Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

Not registering for sales taxes Any business that has total revenues/sales exceeding $30,000, and whose products and/or services are not specifically exempt, has to register for sales tax. The problem arises when they work exclusively for your business, full time and you are essentially their boss.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Of course if your cat picture website starts to become popular and you decide that you want to actively build this business by advertising on the site or partnering up with cat product resellers, your non commercial hobby could then be considered a business. Similar interest and penalty provisions apply.

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Ronika Khanna CPA,CA

JANUARY 7, 2022

An RL1 also includes the following: Quebec Pension Plan (QPP) Quebec Income Tax Parental insurance (QPIP) Health insurance premiums paid by the employer Other items such as taxable benefits etc. If you have a payroll provider , they will often prepare and submit the T4 slip and summary on your behalf.

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inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies.

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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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LyfeAccounting

MARCH 5, 2021

The exact tax you pay on that will depend on the tax bracket your total personal income falls in. Double taxation is where the company itself is taxed on all of its profits, before payments to owners are made. And then the owners are taxed on payments they receive from the corporation. State income tax.

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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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KROST

APRIL 19, 2021

Tribal businesses. Non-profits. Any state or local government- operated businesses. As of March 13, 2020, own or operate (together with any affiliated business) 20 or fewer locations, regardless of name or type of business at those locations. Business Tax Identification Number. Partnerships.

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inDinero Accounting

JANUARY 9, 2023

Budgeting and Future Cash Flow Planning A good accountant can tell you where your business is financially. A great accountant can help chart a path for your business’s financial future. Filing Taxes If you’ve been in business for any amount of time as a startup, you know that you don’t start out profitable.

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inDinero Accounting

JANUARY 9, 2023

A good accountant can tell you where your business is financially. A great accountant can help chart a path for your business’s financial future. With the help of advanced financial modeling tools, your accountant can determine where your profit centers are and relieve financial pressure points in your budget. Equipment costs.

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ThomsonReuters

JANUARY 9, 2024

The IRS taxes C corps as “ separate taxpaying entities ” that engage in business, earn revenues, realize profits and losses, and distribute profits or dividends to corporate shareholders. This means that a C corp’s profits are effectively taxed twice. How do C corps file taxes?

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Department of Labor applies a “ primary beneficiary test ” to determine if an intern for a “for-profit” employer is an employee for Fair Labor Standards Act (FLSA) purposes. This test includes seven factors and was updated in January 2018.

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ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there.

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