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.

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20 Small Business Tax Deductions You Need to Know

xendoo

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist.

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

IgniteSpot

BUSINESS TAXES

IRS continued to delay business tax refunds from pandemic

Accounting Today

Tax refunds Tax credits TIGTA IRS Coronavirus Tax Tax relief

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.

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.

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.

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

IRS adding more filters trying to catch business tax fraud

Accounting Today

Identity theft TIGTA IRS Tax fraud Tax

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.

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.

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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.

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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.

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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.

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.

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.

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?

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.

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.

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.

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.

Is Your Business Required to Report Employee Health Coverage?

RogerRossmeisl

Does your business have to comply, and if so, what must be done? The post Is Your Business Required to Report Employee Health Coverage? Small Business Tax Briefs 1094-C 1095-C ALE Applicable Large Employer Employee Health Coverage

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Inflation Reduction Act Provisions of Interest to Small Businesses

RogerRossmeisl

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations.

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.

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.

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.

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.

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

3 Tax Breaks for Small Businesses

RogerRossmeisl

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Pass-through business entities report tax items to their owners, who then.

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Tax Considerations When Launching a Sole Proprietorship

RogerRossmeisl

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Here are some tax rules and considerations involved in operating with that entity. Your business expenses are.

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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.

Tax Obligations if Your Business Closes its Doors

RogerRossmeisl

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. You may also need to report self-employment tax.

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How to Treat Business Website Costs for Tax Purposes

RogerRossmeisl

These days, most businesses have websites. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Small Business Tax Briefs

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Separating Your Business From Its Real Estate

RogerRossmeisl

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? Tax implications Businesses that are formed as C corporations treat real estate assets as they do equipment, inventory and other business assets.

Year-End Tax Planning Ideas for your Small Business

RogerRossmeisl

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. If you expect to be in a higher tax bracket next year, opposite strategies may produce better results.

4 Next Steps for Business Tax Return Review

SkagitCountyTaxServices

This week marks the end of another tumultuous tax filing season. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. 4 Next Steps for Business Tax Return Review.

2022 Q3 Tax Calendar for Businesses and Other Employers

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. Small Business Tax Briefs

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Applying the Research Credit Against Payroll Taxes

RogerRossmeisl

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax.

IRS/Energy Dept Issue Guidance, List of Cars Eligible for Revised EV Credit

RogerRossmeisl

Credit Amounts The Act introduces a $4,000 tax credit for the purchase of used electric vehicles (EVs), and updates the $7,500 credit for new EVs. Automotive Individual Tax Briefs Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Inflation Reduction Act Revised EV Credi

Important Considerations When Engaging in a Like-Kind Exchange

RogerRossmeisl

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. Small Business Tax Briefs

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IRS Issues Mid-Year Business Mileage Rate Increase

RogerRossmeisl

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Small Business Tax Briefs Business Mileage Rate

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Small Business Tax Credit Updates Skagit County Owners Will Want to Consider

SkagitCountyTaxServices

Most notably, you can now use the loan to pay other business debts (previously, you had to “certify” that you would use funds for operating expenses and not pay down debt). The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance.

Is Your Corporation Eligible for the Dividends-Received Deduction?

RogerRossmeisl

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. Small Business Tax Briefs Dividends-Received Deduction

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