article thumbnail

New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes

CPA Practice

Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would (Section 280E of the IRS Tax Code). It will ensure that dispensaries are paying a fair amount of taxes by taking into account critical business expenditures and allowing these deductions from their income.”

article thumbnail

Los Angeles tax, accounting service

MyIRSRelief

Our Los Angeles based tax firm, led by Mike Habib, EA, represents and helps business taxpayers get compliant with tax & accounting service, contact us today at 1-877-78-TAXES [1-877-788-2937]. What is income tax preparation service? What is business tax preparation service?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Los Angeles Tax Services – Local tax firm serving all Southern California

MyIRSRelief

Here are some tax services you can use to fulfill the tax process. Los Angeles Tax Preparation Services for Individuals and Businesses. Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns.

article thumbnail

Professional tax help Chicago: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

MyIRSRelief

Tax professionals can help taxpayers determine the best course of action for their situation and guide them through the process of resolving their back taxes. 941 Payroll Tax Problems: The 941 payroll tax is a tax that employers must pay on behalf of their employees for Social Security, Medicare, and income taxes.

article thumbnail

How Long Does It Take an Accountant to Do Taxes?

xendoo

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? Tax Accounting Software.

Tax 94
article thumbnail

How Much Is a Tax Consultant?

xendoo

They advise clients on income tax returns during tax season and help with financial matters, including trusts and estate planning. . They also should know recent tax law changes on both a federal and state level. . Tax consultants offer a wide variety of services. Helping to manage capital gains taxes.

article thumbnail

Cannabusiness Tax Liabilities and How to Navigate Filing

CPA Practice

147 ensured that these critical costs incurred by cannabusinesses be classified as deductibles for income tax purposes. However, this means that these entrepreneurs must be diligent in their cost accounting or risk leaving deductions on the table – or worse – taking wrongful deductions that can have consequences for your business.

Tax 111