Withum

NOVEMBER 14, 2022

The taxpayer indirectly, through a partnership, sold QSBS and reinvested the proceeds into two different QSBs (likely to double up the future section 1202 exclusion) within 60 days but failed to file his/her tax return containing the section 1045 election by the extended due date. Contact Us. Let’s Chat.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Understanding Deductible Business Expenses.

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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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inDinero Tax Tips

JUNE 12, 2023

Claiming Tax Deductions is Harder When running a business, saving the maximum amount of money with tax deductions is vital to maintaining financial health. However, you can’t deduct what you don’t document and shouldn’t deduct what you can’t prove was a business expense. What are you allowed to deduct?

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

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ThomsonReuters

DECEMBER 1, 2023

A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business. Any depreciation on a corporate income tax return (other than Form 1120-S). Amortization of costs that begins during the 2022 tax year. What does a depreciation schedule look like?

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inDinero Tax Tips

MAY 24, 2023

Financial experts speculate this may be because they’re the most common source of improperly reported income. If you’d like to submit your taxes with confidence, consider indinero’s business tax services. But the way taxes are calculated depends on which business entity you’ve selected.

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ThomsonReuters

JANUARY 9, 2024

In other words, C corps are not taxed as individuals, they are taxed as a business structure that is legally separate from the people who own and operate the business. For fiscal year businesses, the deadline is the 15th of the month six months after the initial fiscal deadline. How do C corps file taxes?

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. What is a business tax enquiry / hmrc corporate enquiry ?

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xendoo

SEPTEMBER 19, 2022

Not only will this shield you in the event of an audit, but it can make it easier for you to keep track of your expenses when filing your income taxes. The past several years have seen changes in the deduction for entertainment expenses and meals eaten in restaurants. . Entertainment. 100% of the days you spend working .

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Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

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CPA Practice

JULY 6, 2023

Use of your personal vehicle for business trips. Lodging and non-entertainment meals (50% of meals). Business calls and communications. Any other similar ordinary and necessary expenses related to this business travel. The same applies for non-entertainment meals. Shipping of baggage, sample, or display materials.

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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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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. Businesses in 2020 also navigated new regulations affecting foreign tax credits, foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), consolidated groups’ NOLs, meal and entertainment expenses, and bonus depreciation.

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