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HHM CPAs Teams Up With Bizzell, Neff & Galloway in Florida

CPA Practice

Top 100 accounting firm HHM CPAs has expanded outside of Tennessee after merging in Pensacola, FL-based CPA firm Bizzell, Neff & Galloway on March 1. Founded in 1976 by Managing Partner Tom Bizzell, Bizzell, Neff & Galloway provides accounting, income tax, consulting, and financial services to individuals and business owners.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

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The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

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How Long Does It Take an Accountant to Do Taxes?

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Is It Worth Getting an Accountant to Do Your Taxes? There are three main types of qualified tax preparers. These include enrolled agents (EAs), certified public accountants (CPAs), and tax lawyers. Other individuals may prepare taxes through retail firms, but often they will not have received education specific to tax. .

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How to Change from an LLC to an S Corporation

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Under “S” corporation status, the small business owner’s income, losses, deductions, and credits “flow through” to you and are reported on your personal tax returns and assessed at your individual income tax rate. Whether it’s the 1120S, 1120, or 1065, Xendoo’s CPAs will file the right return for you, right on time.

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When You Need to Hire a Pro: Online Accounting Service for Small Business

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based financial team—bookkeeping, tax consulting, and tax filing all under one roof, available 24/7. The accounting and financial reporting implications can vary depending on whether the assistance is considered a loan, a grant, or an income tax benefit, among others. .

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Tax Benefits & Differences: Sole Proprietor vs. LLC vs. S-Corp vs. C-Corp | Which Business Entity is Best?

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Now the major taxes they are subject to are: Federal income tax. State income tax. Self-employment tax. And if you get this wrong, the IRS can go back and reclassify payments listed as distributions as W-2 wages that must be taxed. You can deduct things like your: advertising expenses. car expenses.

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What Happens if a Business Doesn’t File Taxes?

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Your tax status – Tax-exempt organizations and non-profits have different filing deadlines than for-profit businesses. The type of return you’re filing – Different returns, including IRS Form 1120 for corporation income tax, have different deadlines.

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