Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. 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.

payroll tax 147

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CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

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Nancy McClelland, LLC

JULY 9, 2022

Illinois’ 1% sales tax on groceries will be suspended for the state’s fiscal year, from June 1, 2022 through June 30, 2023. This sales tax reprieve is predicted to net approximately $400 million in consumer savings.

Illinois 52

Illinois Sales Tax income tax 52

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

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CPA Practice

DECEMBER 7, 2023

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

Montana 118

Montana Idaho New Mexico Illinois 118

CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 124

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CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 111

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TaxConnex

AUGUST 15, 2023

Among the provisions was adoption of the state’s economic nexus sales tax thresholds (200-plus transactions or receipts of more than $100,000) for income tax purposes. New Jersey becomes the latest state to apply rules for collecting sales tax revenue from out-of-state businesses for income tax purposes.

Sales 130

Sales Tax Alabama Texas 130

Nancy McClelland, LLC

JANUARY 23, 2023

Due to tax law changes such as the expiration of the Advance Child Tax Credit and Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year. The State of Illinois also opened its tax season today. “Where’s My Refund?

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TaxConnex

JULY 12, 2022

The bill also extends the sunset date of the sales tax exemption for the purchase of high-technology data center equipment to Dec. Illinois requires retailers to notify customers of the suspension of the state 1% rate of sales and use tax on retail sales of groceries, effective July 1 through June 30, 2023. Indiana modified?

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Sales Tax Oklahoma Illinois 178

CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Here are a dozen deduction tips, provided by the Illinois CPA Society. You can deduct up to 50 percent of your self-employment tax from your income taxes.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

Nancy McClelland, LLC

APRIL 9, 2024

We still want folks to make quarterly payments (see my related IRS & Illinois posts for how to do it online), but for the first quarter, at least, we’re asking everyone to use “safe-harbor” calculations. However, times have changed. Why Use 1Q Safe-Harbor Calculations Instead of Annualizing?

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

Tax 105

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CPA Practice

JANUARY 27, 2023

Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions. Find your CPA at www.icpas.org/findacpa.

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TaxConnex

SEPTEMBER 29, 2020

The state’s largest categories of general fund tax revenue, individual and corporate incomes taxes and sales taxes, all rose in August. Sales taxes were up 8.2 million in the month’s taxes on online sales, which go into a different state tax fund. percent over August 2019 – not even counting $9.6

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Sales Tax Alabama Texas 231

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

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CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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TaxConnex

OCTOBER 7, 2021

Sales tax revenues and state corporate tax receipts (franchise and excise taxes) both posted substantial growth. In Georgia , tax collections were up 12.7% The gross sales tax take finished 15.9% over August 2020; income tax collections were up 13.9%. in August year over year. State Updates.

West Virginia 180

West Virginia Sales Tax Alaska 180

Nancy McClelland, LLC

APRIL 11, 2023

In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return. Filing an extension grants you additional time to submit your complete and accurate return, but you still need to estimate whether you will owe any taxes and pay that estimated balance by the original due date.

Tax 98

Tax tax return CPA Illinois 98

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.

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TaxConnex

DECEMBER 29, 2022

But others clung to hiking sale taxes: Kentucky considered gradually replacing its individual income tax with a broader sales tax. South Dakota rejected a proposal to cut the state sales tax. Illinois and Wisconsin would follow suit by the end of the year.

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Sales Tax Maryland Louisiana 130

Going Concern

NOVEMBER 17, 2022

Hopefully Uncle D will do a bang-up job this time for the state of Michigan, unlike some of the other state unemployment benefits systems it has handled (or mishandled) like Florida, Illinois, Colorado, and California. During his daily COVID-19 press briefing on May 18, Illinois Gov. Forbes reported: Illinois spent $14.3

Rhode Island 52

Rhode Island Michigan Ohio Illinois 52

LyfeAccounting

JULY 14, 2021

Well, although Texas has one of the highest property taxes in the country, it has one of the lowest income taxes. Texans pay ZERO income taxes, which is apparently very attractive to billionaires with a lot of income like Elon Musk. And we don’t get the impression that New Hampshire loves taxes either.

Rhode Island 52

Rhode Island New Hampshire Vermont Wisconsin 52

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

Delaware Nevada Tax Sales 52

CPA Practice

AUGUST 15, 2023

Gail is the author of over 30 books (including Mint.com For Dummies , The Idiot’s Guide to Introductory Accounting , and Surviving Financial Downsizing: A Practical Guide to Living Well on Less Income ), and she maintains a small tax practice.

Tax 52

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Going Concern

MAY 9, 2023

Stephens also played a critical role in developing and advocating positions on legislative and regulatory tax matters, including the 2017 Tax Cuts & Jobs Act, as well as in resolving significant income tax audit issues. Stephens is a member of the AICPA and a member of the Illinois and Missouri State Bar Associations.

Tax 52

Tax Missouri Illinois accounting and finance 52

Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. And we were freaking out about that delay. I can’t imagine what six weeks will look like.

Tax 52

Tax tax return Illinois tax preparation 52

Nancy McClelland, LLC

JANUARY 16, 2024

Our firm is located in Chicago, so to get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] (without logging in) and enter your SSN, Name, and the tax year in question. “Now What Do I Do With These Files?

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CPA Practice

NOVEMBER 29, 2023

A CPA can advise you on how to strategically manage your finances all year long and then prepare and file your tax return to ensure all eligible credits and deductions available are maximized.

Tax 108

Tax tax return CPA accounting and finance 108

CPA Practice

JANUARY 31, 2023

Gabe Rivers focuses on providing income tax planning and tax compliance services to high-net-worth individuals and families, partnerships, S corporations, trusts, and private foundations.Gabe holds a Bachelor of Business Administration and a Master of Accountancy from the University of Tennessee.

New Hampshire 110

New Hampshire Georgia Virginia public accounting 110

CPA Practice

FEBRUARY 1, 2023

Illinois CPA Society member Daniel F. He is also a former chair of the Illinois CPA Society Board of Director and is a current Board Member of the American Academy of Attorney-CPAs. Investors and employers alike, should discuss with their Wintrust Wealth Advisor the applicable provisions of the law that pertain to them.

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Illinois Start-ups Tax CPA 96

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. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes.

Tax 52

Tax tax preparation tax return cpas 52

Nancy McClelland, LLC

FEBRUARY 6, 2022

At this point, print the file to pdf and save somewhere safe, along with the rest of your tax season documents. 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). What about state information?

Account 52

Account accountant accounted tax return 52

CPA Practice

JULY 12, 2023

He’s also a former chair of the Illinois CPA Society Board of Directors and a current board member of the American Academy of Attorney-CPAs. Keep these strategies top of mind to provide added value to your clients as you help them prepare for life’s unexpected circumstances. Rahill, CPA/PFS, JD, LL.M.,

Tax 98

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CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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TaxConnex

SEPTEMBER 7, 2023

Definitions For Federal income tax purposes, according to the IRS , tax-exempt organizations include: Charitable: Organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes.

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