xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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CPA Practice

JUNE 8, 2023

All contents copyright 2023 The Kiplinger Washington Editors Inc. For instance, your underpayment penalty might be waived if you are a victim of a major disaster or casualty, over 62 years old and disabled, or can show that your underpayment was due to reasonable cause. Distributed by Tribune Content Agency LLC

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CPA Practice

SEPTEMBER 19, 2023

When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This provides an estimated tax savings of $1,289,100.

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RogerRossmeisl

APRIL 28, 2024

The Biden administration has proposed raising the corporate federal income tax rate from its current flat 21% to 28%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future and the pass-through income will be taxed on your personal return.

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets.

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ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog.

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CPA Practice

JULY 28, 2023

Currently, states with some form of digital advertising taxes include Connecticut, Massachusetts, New York and Texas. Arkansas, Connecticut and Indiana have implemented digital taxes on social media transactions.

Maryland 52

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CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.)

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CPA Practice

JANUARY 30, 2023

The legal fight was resolved in late December 2022 when Democrats, days away from relinquishing their power as the majority party, made six years of Trump’s personal and business tax returns publicly available.

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CPA Practice

JANUARY 2, 2024

If there is a tax package, let’s look at what could potentially be included. Republicans want to fully restore three popular business tax breaks: Research and development: Before 2022, firms could fully expense R&D costs in the year incurred. Also, a mark-to-market tax regime on the assets of the ultra-rich.

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CPA Practice

JUNE 30, 2023

GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats. Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit.

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