Ronika Khanna CPA,CA

DECEMBER 2, 2022

This post and the T5 calculator have been updated to reflect If you are the owner of a Canadian corporation, you can choose to pay yourself (and other shareholders) dividends instead of a salary. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy.

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Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback. Contact Us.

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

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ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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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.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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ThomsonReuters

SEPTEMBER 8, 2023

Most large businesses and public companies are formed as C corps because a C corp is a business structure that allows for limitless growth through stock sales (which makes them appealing to investors) and is ideal for large, retail-based businesses. state and local income taxes, plus S corp owners may pay between 10-39.6%

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xendoo

SEPTEMBER 10, 2021

Online bookkeeping services provide a simple, elegant solution that can save you time, money, and the headaches you get from trying to juggle the needs of your small business! . Corporate tax preparation . Some business owners are leery of outsourcing their sensitive financial data to an online company.

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Wellers Accounting

MARCH 2, 2023

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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ThomsonReuters

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). Tax-exempt organizations may make this election for twelve credits.

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. Corporate Tax Rates.

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CPA Practice

MAY 9, 2024

Extending the personal income tax cuts will cost $3.8 Other tax cuts set to expire in 2025 include restrictions on the estate tax and valuable write-offs for small business owners. trillion cost of the original Trump tax cuts — a more expansive bill which also included permanent reductions in corporate taxes.

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