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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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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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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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. Some of these penalties are straightforward and simple. Buckle up, partner.

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th.

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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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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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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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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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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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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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Snyder

DECEMBER 28, 2022

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’s interesting is that the less income you have, the higher the chance of a tax audit. What does a tax audit mean? IRS tax audit process.

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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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Basis 365

APRIL 28, 2022

You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. Legal fees and annual tax return requirements can add up.

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ThomsonReuters

MAY 11, 2023

In an information-driven society, technology impacts virtually every aspect of business today. By comparing a tax return with last year’s documents, automation can flag and catch errors ahead of time. Capitalize on automation It’s no secret that technology is rapidly changing how all of us work.

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xendoo

SEPTEMBER 28, 2021

Our goal is to make sure that you have the tools you need to appropriately file your tax return this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. The current deadline for business tax preparation and submission is currently April 15, 2022.

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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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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. The LLC partners have 3.5

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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. The LLC partners have 3.5

income tax 52

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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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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Today, we are going to help you select the best entity for your business. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free.

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Snyder

JUNE 20, 2022

Get to know small business tax obligations and procedures. Small business accounting software to help you stay on top of accounting. What is small business accounting? Let’s start with defining what small business accounting is. That’s why these statements must include accurate and up-to-date information.

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Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content.

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KROST

NOVEMBER 24, 2020

Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to ensure they are sufficiently informed and well-positioned to minimize current and future tax burdens. You can get an application and more information about how to contribute on CEFA’s website.

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KROST

APRIL 19, 2021

Application Information. Business Tax Identification Number. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 1: Calculate your annualized 2019 gross receipts: Step 1(a): Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return.

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inDinero Accounting

JANUARY 9, 2023

With this information, your accountant can also dig down a little deeper into your operations with unit economics. As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes.

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inDinero Accounting

JANUARY 9, 2023

With this information, your accountant can also dig down a little deeper into your operations with unit economics. As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes. Deferred Tax Credits. Administration.

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