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? More complex returns will incur higher fees.

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Snyder

OCTOBER 30, 2022

Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. Read till the end to find a helpful table with all important 2023 Tax Deadlines for the Tax Year 2022! How much do small businesses pay in taxes?

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Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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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. Keep in mind, we’re talking about a business location.

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MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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Withum

MARCH 24, 2022

The Tax Court recently denied a deduction for an expense that the taxpayer thought was an ordinary and necessary business expense. The expense was an educational expense for a non-employee, and even though the tax law allows flexibility to taxpayers in deducting business expenses, it does have limits. Contact Us.

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

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MazumaBusinessAccounting

MAY 31, 2022

Keep the following documents for seven or more years: Income tax returns (federal and state) W-2s and 1099s Medical bills Contracts Receipts for tax-deductible items Mileage records Canceled checks Real estate tax forms Credit cards statements that contain purchases used as tax deductions Retirement plan contributions.

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tax return Real Estate Tax audit 98

TaxConnex

JULY 15, 2021

percent sales tax created three years ago to address a budget crisis, has been sent to the governor for executive approval. Maryland is offering a vendor credit of up to $3,000 on sales tax returns for the months of March, April and May 2021. The state’s HB 514 , which would indefinitely extend a 0.45

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Sales Tax Louisiana North Carolina 141

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. File the tax return.

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ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. Salaries are likely to vary depending on the level of experience, education and geographical location, but the average base salary for an accountant is $62,410 per year. In addition, they must complete 72 hours of continuing education every three years. Recording disbursements and payments.

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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. February 12, 2021. February 22, 2021.

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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. Most business owners spend their days managing operations, nurturing client relationships, and focusing on growth goals. Finally, report the deduction.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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CTP

MAY 12, 2023

New business owners may be excited to learn that the IRS also allows them to deduct their annual business mileage as a business expense. However, they may be less prepared for the task of keeping accurate records of their business trips and educating themselves on the precise rules around what counts as business mileage.

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inDinero Tax Tips

NOVEMBER 4, 2021

An audit is the way the Internal Revenue Service (IRS) ensures that what’s being reported on your tax return matches your business activities. The IRS audit will usually investigate the last three years of your returns, and it recommends you keep records going back this far. What is an Audit?

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Nancy McClelland, LLC

APRIL 9, 2024

There’s good news, too, however — the state of Illinois — and many other states, used legislation to create a loophole for getting around a pesky TCJA limitation on the State And Local Tax (SALT) deduction.

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Illinois Tax tax preparation tax return 52

LyfeAccounting

APRIL 27, 2021

Tax refunds are not good because instead of that money being held by the IRS and taking 1700 years to process… …YOU could have possession of that money and use it for the things you want. Let’s say you filed your 2020 tax return and are getting a $3,500 refund. American Opportunity Tax Credit or AOTC .

Tax 52

Tax income tax tax return tax preparation 52

Nancy McClelland, LLC

DECEMBER 26, 2023

2) It’s the reason you don’t have to issue 1099-NEC to anyone you pay via credit card/debit card, Zelle, QuickPay, a business PayPal account, or a business Venmo account. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

2) It’s the reason you don’t have to issue 1099-NEC to anyone you pay via credit card/debit card, Zelle, QuickPay, a business PayPal account, or a business Venmo account. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

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. . Individual tax returns are due by April 18, 2022. Deductions.

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LyfeAccounting

NOVEMBER 13, 2020

However, an accountant generally requires some level of education and experience. However, if you need some help understanding your financials on a deep level and preparing a tax return, then an accountant may be a better fit for you. Conclusion. When it comes to bookkeeping vs accounting, there’s no one-size fits all.

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bookkeeping Account accountant accounted 52

Nancy McClelland, LLC

FEBRUARY 13, 2022

In all seriousness, here’s the story: 1) The IRS, in an attempt to deter fraud, for 2021 began requiring all pass-through entities to disclose foreign transactions as part of the tax returns and the K-1 package to shareholders and partners.

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Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. Smaller firms cannot pay competitive salaries because the graduates must be expensively retrained in small business accounting needs. June 17, 2019.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

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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. Corporate Income Tax Returns.

Tax 52

Tax income tax tax return tax preparation 52

ThomsonReuters

OCTOBER 19, 2022

Who needs to know: Accounting firms and other tax professionals. Department of Education will cancel up to $10,000 ($20,000 for Pell Grant recipients) in federal student loan debt for many borrowers, subject to income limitations. State Taxation of Forgiven Student Loans. On August 24, 2022, President Biden announced that the U.S.

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Snyder

JANUARY 19, 2023

The general workload of the busy period includes getting the end-of-year info from clients, reconciliation, working with tax receipts, income reporting slips, preparing for tax returns, and more. But first, let’s ask an expert about the challenges that professional accountants face during this busy season.

Tax 52

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Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. or how it affects your business, please contact a member of our Business Tax Services Team. Decreases RMD penalty from 50% to 25% starting in 2023. appeared first on Withum.

Start-ups 26

Start-ups tax return Tax Education 26

KROST

NOVEMBER 24, 2020

This credit is available through 2020 tax years for contributions made to the College Access Tax Credit Fund. You must receive a certificate from CEFA before you can claim the credit on your state income tax return. You cannot claim a deduction and a credit for the same contribution.

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inDinero Accounting

JANUARY 9, 2023

Accountants’ specialized knowledge can support your startup business in many ways. It’s Time to Get Serious About Your Taxes Our Entrepreneur’s Business Tax Pack eBook will tell you all you need to know about making the most of your tax filings at your startup.

Account 52

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inDinero Accounting

JANUARY 9, 2023

Becoming a certified public accountant (CPA) takes years of higher education (150 credit hours) and success in an exam as well as continuing education requirements. Accountants’ specialized knowledge can support your startup business in many ways. It’s Time to Get Serious About Your Taxes. Get it Now. Comptroller vs. CFO.

Account 52

Account accountant accounted accrual accounting 52

Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content.

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