RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941), if you deposited on time and in full all of the associated taxes due.

Tax 246

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RogerRossmeisl

JULY 14, 2021

A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. In turn, the deduction reduces your federal income tax bill, your self-employment tax bill (if applicable), and your state income tax bill (if applicable). However, in order for your.

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RogerRossmeisl

AUGUST 6, 2023

net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too. The post A Tax-Smart Way to Develop and Sell Appreciated Land appeared first on Roger Rossmeisl, CPA. You may also owe the 3.8%

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RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

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CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

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RogerRossmeisl

NOVEMBER 6, 2023

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Social Security tax.

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Tax income tax CPA Government 245

CPA Practice

JANUARY 18, 2024

Then release them throughout tax season, including: a. Tax Filing Deadlines – Avoid An Extension c. Income Tax Brackets for 2024 – Do you need a new W4? Tax Deductions and Credits – Maximize Your Personal Return e. Self-Employed Business Deductions for the DIY-er f. Say Goodbye to Tax Stress!

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

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RogerRossmeisl

AUGUST 6, 2023

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Taxes are considered the government’s property.

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KROST

OCTOBER 21, 2021

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. Melillo, CPA, Principal.

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RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes. See June 15.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

NOVEMBER 17, 2021

There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision. The corporate federal income tax is currently imposed at a flat 21% rate, while the current individual federal income tax rates begin at 10% and go up to 37%.

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RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

MAY 5, 2022

There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future, because the pass-through income will be taxed on your personal return.

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RogerRossmeisl

DECEMBER 8, 2022

If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. For example, a business must file a final income tax return and some other related forms for the year it closes. The post Is Your Business Closing?

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Tax income tax tax return CPA 246

RogerRossmeisl

MARCH 28, 2022

Unlike a regular or C corporation, an S corporation generally isn’t subject to income tax (California does charge a 1.5% entity-level tax). Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. Similarly, if an S corporation has a loss, the loss.

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Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

business tax 52

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RogerRossmeisl

OCTOBER 6, 2021

Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due. Monday, November 1 Report income tax withholding and FICA.

Tax 246

Tax income tax tax return CPA 246

CPA Practice

APRIL 28, 2024

Choosing a business structure Small business owners, as taxpayers, must decide on what the most appropriate business structure should be for their enterprise when they start their new business. The business structure they choose dictates the type of income tax return form that the business owner will file each year.

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RogerRossmeisl

JULY 27, 2021

Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. Tuesday, August 10 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941), if you deposited all associated taxes that were due in full and on time.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

AUGUST 21, 2022

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. The type of return to be filed depends on the type of business you have. Partnerships.

Tax 245

Tax income tax tax return CPA 245

SkagitCountyTaxServices

AUGUST 19, 2022

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). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

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RogerRossmeisl

NOVEMBER 26, 2023

The IRS has resources to help new business owners understand the tax responsibilities of running a business. Here are a few things any entrepreneur needs to do when starting their business. Choose a business structure The form of business determines which income tax return a business needs to file.

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Tax income tax tax return CPA 130

RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

income tax 246

income tax CPA Tax Government 246

RogerRossmeisl

SEPTEMBER 17, 2021

A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code allows a deduction for losses sustained during the taxable year and not compensated by insurance or other means.

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RogerRossmeisl

JULY 17, 2022

A buyer can directly purchase a seller’s ownership interest if the target business is operated as a C or S corporation, a partnership, or a limited liability company (LLC) that’s treated as a partnership for tax purposes. The post How Do Taxes Factor into an M&A Transaction? appeared first on Roger Rossmeisl, CPA.

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Tax income tax CPA business tax 230

RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. Curiously the IRS has approved.

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California income tax CPA Tax 246

RogerRossmeisl

APRIL 21, 2022

If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000). More options Other small business retirement plan options include: 401(k) plans, which can even be.

Tax 245

Tax income tax CPA Account 245

RogerRossmeisl

NOVEMBER 19, 2023

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. The post Choosing a Business Entity: Which Way to Go? appeared first on Roger Rossmeisl, CPA. There are many issues to consider.

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inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. Table of Contents What Is a Small Business Tax Deduction and How Does It Work? What small business tax deductions are there?

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xendoo

APRIL 8, 2022

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. . Business insurance .

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RogerRossmeisl

JUNE 5, 2022

In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. It’s due to the way partnerships and partners are taxed. Unlike C corporations, partnerships aren’t subject to income tax. Why does this happen?

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tax return Tax income tax CPA 217

RogerRossmeisl

NOVEMBER 17, 2020

The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a new small business hiring credit (SBHC) for small businesses impacted by economic disturbances in 2020. The Small Business Hiring Credit is also referred to as the “Main Street Hiring Credit”.

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California income tax CPA Maine 162

SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

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Ronika Khanna CPA,CA

JANUARY 3, 2022

I have compiled a list of deadlines for all unincorporated small business owners which includes sole proprietors and self employed individuals. Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th.

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RogerRossmeisl

NOVEMBER 27, 2020

If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes. Partnerships.

Tax 246

Tax income tax tax return CPA 246

SkagitCountyTaxServices

AUGUST 26, 2021

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. This week is no exception. ” – John W.

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