jurisdictions in the U.S., Canada, and the Bahamas.

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Friday Footnotes: A Billion Dollar AI Audit Startup; Oops, All Independence Violations!; Bipartisan Tax Vote | 2.2.23

Going Concern

Paul McNab, formerly tax partner for 22 years, is challenging a key clause in the firm’s retirement plan that denies pension payments to partners – which are worth around $140,000 a year – if they leave to work for a “major competitor”. In the middle of a busy tax season, it would only take a few seconds—and just one click.

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Professionals on the Move – Nov. 2023

CPA Practice

Bookkeep Names Accounting Veteran Alison Ball as Vice President of Marketing and Communications Bookkeep, the leading accounting automation platform for ecommerce and retail, today announced the hiring of Alison Ball as Vice President of Marketing and Communications. in Accounting from the University of Texas at Dallas.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Spotlighting Women in Advisory Practice: Answering the call to accounting with Brittany Lanphier, CPA

ThomsonReuters

After being accepted at Texas A&M University Mays Business School — ranked one the most competitive business schools in the region — she progressed through her introductory business classes and then her first accounting class. Dennis Lanphier, an attorney in addition to being an accountant, can handle complex tax situations.)

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