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Drive Down Your Business Taxes with Local Transportation Cost Deductions

RogerRossmeisl

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. It refers to travel when you arent away from your tax home long enough to require sleep or rest.

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From Flights to Meals: A Guide to Business Travel Tax Deductions

RogerRossmeisl

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings.

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Can You Turn Business Losses into Tax Relief?

RogerRossmeisl

The federal tax code may allow a bright strategy to lighten the impact. The net operating loss (NOL) deduction levels the playing field between businesses with steady income and those with income that rises and falls. It lets businesses with fluctuating income to average their income and losses over the years and pay tax accordingly.

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Xero and Tallyfor Integrate to Streamline Business Tax Preparation

CPA Practice

To enable accounting partners to experience these powerful benefits firsthand, Xero is offering 12 months of complimentary access to Tallyfors tax workflow tool.

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Understanding the Work Opportunity Tax Credit

RogerRossmeisl

With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA.

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How to efficiently file a business tax return: A workflow guide for accounting firms

ThomsonReuters

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. Depending on the type of business structure, required documents can vary.

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Understanding Nevada LLC Taxes

inDinero Tax Tips

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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