article thumbnail

Is My Business Tax Exempt?

Patriot Software

As a small business owner, you probably spend a lot of time and money on taxes. But, not all businesses have to pay taxes. Have you ever wondered, “Is my business tax exempt?” There are rules you have to follow for tax-exempt status set by the IRS.

article thumbnail

2023 Business Tax Updates

Canopy Accounting

There are many interesting changes in business taxation for the 2023 season! Since tax planning for businesses is an important part of our practice, there are several things we need to be aware of. Tax Preparation and Planning

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

California Main Street Small Business Tax Credit II Begins 11/1/21

RogerRossmeisl

50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No.

Maine 145
article thumbnail

Know Your Small Business Tax Deadlines For 2023

Ronika Khanna CPA,CA

and it is time for business owners (and individuals) to start thinking about one of their favourite subjects i.e. taxes. I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar.

cpa 52
article thumbnail

How to File a Business Tax Extension

Patriot Software

If you are rushing to complete your income tax return, consider filing for a business tax extension. Filing taxes for small business can be difficult, and an extension allows you more time to file your business’s tax return. Accounting Business Taxes

article thumbnail

What Is a Business Tax Lien?

Patriot Software

Are you struggling to pay your business or employment tax liabilities? If you fail to pay, you might face a tax lien. For a small business owner, a tax lien can have devastating effects. That’s why you must understand tax liens to prevent them.

article thumbnail

What are Tax Write-Offs? What to Know About Small Business Tax Deductions

IgniteSpot

BUSINESS TAXES

article thumbnail

What Is Your Business Tax Return Due Date?

Patriot Software

As a busy entrepreneur, you don’t always have the time to think about your business tax return due date. It can be easy to miss your business tax return deadline with so much on your plate. You may be asking yourself, When are business taxes due?

article thumbnail

How to Pay Business Taxes to the IRS

Patriot Software

Owning a business comes with many responsibilities. One of your duties is to withhold, file, and deposit taxes. You must know how to pay small business taxes in order to correctly submit payments to the IRS. Accounting Business Taxes

article thumbnail

5 Commonly Missed Small Business Tax Deductions

MazumaBusinessAccounting

Whether you know it or not, you could be leaving hundreds—even thousands—of dollars on the table by missing a few lesser-known small business tax deductions. Avoid overpaying taxes this year by making sure you’ve reviewed all small business deductions to see if you qualify.

article thumbnail

How Much Does Small Business Tax Preparation Cost?

Patriot Software

No matter how small your company is, you have to file taxes. But, your small business tax preparation cost can be more expensive than you might think. How much does small business tax preparation cost? Accounting Business Taxes

article thumbnail

Do You Need to File Personal and Business Taxes Separately?: A Small Business Guide

xendoo

As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes.

article thumbnail

2021 Ultimate List of Small Business Tax Deductions

xendoo

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. . Tax Dates. Business cards.

article thumbnail

Business Tax Credit vs. Tax Deduction: The Distinction That Makes a Difference

Patriot Software

Reducing your tax liability can be a huge relief to your small business. Individual taxpayers and business owners alike have the option to lower their tax bill through business tax deductions and credits. Accounting Business Taxes

article thumbnail

Small Business Tax Deductions for 2021

xendoo

Tax season feels particularly overwhelming for small business owners. Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! Examples include: Physical marketing materials, such as business cards, brochures, or flyers .

article thumbnail

IRS continued to delay business tax refunds from pandemic

Accounting Today

Tax refunds Tax credits TIGTA IRS Coronavirus Tax Tax relief

article thumbnail

Skagit County SMBs: Note These Changing Business Tax Deductions

SkagitCountyTaxServices

This year has been a rollercoaster for Skagit County business owners like you. Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute). Taxes.

article thumbnail

Reminder: Main Street Small Business Tax Credit II

CalCPA

To claim the Main Street Small Business Tax Credit II Credit, taxpayers must obtain a tentative credit reservation before Nov. The post Reminder: Main Street Small Business Tax Credit II appeared first on Hot Topics.

