MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Below we’ll be listing 6 useful planning tips from tax experts that will help you to save on your business taxes.

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Inform Accounting

NOVEMBER 23, 2023

Puzzling over whether that quick lunch or client dinner can be claimed on your tax return? If so, you´re not alone. This is something that a lot of business owners struggle with. Because the rules around food and drink expenses are anything but straightforward.

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Ronika Khanna CPA,CA

OCTOBER 5, 2023

Ensuring that you keep on top of your finances and tax obligations is among the most important of these tasks for which it is essential to have a system in place so that you can maximize tax deductions, minimize taxes payable and reduce amounts that you have to pay to CRA and RQ.

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Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. As the saying goes, the best offense is a great defense.

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Basis 365

FEBRUARY 15, 2023

Bookkeepers' duties vs. Tax Accountants Bookkeeping duties A bookkeeper's responsibility is to keep track of your company's daily transactions, preferably in an accounting program like Xero or QBO. Why not hire bookkeepers and tax accountants for the year? Why not hire bookkeepers and tax accountants for the year?

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inDinero Tax Tips

AUGUST 29, 2023

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. For another example, property taxes on your business’s office space are deductible.

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CPA Practice

JANUARY 12, 2024

By Matt Hamilton, Los Angeles Times (TNS) Hunter Biden, the son of President Joe Biden, pleaded not guilty Thursday in downtown Los Angeles on federal tax charges—one of two criminal cases filed after the collapse of a plea deal that would have averted trial during the 2024 campaign season. The tax case in L.A.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. 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. What is a tax audit? Meeting a tax auditor is as frightening as meeting a ghost.

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SkagitCountyTaxServices

APRIL 27, 2023

If you don’t have a big staff and get pulled in a lot of different directions and you’re doing the mundane task of organizing your tax documents … you might be a small business owner. That’s why, today, I’m laying out the tax document 411 for you, so you can be equipped to face that task and put it in the hands of a trusted team member.

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CPA Practice

SEPTEMBER 18, 2023

Sidney Kess, a nationally renowned tax lawyer and accountant, author of hundreds of tax books on financial and estate planning, educator, and a friend to many in the profession, passed away on Sunday at the age of 97. Kess worked as a tax professional at some of the biggest accounting firms in the nation.

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Withum

MARCH 7, 2022

The Washington State Superior Court on March 1, 2022 overturned a new law enacted last year to tax capital assets. The capital gains tax took effect on January 1, 2022. The Washington State’s Capital Gains Tax imposed a single tax rate of 7% would apply to all levels of such income that exceed the standard deduction of $250,000.

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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?”. Digital download (ebook) Available at Amazon Tax Deductions: What types of expenses are deductible? Meals and entertainment in which business was discussed.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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Anders CPA

MARCH 21, 2023

Due to outdated Treasury regulations, which were put into place by the IRS long before Airbnb or Vrbo, there are several different ways that taxes can be determined. The tax treatment of the income and losses from your short-term rental activity is determined based on whether substantial services are provided.

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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. It’s no wonder that tracking and claiming tax-deductible business expenses falls by the wayside. In general, the IRS has this to say: “To be deductible, a business expense must be both ordinary and necessary.

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ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income.

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Withum

NOVEMBER 14, 2022

The IRS’s decision to grant late-filing relief in this context is not that surprising or ground-breaking, but it does highlight an important tax strategy that we are starting to see with increasing frequency. The taxpayer thus failed to properly elect deferral under section 1045 on his/her timely filed tax return (including extensions).

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. What is Form 4562?

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LyfeAccounting

MARCH 16, 2021

This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession. The New Tax Deduction Update for Business Meals. Business Meals Tax Deduction: Things to Keep in Mind. What are business meals?

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Going Concern

SEPTEMBER 25, 2023

TPB slaps 5-year ban on accountant involved in $26m fraud [ Accountants Daily ] The Tax Practitioners Board has slapped a five-year ban on a Sydney accountant charged with stealing $26 million through his firm to fund a lavish lifestyle and gambling addiction. We were not willing to let Mr Carter continue practising.”

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xendoo

SEPTEMBER 2, 2021

The IRS watches consultants closely, and every tax dollar that is owed has to be accounted for. The good news is that the money you spend on your business can often become “yours” again through tax savings. Here are some tax-saving tips for consulting firms to minimize what they owe to the IRS at the end of the fiscal year.

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xendoo

NOVEMBER 1, 2021

You might not be thinking about taxes until closer to the deadline, but planning your eCommerce tax deductions is a year-round process. If you run an online business, investing in tax-deductible business expenses can reduce your tax burden and increase your profits. Property taxes. Homeowner’s insurance.

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inDinero Tax Tips

MAY 24, 2023

However, gross vs net income is slightly different for tax purposes depending on whether you’re an employer or an employee: Employers pay tax on net income Employees pay tax on gross income Because the law requires employers to withhold taxes from employees, business owners need to keep both perspectives in mind.

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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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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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Withum

JANUARY 17, 2022

Financial affairs include organizing your investments, determining doable goals, simplifying your investments, working to reduce your tax preparation fees and claiming unclaimed funds. There is also a third category for people that own businesses. Contact Us. Let’s Chat.

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ThomsonReuters

FEBRUARY 8, 2022

1) Communicate clearly to win new tax clients. When you seek to win new tax clients, it’s best to start at the beginning. With so many generations in need of tax and accounting services in the market today, it can be a challenge to discover what a client truly wants or needs, or how they want to connect with you.

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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. Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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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. AT THE IRS “Why are we paying so much tax?” A tax table is the place to negotiate with the IRS.

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xendoo

SEPTEMBER 19, 2022

For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay. . When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Obviously, we’re not advocating for exploiting the tax code. You must: .

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Of course, if you are buying gifts on behalf of your business, you should know whether they qualify as tax deductible expenses. This can then be deducted in the charitable donation section of either the corporate tax return (T2) or if you are not incorporated, the donation is simply deductible as a tax credit on your personal tax return (T1).

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KROST

MAY 11, 2022

Estate tax may need to be paid. Minimizes estate tax by removing asset appreciation from your estate. Requires filing of an income tax return. Requires filing of a gift tax return. Assets in Trust B are not subject to estate tax upon surviving spouse death. Irrevocable Trusts. Testamentary Trust.

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xendoo

JUNE 23, 2021

As a self-employed realtor, you face some unique challenges when tax season comes knocking at your door. Since you don’t have taxes withheld from a regular paycheck, it’s up to you to lessen your tax burden by identifying all of the deductible expenses you incur throughout the year. 2 – Office Space.

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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. To deduct some of their expenses against this new form of income, many college athletes have set up LLC’s making their income reportable on Schedule C on their tax return.

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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. What taxes will I pay? Tax is paid on profits (income less allowable costs) from your business. Income tax is explained at [link]. Dividend Tax applies to any amounts taken out of the company.

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