MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable.

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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. T he Tax Deadline is April 18, 2023?

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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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Ronika Khanna CPA,CA

JANUARY 21, 2022

She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. Benefits of Filing a Tax Returns Receive a refund—or avoid penalties and interest! You will only receive this if you file a tax return.

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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

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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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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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 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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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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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. Nadine Word pleaded guilty to preparing and submitting false tax returns and failing to file her personal tax returns,” James E.

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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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MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

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Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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Withum

AUGUST 2, 2023

The panel discussed various ERC eligibility criteria and key areas of compliance, including the exclusion of certain employees from the definition of qualified wages, the requirement to reduce wage expense on amended income tax returns for the ERC, and the interaction between the ERC and other grant programs/tax credits.

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ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

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xendoo

FEBRUARY 23, 2022

More complex returns will incur higher fees. Often you may offset the cost of these services with your tax refund if you are eligible for one. If you choose to use a local accounting firm that specializes in tax return preparation, you will pay significantly more. How Much Time Do You Spend Preparing Your Return?

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inDinero Accounting

OCTOBER 16, 2023

This should include previous addresses, names you’ve used, criminal records, and educational background. Personal Tax Returns As with your credit score, the SBA will look at your personal tax returns to analyze whether or not you’ll be fiscally responsible when you take on your SBA loan.

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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

MAY 16, 2023

The researchers said there’s no evidence that IRS agents—who don’t see the race of a tax filer—are purposely discriminating against Black Americans. However, the IRS could eliminate the disparity by auditing people with complex tax returns and taxpayers who underreport their income, they said.

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CPA Practice

MAY 17, 2023

The researchers said there’s no evidence that IRS agents—who don’t see the race of a tax filer—are purposely discriminating against Black Americans. However, the IRS could eliminate the disparity by auditing people with complex tax returns and taxpayers who underreport their income, they said.

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CPA Practice

NOVEMBER 29, 2023

Get Your Gifts Ready: If you’re feeling generous with your wealth and would like to pass some of it on to a loved one or other beneficiary, you can gift up to $17,000 (or $34,000 for married couples filing a joint tax return) without triggering a gift tax or reducing your lifetime gift and estate tax exemption.

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Withum

MARCH 24, 2022

The Tax Court recently denied a deduction for an expense that the taxpayer thought was an ordinary and necessary business expense. The expense was an educational expense for a non-employee, and even though the tax law allows flexibility to taxpayers in deducting business expenses, it does have limits.

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CTP

SEPTEMBER 16, 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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Xero

AUGUST 15, 2022

We talk to Scott about how Xero, especially the Xero Tax feature, has helped the practice streamline workflows, reduce manual tasks and improve efficiency, enabling them to better serve their clients. . As a practice chosen to test personal tax in Xero Tax, Scott didn’t waste any time finding out how it could help improve their processes.

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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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KROST

MAY 11, 2022

Income earned from the trust is not distributed to you. Requires filing of an income tax return. Requires filing of a gift tax return. For example, it can stipulate when children or minors have access to funds for education. Requires a separate tax return. Requires a separate tax return.

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MazumaBusinessAccounting

MAY 31, 2022

Keep the following documents for seven or more years: Income tax returns (federal and state) W-2s and 1099s Medical bills Contracts Receipts for tax-deductible items Mileage records Canceled checks Real estate tax forms Credit cards statements that contain purchases used as tax deductions Retirement plan contributions.

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CPA Practice

JANUARY 31, 2024

citizen and business owner, I really don’t have a problem with paying the taxes I owe. trillion, net , in federal taxes in 2022) goes toward everything from education, transportation and the country’s defense to Social Security, health care and veterans’ benefits. I understand the money the IRS collects (about $4.3

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CPA Practice

MARCH 20, 2023

Generally you can set up a Section 529 plan to pay for qualified education expenses of a beneficiary, like your child, when they attend college or grad school. The withdrawals are exempt from tax. But the account doesn’t have to be just for higher education. Use 529 plan for kids. It was as if the conversion had never occurred.

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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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Snyder

FEBRUARY 12, 2023

What is a payroll tax? How to calculate payroll taxes Federal Insurance Contributions Act (FICA) Federal Unemployment Taxes (FUTA) State Unemployment Taxes (SUTA) Income taxes Voluntary payroll deductions 3. Payroll tax process steps 4. To learn more about income taxes check our blog → Click here.

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CPA Practice

AUGUST 15, 2023

This FREE online webinar is a continuation of CPA Practice Advisor ’s mission to provide unbiased, independent information on technologies available to practicing public accountants and tax professionals. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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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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inDinero Accounting

DECEMBER 5, 2023

If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. QSBS Rules for Qualification QSBS Tax Treatment How to Report QSBS on Your Tax Return Conclusion What is the QSBS Exemption? This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

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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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