Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

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CTP

SEPTEMBER 22, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” Educator Expenses. Health Savings Accounts (HSA).

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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. But Section 529 plans don’t have to be used only for your kids. Let’s briefly recap the key tax rules.

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CTP

DECEMBER 21, 2021

Taxpayers who withdraw retirement funds before age 59 ½ will get hit with an early withdrawal penalty from the IRS, in addition to any income tax required. In terms of federal taxes, withdrawing funds before the plan’s retirement age will result in a 10% early withdrawal penalty.

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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.

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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.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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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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ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

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CPA Practice

JULY 31, 2023

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

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MyIRSRelief

DECEMBER 15, 2022

Our Los Angeles based tax firm, led by Mike Habib, EA, represents and helps business taxpayers get compliant with tax & accounting service, contact us today at 1-877-78-TAXES [1-877-788-2937]. What is income tax preparation service? What is business tax preparation service?

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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. What IRS tax forms do S corps file?

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: What can an accountant do to help with tax planning and preparation?

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CPA Practice

JULY 11, 2023

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

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ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Which donations are tax deductible? Use Schedule A Form 1040 to figure your itemized deductions.

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441. If the child’s unearned income (i.e.,

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CPA Practice

NOVEMBER 2, 2023

Tax savings and credits provide an even better package to align your ideals and principles with like-minded companies. As you continue to provide your client advisory services and tax planning , consider ESG to be part of the conversation. Department of Health and Human Services, and the U.S.

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ThomsonReuters

JANUARY 18, 2024

Salaries are likely to vary depending on the level of experience, education and geographical location, but the average base salary for an accountant is $62,410 per year. Again, salaries will vary depending on the level of experience, education and the geographical location, but the average base salary for CPAs is $96,583 per year.

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xendoo

FEBRUARY 23, 2022

Xendoo has a variety of plans that are priced to meet tax needs for businesses of all sizes. The accounting team will be familiar with tax law and tax code and can make sure to include all deductions available to you. Xendoo’s team can also assist you with tax planning to mitigate your tax expense in future years.

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LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC. Earned Income Tax Credit.

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LyfeAccounting

JULY 22, 2021

What Are Property Taxes For? As you know, property taxes help to fund your local state government. It funds your police, public parks, and perhaps most importantly, your local education system. But to what extent are these property taxes just too high or too low? Nevada’s effective property tax rate is just 0.6%

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LyfeAccounting

JULY 22, 2021

What Are Property Taxes For? As you know, property taxes help to fund your local state government. It funds your police, public parks, and perhaps most importantly, your local education system. But to what extent are these property taxes just too high or too low? Nevada’s effective property tax rate is just 0.6%

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CPA Practice

APRIL 2, 2024

That’s because your taxable income is dependent on how you file. This is especially important when it comes to the net investment income tax (NIIT). What is the net investment income tax? It went into effect in 2013 as part of the Health Care and Education Reconciliation Act of 2010.

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Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. Or, at the very least, having to pay us at tax-time to fill out the complicated annualization schedule on the tax return.

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CTP

NOVEMBER 25, 2022

So if you want your kids to reap all of the benefits of higher education, the time to start building a college fund is now — or even yesterday. The Cost of Higher Education. According to the Education Data Initiative , the average in-state student at a public university spends nearly $26,000 per year — $9,377 of it on tuition.

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ThomsonReuters

NOVEMBER 10, 2020

By efficiently importing the data from ONESOURCE Tax Provision (or any comparable product), the software runs the calculation and exports the result to your domestic provision or to ONESOURCE Income Tax to file your refund request. At year-end, results can be utilized within ONESOURCE Income Tax.

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xendoo

NOVEMBER 23, 2020

Are you claiming all the income tax deductions you’re entitled to? Transportation expenses to and from the education venue. As long as the contribution is made to a qualified organization, you can deduct this on your personal tax return. Here’s a handy checklist for U.S. Home Office. Business calls. •

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Withum

MARCH 3, 2023

The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax. What do I need to get started with Withum’s nexus tool? The annual sales revenue and transactions by state.

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LyfeAccounting

JANUARY 14, 2021

When to pay quarterly tax payments. How to calculate your quarterly tax payments. How to pay quarterly tax payments. What happens if you don’t pay your quarterly tax payments. Note that this is only educational information. What are Estimated Quarterly Tax Payments? Who has to pay quarterly taxes?

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CTP

NOVEMBER 25, 2022

So if you want your kids to reap all of the benefits of higher education, the time to start building a college fund is now — or even yesterday. The Cost of Higher Education. According to the Education Data Initiative , the average in-state student at a public university spends nearly $26,000 per year — $9,377 of it on tuition.

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CPA Practice

JUNE 16, 2023

Current tax law allows you to accelerate five years of gifts to educational accounts for your children and grandchildren (as well as any other friends or relatives). It’s an ideal way to help them save for future qualified educational expenses (where the funds grow tax-free) while reducing your taxable estate.

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Wellers Accounting

SEPTEMBER 22, 2023

Ben Brookes provides an introduction and explanation of the UK tax system for those starting out as self-employed.

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ThomsonReuters

OCTOBER 19, 2022

Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT). Tax-exempt organizations may make this election for twelve credits.

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CPA Practice

MARCH 19, 2024

Major milestones like getting married, having a child, or buying a new home are exciting events to look forward to in life, but they may also have tax implications that must be prepared for to mitigate tax surprises. It’s important to note that the latter option may come with sacrificing certain tax advantages.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. Accelerating income and postponing deductions.

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CPA Practice

OCTOBER 23, 2023

Tax planning and financial planning complement each other well, and your clients already need these services, but for many of them, they likely don’t know who to turn to for help. Be aware that becoming a certified financial planner is an intensive process, as you will need to meet all of the educational requirements.

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MyIRSRelief

NOVEMBER 19, 2021

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Tax credits to look out for.

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