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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CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

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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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Nancy McClelland, LLC

MARCH 29, 2022

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.

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xendoo

FEBRUARY 23, 2022

A number of factors affect the time it takes to file taxes. Not all of these will be the responsibility of the tax preparer. . First, you must make sure that you have all of the required documentation available for the tax preparer. State or local property tax. Tax Preparation for Small Business Owners.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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MyIRSRelief

FEBRUARY 1, 2023

An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. This ensures that they are up-to-date on the latest tax laws and best practices.

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ThomsonReuters

APRIL 25, 2024

When filing tax returns, it’s important to report all income sources accurately. 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.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. Yet we often see this benefit overlooked on tax returns, especially when S-Corp shareholders pay for their insurance through work.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. If the child’s unearned income (i.e.,

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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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CPA Practice

AUGUST 15, 2023

Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. She is a Certified Public Accountant licensed to practice in California and North Carolina with many years of experience as a tax preparer using Drake Tax®.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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ThomsonReuters

SEPTEMBER 7, 2023

Qualifying for the dependent care credit 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.

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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.

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ThomsonReuters

NOVEMBER 15, 2023

Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. The IRS maintains a list of eligible organizations , so it’s crucial to ensure your chosen recipient is eligible to receive tax-deductible donations.

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CPA Practice

JULY 13, 2023

“The Security Summit plays a key role in protecting federal and state tax filings from identity thieves. Their work continues to strengthen our systems against fraudulent tax returns,” said IRS Commissioner Danny Werfel. Tax professionals also form a critical part of our defenses. San Diego and Orlando.

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Nancy McClelland, LLC

JANUARY 16, 2024

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Tax nerds unite!) “ What About State Information?

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. This is more tied to personal incomes. February 12, 2021.

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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. This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. Home Office.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The good news is that — as frustrating and arduous as this new IRS K-2 and K-3 reporting requirement is — no one is likely to die while attempting to complete it, and therefore I think we should just all keep this extremely challenging K-2 mountain in mind before we get too frustrated about additional complexities in tax preparation.

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Nancy McClelland, LLC

DECEMBER 26, 2023

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. If the 1099-K is for an amount that is lower than what’s on the income section of the Profit & Loss, it’s not likely to be an issue.

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Nancy McClelland, LLC

DECEMBER 26, 2023

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. If the 1099-K is for an amount that is lower than what’s on the income section of the Profit & Loss, it’s not likely to be an issue.

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Nancy McClelland, LLC

FEBRUARY 6, 2022

If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. To get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] and enter your SSN, Name, and the year (in this case 2021). Let the tax return preparing begin!

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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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LyfeAccounting

FEBRUARY 9, 2021

Also, the information in this post is solely for educational purposes only. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. Note, that’s $9,180 more income, even after you take out Federal and State income taxes. Contact us today!

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Going Concern

JULY 21, 2023

“Those things revolve around higher education practices and private client services. PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential. “There were some things that legacy BKD did that legacy DHG did not do as much,” Giddens said.

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SkagitCountyTaxServices

FEBRUARY 4, 2021

As a Mount Vernon business owner, you may have a couple different tax returns to wade through each year (and maybe more, depending on the number of active entities you’re managing). A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. Want to get a jump on things?

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ThomsonReuters

APRIL 25, 2024

Early withdrawals from traditional IRAs are generally (not always) subject to penalties — see information on Form 5329 — while all withdrawals (even after age 59 ½) are subject to income tax whether early or not. Assisting your clients with strategies like Roth conversions can help minimize taxes on IRA withdrawals.

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Going Concern

FEBRUARY 26, 2024

Aaaaand now there’s one less tax preparer in Florida to handle the load. Price and his tax return preparation business, Price’s Accounting Firm Inc., from preparing federal income tax returns for others. Price and his tax return preparation business, Price’s Accounting Firm Inc.,

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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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Ryan Lazanis

OCTOBER 24, 2022

It takes a bit more strategy & thought than the billable hour as well as some basic education in price theory. As a simple example, this means that year-end tax return preparation fees will be billed the same way for Client A and for Client B. In basic bookkeeping and accounting, not all hours are created equal.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

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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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Nancy McClelland, LLC

DECEMBER 28, 2022

The S-corporation deducts the expense as compensation and includes the amount on the shareholder’s W-2 — in Box 1, but not in Boxes 3 or 5, which means they are not subject to Social Security or Medicare taxes (commonly known as “payroll taxes” or “employment taxes”).

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ThomsonReuters

JUNE 16, 2023

For instance, who must file a tax return and when those returns are due, how to file an extension, what must be included on the tax return etc. I nterpretive r egulation Interpretive regulations help administrative agencies clarify the rules.

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