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

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 .

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.

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.

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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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?

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.

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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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.

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.

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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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.

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.

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.

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.

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

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.

What to Know if Your Business Barters

RogerRossmeisl

In today’s economy, many small businesses are strapped for cash. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. And if you exchange services with another business, the transaction results in taxable income for both parties.

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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.

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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2022 Q2 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Corporations pay the first installment of 2022 estimated income taxes. Small Business Tax Briefs

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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.

Ways Your Business Can Accelerate Taxable Income and Defer Deductions?

RogerRossmeisl

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. One reason might be tax law changes that raise tax rates. The post Ways Your Business Can Accelerate Taxable Income and Defer Deductions?

Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

RogerRossmeisl

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled.

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Fully Deduct Business Meals This Year

RogerRossmeisl

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

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Establish a Tax-Favored Retirement Plan

RogerRossmeisl

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. More options Other small business retirement plan options include: 401(k) plans, which can even be.

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Overstock To Pay Some Ohio Business Taxes With Bitcoin

PYMNTS

3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. In a press release , Overstock said it plans to pay its commercial activity taxes (CAT) in Ohio this coming February using the state’s recently launched OhioCrypto.com platform, which lets taxpayers pay state business taxes with bitcoin. Cryptocurrency bitcoin cryptocurrency News ohio taxes What's Hot

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Sweden Cuts Small Business Tax With Eye On Entrepreneurship

PYMNTS

Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses.

The Election to Apply the Research Tax Credit Against Payroll Taxes

RogerRossmeisl

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Subject to limits, you can elect to apply all or some of any research tax credit.

Business Tax Provisions: The Year in Review

AbeyeHailu

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

Why What an S Corp Shareholder Receives and Reports is Different

RogerRossmeisl

You may have wondered why, in a given year, you may be taxed on more S corporation income than was distributed to you from the S corporation in which you are a shareholder. The answers lies in the way S corporations and their shareholders are taxed. entity-level tax).

SB 113 Provides Additional Relief from SALT Deduction Limits

RogerRossmeisl

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000.

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Hire Your Minor Children for Tax and Non-Tax Benefits

RogerRossmeisl

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses.

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The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. “We’re Uncategorized Checkpoint US Tax Refor

Can You Deduct the Costs of a Spouse on a Business Trip?

RogerRossmeisl

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. This requirement prevents tax deductibility in most cases. The post Can You Deduct the Costs of a Spouse on a Business Trip?

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