Dent Moses

JUNE 14, 2023

The Legislative Services Agency estimated the bill will cost the Education Trust Fund $34 million for fiscal 2024. The post Governor Ivy Signs Bill to Exempt Overtime Pay from 5% State Income Tax appeared first on Dent Moses, LLP. Now begins the task of implementation. Click HERE for a copy of HB 217.

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Xero

NOVEMBER 11, 2022

From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . Here are some steps you can take to prepare them: Educate clients on digital record-keeping. Learn more here. .

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RogerRossmeisl

DECEMBER 10, 2022

If you want to take money out of a traditional IRA before age 59½, distributions are taxable and you may be subject to a 10% penalty tax. However, there are several ways that the 10% penalty tax (but not the regular income tax) can be avoided, including to pay: qualified higher education expenses, up to $10,000 of expenses if you’re a.

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MyIRSRelief

OCTOBER 16, 2023

The Difference Between Deductions and Credits Before we dive into the world of tax deductions and credits, it’s essential to understand the fundamental difference between the two: Tax Deductions: Deductions reduce your taxable income, which, in turn, lowers the amount of income subject to taxation.

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ThomsonReuters

APRIL 1, 2021

In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. Tax Refunds and Credits. Tax Return Preparers. Here are highlights: Form 1040 Series. Form 5498 Series.

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MyIRSRelief

DECEMBER 15, 2023

Call us today at 1-877-78-TAXES [1-877-788-2937]. Maximizing Deductions Even as a W-2 earner, you may be eligible for various tax deductions, such as student loan interest, educator expenses, or moving expenses for a job. Understanding what deductions you qualify for can significantly reduce your taxable income.

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CPA Practice

JULY 6, 2023

A Section 529 plan is a great way to save for a child’s higher education. You can put money in an account for your child and watch it grow without any current tax erosion until the child is ready to go to school. Then any distributions from the account are exempt from tax if they are used to pay for qualified expenses like tuition.

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ThomsonReuters

OCTOBER 14, 2021

Could we help them repay those loans on a tax-advantaged basis using a qualified educational assistance program? ANSWER: Educational assistance programs under Code § 127 currently can be used to help employees repay certain student loans, but this benefit is only available for a limited time and there are other restrictions.

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CPA Practice

AUGUST 28, 2023

In addition to IRS representation training sessions, the partnership will enable tax professionals to explore adding new revenue streams to their practices with tax resolution services. A free one-hour training session on digital marketing for IRS Representation on August 29 , 2023 will be held to launch the partnership.

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LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.

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CPA Practice

MAY 10, 2023

More Flexibility for Section 529 Plans A Section 529 plan is a popular way to save for a child’s higher education. Typically, these state-operated vehicles offer high contribution limits, a variety of investment options and, to top things off, generous tax breaks. There are no income tax consequences until amounts are withdrawn.

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CPA Practice

JANUARY 8, 2024

We continue to urge taxpayers who need help to reach out to a trusted tax professional, including those who work with recognized national organizations.” The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help. The IRS has more information available to help taxpayers select a tax professional.

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CPA Practice

JANUARY 30, 2023

Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund? ” The answer is never exact, but we are able to make some educated guesses based on a few factors. tool on the IRS website. 23, 2023 Feb. 30, 2023 Feb.

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TaxConnex

AUGUST 15, 2023

In addition to back-to-school sales tax holidays coast to coast this time of year, several states have tweaked their sales tax in favor of consumers. Alabama will lower its sales tax rate on food effective Sept. Kansas no longer taxes delivery charges , as of July 1. from 4% to 3%.

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CPA Practice

JANUARY 2, 2024

and priced at $1,500 or less Items like cell phones and video game consoles are not eligible for the tax-exemption. According to the Tax Foundation, Florida has an average combined state and local tax rate of 7.02%. See Kiplinger’s tax guide for more information about other taxes in Florida.

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CPA Practice

JULY 28, 2023

Despite its cute moniker, the “kiddie tax” is anything but innocent. If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family. But you may be able to cut the tax down to size with some astute planning before year-end.

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CPA Practice

JULY 6, 2023

Nevertheless, you’re supporting a good cause and you will derive some tax benefit for your generosity. More details: If you itemize deductions, you may deduct from your federal income tax bill a charitable contribution of up to $50 per month for the qualified expenses of providing for a foreign exchange student.

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Withum

AUGUST 8, 2023

With New York already fighting to retain businesses, the capitalization of federal R&E expenditures may result in more companies moving out of New York to balance their federal and New York State tax bills. One of the attractions for New York businesses is our highly educated and talented workforce. Does this seem extreme?

