RogerRossmeisl

NOVEMBER 29, 2021

The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The American Institute of Certified.

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RogerRossmeisl

DECEMBER 31, 2023

During this holiday seasons, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?

Tax 199

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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

SEPTEMBER 19, 2022

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. But there are also provisions that provide tax relief for small businesses.

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RogerRossmeisl

MAY 15, 2023

If you’re among them, be careful that these workers are properly classified for federal tax purposes. The question of whether a worker is an independent contractor or an employee for federal income and employment tax purposes is a complex one. If the IRS reclassifies them as employees, it can be an expensive mistake.

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. Contents: 1.

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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. . What is a tax deduction?

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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RogerRossmeisl

MAY 17, 2021

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed.

Tax 189

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RogerRossmeisl

JUNE 10, 2021

If you’re among them, make sure that these workers are properly classified for federal tax purposes. It can be complex to determine whether a worker is an independent contractor or an employee for federal income and employment tax purposes. In addition, there may be state tax obligations. On the other hand, if a worker is.

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SkagitCountyTaxServices

MARCH 17, 2023

Forward-thinking is a must in business… that goes for your taxes too. But first, let’s talk about your tax filing. While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. And I’m going to dive into what that looks like today.

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RogerRossmeisl

NOVEMBER 16, 2021

For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.

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RogerRossmeisl

NOVEMBER 13, 2022

For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.

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Ronika Khanna CPA,CA

APRIL 26, 2024

As business owners and employees are increasingly working remotely, often from their home offices , it helps to set up an infrastructure where business functions can be handled online. This includes tax payments, which tax agencies have tried to make as easy as possible by offering several options.

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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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SkagitCountyTaxServices

DECEMBER 8, 2021

And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Now I get it … the rush of customers and clients, strange hours, extra errands: It’s a tough time of year to think about tax. But the calendar waits for no business, and time is getting short to plan your moves.

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CPA Practice

SEPTEMBER 15, 2023

The IRS on Friday previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities , the document used by taxpayers to claim the research and development tax credit. Feedback for each suggestion should address the justification, limitation amounts, and pros and cons, the IRS said.

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SkagitCountyTaxServices

SEPTEMBER 22, 2021

The rest, I’ll cover below… Small Business Tax Credit Updates Skagit County Owners Will Want to Consider “I always tried to turn every disaster into an opportunity. ” – John D. The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance. Rockefeller. Stay tuned.

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RogerRossmeisl

NOVEMBER 7, 2020

If the rate paid doesn’t exceed IRS-approved maximums, and the employee provides simplified substantiation (time, place, and business purpose): the reimbursement is treated as made under an accountable plan (e.g. The post Per-Diem Rates for Post-9/30/20 Business Travel appeared first on Roger Rossmeisl, CPA.

payroll tax 190

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LyfeAccounting

DECEMBER 28, 2020

Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes.

business tax 52

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VetCPA

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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DentalAccounting

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

CPA 100

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RogerRossmeisl

JANUARY 31, 2021

The Consolidated Appropriations Act, 2021 (CAA 2021), signed into law by President Trump on 12/27/20, includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) which extends and expands upon the Employee Retention Credit (ERC) provided by the CARES Act. Well, that’s a mouthful!

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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

Tax 100

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RogerRossmeisl

MAY 20, 2021

This means that many workers previously classified as independent contractors are now employees under California law and you must withhold California income and payroll taxes, and meet California’s minimum wage and overtime requirements.

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SkagitCountyTaxServices

MAY 26, 2021

But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. (Of Of course, you have MANY more tax-savings opportunities as well.). Some of these penalties are straightforward and simple.

business tax 40

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LyfeAccounting

NOVEMBER 4, 2020

?. In today’s post, I’ll be going over everything you need to know about tax filings for your small business and how to stay out of trouble with the IRS. Similar to yourself as an individual, your small business has tax requirements that must be met in order to avoid unwanted penalties and interest from the IRS.

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xendoo

NOVEMBER 22, 2021

Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . How Do I Pay My Taxes as a Partnership Owner? No Double Taxation .

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xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. State Income Tax.

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? Stop paying taxes then pay your kids.

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CPA Practice

JUNE 13, 2023

TNS) A backlog of claims for the employee retention credit (ERC) has piled up before the IRS, as business owners seek out the retroactive tax credit. Creating an IRS hotline, or live chat, to help small businesses navigate their taxes fell among the recommendations that came out of Wednesday’s roundtable.

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CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. The SITCA program will track tips automatically and doesn’t require a tax reporting commitment from employees.

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SkagitCountyTaxServices

JULY 29, 2022

You’re doing your best to keep employees happy, raise prices without driving away customers, pivot to alternative supply options as your current ones dry up, adjust for changing tax laws, etc, etc, etc. We small business owners always seem to bear the brunt during economic downturns. owner=19530343. Where to start? You got this.

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CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.

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