Maine 81
article thumbnail

Your small business tax time questions answered

Xero

With a new financial year upon us, you might be thinking, what’s next for my small business? Earlier this month, Caveo Partners took to Xero’s social channels to ask small business owners which questions they wanted answered come tax season. Small business

article thumbnail

Padgett’s 8 “Right Now” Business Tax Moves

SkagitCountyTaxServices

That particular category of people hasn’t exactly covered itself with glory of late … so, we’ll see how that actually plays out for businesses in the coming months. And, while we’re at it, we can also talk about how to help lessen your 2022 tax bill. Tax-smart use of credit cards.

article thumbnail

Know Your Small Business Tax Deadlines For 2022

Ronika Khanna CPA,CA

With the beginning of a new year upon us, tax submission deadlines for individuals and businesses are starting to loom. Every small business owner must adhere to these deadlines or risk facing penalties for late filing of returns plus interest on any overdue balances.

cpa 52
article thumbnail

IRS adding more filters trying to catch business tax fraud

Accounting Today

Identity theft TIGTA IRS Tax fraud Tax

article thumbnail

California Main Street Small Business Tax Credit II

KROST

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses.

Maine 78
article thumbnail

Save on Your Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Put very simply, the more you earn on paper, the more taxes you pay.

article thumbnail

Steve Padgett’s Latest Updates on Small Business Tax Deductions

SkagitCountyTaxServices

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses.

article thumbnail

Save on Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Want to save on taxes? Business loans made to clients.

article thumbnail

Analyzing Business Tax Returns in Divorce Cases

FraudFiles

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. I typically recommend reviewing three to five years of tax returns, but the further you can go back, the better the picture you will get of the personal or business finances.

article thumbnail

Dates and Deadlines: When You Can File Small Business Taxes in 2022

xendoo

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments.

article thumbnail

Small Business Tax Rates in New Hampshire

Steve Feinberg

Parsing any state’s tax code can be a multifaceted and complicated affair, but small business owners especially should understand what types of taxes they are required to pay if they live and operate their company in New Hampshire. Is There a Sales Tax in New Hampshire?

article thumbnail

California Storm Victims Qualify for Extended Tax Filing Deadlines

RogerRossmeisl

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments.

article thumbnail

Year-End Business Tax Strategy for Skagit County SMB Owners

SkagitCountyTaxServices

Some Skagit County businesses are earning 30-50% (or more) of their yearly revenue in this one month. And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Year End Business Tax Strategy #1: You’re the boss.

article thumbnail

How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Withum

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. These layers compound over time and create a significant tax deferral. billion in taxes for the industry in 2022.

article thumbnail

Reuters, KPMG Team For Aussie Business Taxes

PYMNTS

Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb.

article thumbnail

How to File a Business Tax Extension in Florida

xendoo

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. . State Tax Extension.

Florida 52
article thumbnail

New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.

article thumbnail

Business Tax Provisions: The Year in Review

SmallBusinessAccounting

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes

article thumbnail

6 creative ways to thank your team after a busy tax season

ThomsonReuters

Your firm has been going nonstop, and your team has just made it through another busy tax season. No matter how large or small your firm may be, these simple gestures are excellent ways to reward your staff both during and after the seasonal tax rush.

article thumbnail

Home Based Business Tax Advantages and Deductions

LyfeAccounting

?. More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions.

article thumbnail

Do you Qualify for the QBI Deduction and What Can you Do to Help Qualify?

RogerRossmeisl

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. Small Business Tax Briefs QBI Qualified Business Income

article thumbnail

Intangible Assets: How Must the Costs Incurred by Capitalized?

RogerRossmeisl

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. If they’re deductible at all, they must be ratably deducted over the life of the asset (or, for some assets, over periods specified by the tax code or under regulations).

cpa 182
article thumbnail

How to Minimize the S Corporation LIFO Recapture Tax

RogerRossmeisl

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. The post How to Minimize the S Corporation LIFO Recapture Tax appeared first on Roger Rossmeisl, CPA.

tax 159
article thumbnail

2023 Q1 Tax Deadlines for Businesses and Other Employees

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax.

tax 158
article thumbnail

Is Your Business Closing? Here are your Final Tax Responsibilities

RogerRossmeisl

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. The type of return to be filed depends on the type of business you have.

tax 176