ThomsonReuters

DECEMBER 1, 2023

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

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CPA Practice

JANUARY 31, 2024

Here’s how: If you’re careful and follow IRS rules, you can lower your taxable income by deducting their wages and some benefits from your business income. Employed children do have to pay income taxes, regardless of their age, but each child’s income will be tax-free up to his or her standard deduction of $14,600 in 2024).

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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. Any appreciation in Trust B is subject to income or capital gains tax by the beneficiaries when the beneficiaries sell the appreciated assets. Venturelli, Esq.

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Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

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inDinero Tax Tips

MAY 24, 2023

A crucial prerequisite for calculating net income is proper documentation of business expenses. You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. This is how you’ll report the amount of federal tax withheld.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off. You must be able to demonstrate that the meals related to earning business income. Corporations are separate entities and as such losses cannot be deducted against personal sources of income.

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Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. Anders Sports, Arts and Entertainment advisors are well versed in benefits and limitations of the various retirement plan options for collegiate athletes.

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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. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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xendoo

SEPTEMBER 19, 2022

As long as a trip is primarily for business, you could claim it as a business travel expense (within reason) and save some money on taxes. Here’s how to follow the rules while saving a bundle on your tax return. For a business trip to qualify for a tax deduction , it needs to meet these criteria. Entertainment.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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AdviceForTaxpreparers

JULY 29, 2019

I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. A tax partner once told me about a client who complained that every number on his tax return prepared by the CPA firm was wrong because the amounts had been rounded. Free Tax Staff Guide.

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KROST

MARCH 22, 2021

Generally, income tax and reporting requirements would not be reported separately. Rather, they would have been reportable on the owner’s US tax return. This doesn’t mean that the SMLLC will be taxed like a Corporation. Disregarded entities are most commonly single-member LLC (SMLLC). 9796 on December 13, 2016.

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FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of personal financial statements prepared for any purpose in the last 3 years.

Real Estate 52

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Income tax is explained at [link]. Limited Company Taxes A limited company pays corporation tax on its profits. It can all seem daunting and overwhelming at first. Sounds complicated?

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. What is a business tax enquiry / hmrc corporate enquiry ?

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xendoo

NOVEMBER 1, 2021

In other words, if your home office doubles as a nursery or workout room, you’ll likely be unable to claim it as a deduction on your tax return. If you use the simplified option for claiming tax deductions, the IRS permits you to deduct $5 per square foot of office space. VoIP or video conferencing services. Bank fees.

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Withum

FEBRUARY 1, 2023

LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election.

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Going Concern

APRIL 15, 2022

Accounting Firm Says Clients May Be Victims of Tax Scam [ The Business Journal ] Reed & Dailey, an accounting and income tax firm based here, says it’s hasn’t identified any “bad guys,” but it is “actively investigating” if and how its systems were compromised and confidential client information stolen.

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FraudFiles

JUNE 14, 2021

A simplistic example of a lifestyle analysis would include adding up the known expenses of a person and his family: mortgage, groceries, auto lease or loan, groceries, insurance, credit card payments, and income taxes. A middle figure of $2,000 was used in the initial calculations.

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ThomsonReuters

JANUARY 9, 2024

In other words, C corps are not taxed as individuals, they are taxed as a business structure that is legally separate from the people who own and operate the business. How do C corps file taxes? C corps file federal income taxes using IRS Form 1120 , the U.S. Corporation Income Tax Return.

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ThomsonReuters

FEBRUARY 8, 2024

LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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