xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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Accounting Insight

FEBRUARY 21, 2023

Travel and entertainment expenses (T&E) can give your business a competitive advantage if used wisely and effectively. Many small and medium businesses (SMBs) worry about the cost of employee expenses when it comes to travel and entertainment expenses (T&E). What expenses are included in T&E?

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inDinero Tax Tips

JUNE 12, 2023

Future investors or creditors will want to know your financials, not to mention the confusion this will bring come tax time. Claiming Tax Deductions is Harder When running a business, saving the maximum amount of money with tax deductions is vital to maintaining financial health. Proceed with caution.

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Withum

NOVEMBER 14, 2022

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). QSBS Generally.

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CPA Practice

JULY 6, 2023

Deductions for business travel can be available when someone must travel away from their tax home or main place of work for business reasons. Use of your personal vehicle for business trips. Lodging and non-entertainment meals (50% of meals). Business calls and communications. Dry cleaning and laundry.

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xendoo

SEPTEMBER 19, 2022

For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay. . When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Mainly, your trip needs to be primarily for business purposes. You must: .

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Section 179 deductions are limited to annual taxable business income. What is Form 4562?

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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 risk review in LB?

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

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inDinero Tax Tips

MAY 24, 2023

However, gross vs net income is slightly different for tax purposes depending on whether you’re an employer or an employee: Employers pay tax on net income Employees pay tax on gross income Because the law requires employers to withhold taxes from employees, business owners need to keep both perspectives in mind.

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ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? Managing an LLC As a business structure, the primary purpose of an LLC is to protect the owners’ personal assets from debt collection and lawsuits aimed at the LLC. How are LLCs taxed? Federal Insurance Contributions Act), or “self-employment” tax.

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. 20 with an ambitious tax agenda and a singular priority. Recent Changes.

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