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MyIRSRelief

JULY 17, 2023

Understanding Taxation Before delving into tax planning strategies, it’s crucial to comprehend the basics of taxation. This section will provide an overview of different types of taxes, including income tax, capital gains tax, and corporate tax, and explain how they impact individuals and businesses.

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CPA Practice

OCTOBER 12, 2023

By Marguerita Chang, Kiplinger Consumer News Service (TNS) Higher education costs are still on the rise. Tuition inflation at public four-year colleges averaged 12% from 2010 to 2022, according to the Education Data Initiative. You can save for future educational pursuits and withdraw the funds tax-free for qualified education costs.

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CPA Practice

FEBRUARY 24, 2023

Under Section 126 of the act, the Internal Revenue Code is amended to allow tax-free rollovers from 529s into Roth IRAs under certain conditions. By rolling over unused funds from a 529 account into a Roth IRA, individuals will now be able to avoid income tax and tax penalties that occur when withdrawing funds for non-education expenses.

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Ronika Khanna CPA,CA

MAY 3, 2024

computers You might only realize after you have submitted your tax return that you are entitled to a tax credit eg. the new home buyer’s credit or the hybrid car tax credit. You are allowed to change your income tax return for the current as well as the prior NINE taxation years. R-V ) and mail it in.

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ThomsonReuters

APRIL 25, 2024

This means that the funds are deposited into your retirement account before they are taxed — and you won’t owe any income tax on these funds until you withdraw the money from your account, typically after you retire. Are 401(k) contributions tax deductible? How is a 401(k) taxed? What is the 401(k) tax limit?

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CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

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Snyder

OCTOBER 30, 2022

Read till the end to find a helpful table with all important 2023 Tax Deadlines for the Tax Year 2022! How much do small businesses pay in taxes? How to file income tax? How to file self-employment tax? How to file employment tax? How to file excise tax? How to file estimated tax?

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TaxConnex

MARCH 1, 2022

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how?

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VetCPA

NOVEMBER 6, 2022

Many parents feel conflicted because they want to help their kids get a good college education but know they need to save for their own retirement years. You don’t owe federal income taxes on your pretax contributions or on any earnings from investing those funds until you withdraw money from the plan.

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CPA Practice

JANUARY 3, 2024

and priced at $1,500 or less Items like cell phones and video game consoles are not eligible for the tax-exemption. According to the Tax Foundation, Florida has an average combined state and local tax rate of 7.02%. See Kiplinger’s tax guide for more information about other taxes in Florida.

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ThomsonReuters

APRIL 25, 2024

Other tax-favored accounts. The form also covers other tax-favored accounts, such as Coverdell education savings accounts (ESAs), qualified tuition programs (QTPs), and Achieving a Better Life Experience (ABLE) accounts. If you don’t have to file an income tax return, you can complete and file this form by itself.

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MyIRSRelief

MAY 22, 2023

Tax professionals can help taxpayers determine the best course of action for their situation and guide them through the process of resolving their back taxes. 941 Payroll Tax Problems: The 941 payroll tax is a tax that employers must pay on behalf of their employees for Social Security, Medicare, and income taxes.

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CPA Practice

JANUARY 27, 2023

The new law cuts the penalty in half to 25% of the shortfall for tax years beginning after the date of enactment. Penalty-free emergency distributions: Usually, a 10% penalty applies on top of regular income tax to distributions from a retirement plan or IRA, unless a special exception applies.

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MyIRSRelief

AUGUST 1, 2023

Payroll Tax Challenges for W-2 Drivers 1 Employee Withholding and Reporting: W-2 drivers are considered employees, and trucking companies are responsible for withholding and remitting income taxes, Social Security, and Medicare taxes on their behalf. This can lead to discrepancies and potential issues during tax season.

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CPA Practice

JANUARY 18, 2024

Tax Filing Deadlines – Avoid An Extension c. Income Tax Brackets for 2024 – Do you need a new W4? Tax Deductions and Credits – Maximize Your Personal Return e. Earned Income Tax Credit – This one’s a biggie! Got Kids – Get the Credits (child tax credit, dependent care credit, education credits) h.

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MyIRSRelief

NOVEMBER 3, 2023

941 Employment Payroll Problems Employers are required to file Form 941, the Employer’s Quarterly Federal Tax Return, to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax.

Tax 130

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CPA Practice

APRIL 11, 2024

The government alleged that Portorreal prepared tax returns claiming fabricated business income and expenses, as well as various false tax deductions and false non-deductible expenses for her customers to receive the earned income tax credit and the child tax credit.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Tax 52

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CPA Practice

FEBRUARY 3, 2023

(TNS) A Columbus, GA-based tax preparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. Word would submit fraudulent claims for earned income credits, education credits and business losses. Assistant U.S.

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