ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. Why does my CPA suggest we extend my tax return? • What are the primary benefits of extending my tax return? •

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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. All you need is a few software tools…and two separate business bank accounts! (A

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MyIRSRelief

JANUARY 3, 2022

With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man. If you’re a small business owner, you will likely already be aware that employment 941 payroll trust fund taxes can cause monumental headaches.

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MyIRSRelief

NOVEMBER 29, 2019

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government.

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MazumaBusinessAccounting

DECEMBER 3, 2019

As we approach tax season, it is important to understand different types of tax forms, and why we need them. If you’re hiring a new employee, or trying to report your income tax returns, you have come to the right place! Tax forms are essential for all small businesses and must be filled out properly.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. Read on to find out.

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LyfeAccounting

JULY 11, 2021

So if you are working in a foreign country or you are investing in a foreign country, like in their stocks, and you are getting taxes like capital gains taxes… …then you’re going to want to learn about the foreign tax credit. What is a Foreign Tax Credit? and a foreign country on the same income.

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MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Which Businesses Are Eligible for Refunds?

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Which Businesses Are Eligible for Refunds?

Tax 52

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

However, most accounting software, will only produce a non official summary report that then has to be transcribed onto the actual form which can then be mailed. QPIP (RQAP) Boxes 7 and 8 which is the Quebec Parental Insurance Plan. The employer portion is calculated at 1.4 times the amount of the employee portion.

payroll 98

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. – State Income Tax.

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LyfeAccounting

APRIL 27, 2021

We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? What Tax Refunds Are Not Good?

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LyfeAccounting

JULY 14, 2021

Your physical address might result in you paying significantly more in property taxes than someone else. And as millions of Americans rush from one state to another, one thing you just have to keep in mind is property taxes. That’s why in this post, we’re going to uncover the states with the worst property taxes in the country.

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LyfeAccounting

OCTOBER 29, 2020

?. Let’s talk about taxes on stocks. We’ll be covering when you have to pay taxes on a stock, how to calculate how much taxes you have to pay on stocks, and how to lower your tax liability on stocks. Even if you are new to stock investing or taxes, this post will be extremely easy to follow and understand.

Tax 52

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CPA Practice

DECEMBER 19, 2023

million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic. While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice.

tax return 135

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LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

South Carolina 52

South Carolina Hawaii West Virginia Delaware 52

Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

Tax 52

Tax tax return business tax accounting and finance 52

LyfeAccounting

JUNE 7, 2021

We have 10 tips on how you can avoid paying taxes. Because for most people, paying taxes is such a drag, annoying, frustrating… So today, we want to talk about how to avoid taxes and give you 10 legit and legal ways to do so. Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual.

Legal 59

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LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

Tax 52

Tax Virginia Georgia income tax 52

LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

South Carolina 52

South Carolina Hawaii West Virginia Delaware 52

inDinero Tax Tips

JUNE 12, 2023

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. The solution to commingling funds is simple but tedious.

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Nancy McClelland, LLC

JANUARY 16, 2024

” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments. “Now What Do I Do With These Files?

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Use a forms tax software offered by various tax software providers including taxcycle, DTMax, Profile etc. and dividend tax credit of 9.0301% are the same for the years from 2019 to 2022.

tax return 98

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LyfeAccounting

FEBRUARY 9, 2021

?. What are the tax benefits of S-Corps? And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business.

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Tax audit New Hampshire income tax 52

MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. You will need proof of payments and any business financial activity in case of disputes, identity theft, or fraud. Therefore, create a file for all banking and investment records for both your personal and business accounts.

tax return 98

tax return Real Estate Tax audit 98

LyfeAccounting

FEBRUARY 19, 2021

We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business. The single member LLC is a separate business entity from its owner.

Tax 52

Tax income tax tax return accounting and finance 52

Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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Ronika Khanna CPA,CA

NOVEMBER 3, 2023

This is usually an excellent sign as it means a) the business is growing and b) the small business owner has learned to delegate. It also means that additional paperwork needs to be filled out and additional taxes need to be paid. Unfortunately, there are very specific rules as to who qualifies as a self employed contractor.

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LyfeAccounting

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes.

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payroll tax payroll Tax tax return 52

LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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LyfeAccounting

JULY 16, 2021

We know a lot of you are waiting on tax refunds, stimulus checks, and even child tax credit payments. And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. Unemployment Tax Refund Recap. So, it is not too late to correct this information on your return.

Tax 52

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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. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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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. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

audit 52

audit tax return Entertainment income tax 52

CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. But even basic tax planning can make a big difference in reducing future tax liability.

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