MyIRSRelief

JUNE 23, 2023

Unraveling the Tax Services of Enrolled Agents Enrolled Agents offer a wide range of tax services tailored to meet the needs of their individual & business clients. b) Tax Planning: Enrolled Agents provide strategic tax planning advice to minimize tax liability and optimize financial outcomes.

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MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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xendoo

FEBRUARY 23, 2022

In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional? How Much Time Does it Take an Accountant to Prepare Taxes? State or local property tax.

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MyIRSRelief

NOVEMBER 3, 2023

They must pass a comprehensive three-part exam covering individual and business tax returns, adhere to ethical standards, and complete 72 hours of continuing education every three years. This rigorous training ensures that they are well-equipped to help taxpayers navigate complex tax issues.

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MyIRSRelief

OCTOBER 16, 2023

Popular Individual Tax Credits 3.2. Lesser-Known Tax Credits Tax Deductions for Businesses 4.1. Business Expense Deductions 4.2. Depreciation Deductions Tax Credits for Businesses 5.1. General Business Tax Credits 5.2. Industry-Specific Tax Credits Maximizing Your Tax Benefits 1.

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LyfeAccounting

OCTOBER 21, 2020

So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. In these times, whether your business is on the ropes or booming, you want to take advantage of deductions. Education costs. Salaries and benefits.

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CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. Self-Employed Business Deductions for the DIY-er f. Online Seller?

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer. So, what are the differences?

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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Basis 365

MARCH 6, 2022

Entertainment If you're attending a business conference, traveling for business, or entertaining a client, you can use a meal as a business tax write-off. This write-off allows 100% deduction of business-related meals, as long as the meal or a restaurant provides the beverage. Be sure to keep your receipts.

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xendoo

SEPTEMBER 28, 2021

Today, we’ll take a closer look at common bookkeeping services rates, so you can find the best fit for the needs of your business. Small business bookkeeping costs can depend on the education and experience of your bookkeeper. Business tax preparation. Tax filing. Personal tax preparation.

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xendoo

NOVEMBER 9, 2021

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. . It is also your last chance to claim small business tax deductions for the year. .

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ThomsonReuters

MARCH 1, 2024

Some examples include—but are not limited to—the following: Business vehicle expenses Charitable donations Real-estate taxes Self-employment health insurance Marketing and advertising costs Salaries and employee benefits Business-related travel expenses Professional fees/organizational dues Training/education General business expenses (e.g.,

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Nancy McClelland, LLC

DECEMBER 23, 2022

You can imagine why so many of us were concerned about this imminent change — statements from the AICPA, NATP, National Taxpayers Union Foundation and other professional organizations made it clear that the burden on the beleaguered IRS and tax preparers was simply unreasonable, and the timeframe for implementation too short.

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ThomsonReuters

NOVEMBER 15, 2023

What to know about Section 501 Section 501 of the Internal Revenue Code delineates the criteria for organizations to qualify for tax-exempt status. This section includes various subsections, each catering to different types of organizations, such as charitable, religious, educational, scientific, and more.

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Going Concern

JANUARY 19, 2024

Coss, 54, was arrested Tuesday and is held in the Broward Main Jail on 18 charges stemming from an ongoing Internal Revenue Service tax fraud investigation. He owns Coss Bookkeeping & Accounting and is the registered agent of numerous other businesses, state business records show. million from an education program.

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ThomsonReuters

JULY 6, 2023

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services? Typically, tax advisors have more experience and education than accountants and are well-versed not only in accounting, but in tax law, finance, and business strategy.

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LyfeAccounting

NOVEMBER 13, 2020

We’ve helped companies with preparing their financial statements. And we’ve helped companies save a lot of money with tax preparations. So if you’re in a business, then understanding your financials are really important. Whereas an accountant can help you out with tasks that include: Tax preparation.

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MazumaBusinessAccounting

FEBRUARY 1, 2023

With all the help accountants can provide, it’s no wonder why accountants are a business owner’s best friend. A small business accountant can maintain the books, analyze financial results, file business taxes, and consult with owners to expand the business’s bottom line.

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Find all your qualified business expenses or deductions for 2020.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The good news is that — as frustrating and arduous as this new IRS K-2 and K-3 reporting requirement is — no one is likely to die while attempting to complete it, and therefore I think we should just all keep this extremely challenging K-2 mountain in mind before we get too frustrated about additional complexities in tax preparation.

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inDinero Tax Tips

NOVEMBER 4, 2021

Too many deductions: Deductions are a great way to save money at tax time, but too many deductions can trigger a letter from the IRS. If you have questions, check out our primer on business tax deductions. Excessive expenses: Writing off expenses is standard practice for any business.

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MazumaBusinessAccounting

JANUARY 31, 2023

With all the help accountants can provide, it’s no wonder why accountants are a business owner’s best friend. A small business accountant can maintain the books, analyze financial results, file business taxes, and consult with owners to expand the business’s bottom line.

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LyfeAccounting

APRIL 27, 2021

This tax credit is also refundable meaning it reduces the taxes you owe and could result in a refund. American Opportunity Tax Credit or AOTC . This is for eligible students to help offset the expenses associated with higher education and has a max refundable amount of $1000. We’d be happy to help you!

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Nancy McClelland, LLC

DECEMBER 26, 2023

The IRS is now planning a phase-in of $5,000 for tax year 2024. As a bookkeeper, accountant or tax preparer, it’s important to protect your small business clients by making sure all taxable income is being reported on their books/returns.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The IRS is now planning a phase-in of $5,000 for tax year 2024. As a bookkeeper, accountant or tax preparer, it’s important to protect your small business clients by making sure all taxable income is being reported on their books/returns.

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MyIRSRelief

NOVEMBER 19, 2021

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. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Tax credits to look out for.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Plan Ahead.

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xendoo

FEBRUARY 13, 2023

You can drastically reduce your tax bill by taking advantage of all your business tax credits and deductions. Taxable income is the amount of income that the IRS uses to calculate how much you owe in taxes each year. It includes earned income from your business or wages from a job. What is taxable income?

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Nancy McClelland, LLC

DECEMBER 28, 2022

The S-corporation deducts the expense as compensation and includes the amount on the shareholder’s W-2 — in Box 1, but not in Boxes 3 or 5, which means they are not subject to Social Security or Medicare taxes (commonly known as “payroll taxes” or “employment taxes”).

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ThomsonReuters

JUNE 16, 2023

We are seeing new IRS regulations on credits for going solar or purchasing an electric vehicle , credits that incentivize businesses to begin manufacturing semiconductor chips here in the United States, and that incentivize STEM education programs and jobs. How do you ensure compliance with tax requirements?

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