LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year. Does this apply to entertainment expenses?

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xendoo

SEPTEMBER 10, 2021

A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. After all, most entrepreneurs entertain dreams of growing their businesses. Tax planning. Tax preparation.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off.

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xendoo

SEPTEMBER 2, 2021

Although it can be a pain to subscribe for software instead of purchasing it outright, as far as your tax returns are concerned, they’re the gift that keeps on giving! For your home office, there are two ways to write off costs for your tax return : Actual Expense Method . Entertainment and Meals .

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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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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. Don’t wait for tax season to start planning.

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ThomsonReuters

FEBRUARY 8, 2022

A rise in tax regulations, globalization, an influx of innovative technologies, and a greater demand for “always on” access makes it an exciting time for tax and accounting professionals to be in business. One significant trend sweeping the tax profession is the rise of value-added services.

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inDinero Tax Tips

NOVEMBER 15, 2021

Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation. These are businesses where the owners pay taxes on their individual tax returns, and they are increasingly becoming the new standard. What’s Happening With Business Meals?

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xendoo

JUNE 23, 2021

At tax preparation time, you will need to determine whether the standard or actual cost deduction will save you the most money. #2 6 – Meals & Entertainment. If you discussed business before, during, or after the meal, it could be deducted on your tax return. 2 – Office Space.

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Snyder

DECEMBER 28, 2022

percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit. 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.

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ThomsonReuters

JANUARY 9, 2024

For C corps, double taxation refers to the taxation of corporate profit at two different times: First, the corporation itself is taxed on their corporate income at the federal corporate tax rate of 21%. How do C corps file taxes? C corps file federal income taxes using IRS Form 1120 , the U.S.

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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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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. A Democratic tax preparer PTINs the tail on the donkey. by Bill Meador, CPA, JD.

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