MyIRSRelief

APRIL 22, 2024

What Help is Available for 941 Employment Payroll Problems in Corona, CA? 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. What should I do?

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xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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Snyder

FEBRUARY 7, 2023

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. What is a 100% tax deduction?

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MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us.

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. Three COVID-19 relief bills enacted in 2020 had wide-ranging tax implications for companies, Oaks noted—the CARES Act, the Families First Coronavirus Response Act, and the Paycheck Protection Program Flexibility Act.

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inDinero Tax Tips

JUNE 12, 2023

Quite a few issues can arise if you mix your business and personal funds— from minor inconveniences to high financial costs and even legal trouble. Mixing funds makes this information difficult to track. Future investors or creditors will want to know your financials, not to mention the confusion this will bring come tax time.

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LyfeAccounting

DECEMBER 28, 2020

So in this post, I’m going to uncover and fully breakdown small business tax credits and incentives that can put tax dollars back into your pockets. By the way, the information in this post is solely for informational purposes only. Business Tax Credits vs Tax Deductions.

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CPA Practice

SEPTEMBER 15, 2023

“Proposed changes to Form 6765 will provide taxpayers with a consistent and predefined format for tax reporting and improve the information received for tax administration,” the IRS said in a press release. The proposed changes to Form 6765 include: A new Section E with five questions seeking miscellaneous information.

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MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. Get business tax & bookkeeping help by contacting us today!

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SkagitCountyTaxServices

MAY 26, 2021

(Of course, you have MANY more tax-savings opportunities as well.). But with those increased obligations comes increased opportunity for things to slip through the cracks, potentially resulting in business tax penalties and interest charges from the IRS. Over half of all the tax debt owed to the IRS is employment tax debt.

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.

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Ronika Khanna CPA,CA

APRIL 26, 2024

This includes tax payments, which tax agencies have tried to make as easy as possible by offering several options. The benefit of making tax payments online is that they allow businesses reduce the hassle of manually transcribing information onto forms that then have to be mailed in along with a cheque, before a certain due date.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. For tax purposes, there isn’t a difference between the two and they require the same tax forms filed and taxes paid. Form Schedule C is not actually a separate business tax return. Partnerships. Corporations.

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Withum

MAY 19, 2022

The IRS instructed employers to make payments on their tax-deferred balances separately using EFTPS (an electronic payment system), by credit card or debit card, or by check or money order, but not through a regular federal tax deposit on its payroll tax return. Business Tax Services. Contact Us. Contact Us.

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MyIRSRelief

OCTOBER 3, 2022

However, individuals who fail to pay taxes can suffer penalties and potential criminal charges. There is a substantial amount of time you have to file your taxes, but the process can seem hefty. Furthermore, there are different kinds of tax advisors that serve a purpose to fit your needs. They can represent a client.

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inDinero Tax Tips

DECEMBER 13, 2022

The R&D tax credit has stringent eligibility and application requirements that can prove difficult for your organization to navigate. In most cases, working with seasoned business tax specialists is the best way to find out if and how your business can benefit. Does Your Business Have a Qualified Purpose?

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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. Most business owners spend their days managing operations, nurturing client relationships, and focusing on growth goals. See our article, Cash vs Accrual Accounting , for more information.

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Withum

SEPTEMBER 15, 2023

Expenditures represent research and development costs in the experimental or laboratory sense if they are for activities intended to discover information that would eliminate uncertainty concerning the development or improvement of a product. The statement describes the method change and discloses the capitalized expenses for tax purposes.

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CPA Practice

JUNE 13, 2023

Chapman said during a Wednesday congressional hearing that her business is eligible for an ERC worth more than $125,000. But part of what’s driving the ERC backlog in particular are adjusted or amended payroll tax returns, according to Michael Wronsky, a senior manager with Baker Tilly’s tax team.

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xendoo

NOVEMBER 22, 2021

Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . How Do I Pay My Taxes as a Partnership Owner?

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ThomsonReuters

MARCH 1, 2024

Income Tax Return for an S Corporation, and Schedule K-1 ( Form 1065 ). IRS Form 1120-S is used to report income, losses, credits, and deductions, as well as employee wages, officer compensation, and any other information related to business income and expenses. As one might expect, filing S corp taxes can get complicated.

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Withum

FEBRUARY 6, 2023

If the employee holds the stock for one year or less after exercise or two years or less after the grant date, the gain will be taxed as ordinary income subject to payroll taxes. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. By Nick Hawkins, Inc. TNS) For the past two decades, tipped employees have had the responsibility of reporting their tips to the IRS.

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MazumaBusinessAccounting

FEBRUARY 1, 2023

With all the help accountants can provide, it’s no wonder why accountants are a business owner’s best friend. A small business accountant can maintain the books, analyze financial results, file business taxes, and consult with owners to expand the business’s bottom line.

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MyIRSRelief

JANUARY 16, 2023

With identity theft and fraud becoming more common, it’s important to make sure that your personal and financial information is protected. Income tax preparation services use the latest security measures to protect your information, so you can rest assured that your personal and financial information is safe.

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LyfeAccounting

JULY 20, 2021

Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes. Business credit is calculated based on your companies payment history, negative marks, and business information such as time in business.

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Basis 365

NOVEMBER 30, 2022

STEP 5: UPDATE MILEAGE LOG Tax season is right around the corner. Keep your mileage log up-to-date to maximize your small business tax deductions. The amount that was used can be deducted from your tax. You can talk to your accountant to get more information. First, verify that everything is correct.

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CPA Practice

APRIL 24, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. By Nick Hawkins, Inc. TNS) For the past two decades, tipped employees have had the responsibility of reporting their tips to the IRS.

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inDinero Tax Tips

MARCH 13, 2023

You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages. How to Change LLC to S Corp To begin the process of converting an LLC to an S corp, submit Form 2553 (Election by a Small Business Corporation) to the IRS.

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inDinero Tax Tips

MARCH 13, 2023

You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages. How to Change LLC to S Corp To begin the process of converting an LLC to an S corp, submit Form 2553 (Election by a Small Business Corporation) to the IRS.

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MazumaBusinessAccounting

JANUARY 31, 2023

With all the help accountants can provide, it’s no wonder why accountants are a business owner’s best friend. A small business accountant can maintain the books, analyze financial results, file business taxes, and consult with owners to expand the business’s bottom line.

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ThomsonReuters

MAY 11, 2023

In an information-driven society, technology impacts virtually every aspect of business today. Capitalize on automation It’s no secret that technology is rapidly changing how all of us work. Automation also enables staff to review problem areas using sophisticated diagnostics—before it’s too late to fix them.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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ThomsonReuters

NOVEMBER 20, 2020

By Presidential Memorandum, Trump authorized the IRS to postpone the withholding and remittance of the employee’s share of Social Security tax (see Payroll Guide ¶20,908a ) from September 1, 2020 to December 31, 2020 to be withheld and remitted ratably from January 1, 2021 through April 31, 2021.

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xendoo

SEPTEMBER 28, 2021

Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. While it remains to be seen whether they plan to do the same for the 2021 tax year, it is a strong possibility. . The current deadline for business tax preparation and submission is currently April 15, 2022.

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