CPA Practice

MARCH 1, 2023

Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. That includes federal income tax returns, that the decedent would have been required to file for the year of his or her death. 31, 2022, you can file a joint 2022 return.

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RogerRossmeisl

SEPTEMBER 26, 2022

But now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate planning, it was more difficult to succeed at both when the estate and gift tax exemption level was much lower.

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CPA Practice

JANUARY 23, 2023

TNS) Seeming to come out of left field, President Joe Biden last week blasted Republicans for pushing legislation that would abolish federal income taxes and the IRS then replace those revenues with a 30% or so national sales tax. “It But rolling back taxes will be a prime topic as state legislatures convene around the country.

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TaxConnex

MARCH 18, 2021

Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Yet, “substantial nexus” has never been strictly defined for sales tax or state income taxes.

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RogerRossmeisl

NOVEMBER 27, 2020

if, and how is disability income taxed? As is often the case with tax questions, the answer is … it depends. If the income is paid directly to you by your employer, it’s taxable to you as ordinary salary would be. The post How is Disability Income Taxed? You may wonder. If this is the case, the.

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RogerRossmeisl

OCTOBER 28, 2020

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate planning, it was more difficult to succeed at both when the estate and gift tax exemption level was much lower.

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Patriot Software

OCTOBER 11, 2022

Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all.

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CPA Practice

MARCH 23, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. ©2023 Quartz Media Inc.

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CPA Practice

JANUARY 13, 2023

billion surplus at the end of this fiscal year, increasing the likelihood that all that cash could trigger a permanent cut in the state income tax. It’s because if revenue growth outpaces inflation too aggressively it can trigger a 2015 road funding law provision that’ll lower the income tax rate.

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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

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Patriot Software

AUGUST 17, 2020

Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.

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CPA Practice

MAY 4, 2023

Suppose you can claim a tax deduction or a credit on your personal federal income tax return. Which would you rather have? “It It makes no difference,” you might say. Either one is beneficial.” But you would be wrong. Absent unusual circumstances, a credit on your return is more valuable than a deduction, by far.

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CPA Practice

APRIL 24, 2023

Don’t overlook filing; people may miss out on a tax refund Taxpayers who choose not to file a return because they don’t earn enough to meet the filing requirement may miss out on receiving a refund due to potential refundable tax credits. There’s no penalty for filing after the April 18 deadline if a refund is due.

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Patriot Software

OCTOBER 5, 2022

Most of us would agree with the following statement: Employee wages are taxed federally and at the state level. Some employees can state income tax exemption. We all know that taxes can be complicated. This guide will cover everything you need to know about claiming tax exemptions on state […] READ MORE.

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Dent Moses

JULY 19, 2022

Beginning in 2018, the Tax Cuts and Jobs Act placed a $10,000 cap on the state and local tax (“SALT”) deduction for individuals who itemize deductions. In the years since 2018, many taxpayers have exceeded the cap and have paid large amounts of state income taxes that weren’t deductible for Federal purposes.

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MyIRSRelief

APRIL 1, 2022

Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits.

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KROST

JULY 19, 2022

Foreign nationals in the US: Do you have a federal income tax filing obligation? Now that you moved to the US, whether on a temporary basis or permanent, you may need to consider whether you have a US income tax return filing requirement and pay taxes in the US. If you are a foreign national Read the full article.

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Anders CPA

APRIL 26, 2022

Real estate, by definition, is a passive investment, but depending on your level of participation you may be able to treat the rental as active or be classified as a “real estate professional” for tax purposes. This allows you to deduct losses the activity generates, or avoid the net investment income tax if the activity generates income.

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CPA Practice

JUNE 30, 2022

Although Wayfair was strictly a sales tax case, states have also begun to assert economic nexus for income tax purposes. Unlike sales tax, currently only a handful of states have established thresholds for income and franchise tax purposes, including.

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Patriot Software

APRIL 26, 2021

You pay some employment taxes (e.g., unemployment), while others are taxes you deduct from your employees’ wages and pay on their behalf. One of the taxes you must withhold is federal income tax. So, what is it, and […] READ MORE.

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RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

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DMCL

MARCH 11, 2022

It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported. The post 2021 Personal Income Tax Return Checklist appeared first on DMCL. If you have any questions, please contact your DMCL Advisor.

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Anders CPA

OCTOBER 18, 2022

New legislation signed on October 5, 2022, exempts taxpayers’ first $1,000 of income from taxation and will reduce the top rate of individual income tax. This law will be applicable to tax years beginning on or after January 1, 2023. Changes to Missouri’s Income Tax Rate. Income Tax Rate Reductions in 2024.

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CPA Practice

JANUARY 31, 2022

The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. Most states that have their own income tax reporting. This is because of a holiday recognized in the nation's capital.

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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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Withum

MARCH 31, 2021

The top income tax rates have varied from 2% to 94% since the first United States income tax was instituted in 1862. Right now the top rate is 37%.

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Accounting Insight

NOVEMBER 11, 2022

At Accountex Summit Manchester, Dorcas Mbwiti, Senior Product Manager at Wolters Kluwer Tax & Accounting UK took the opportunity to talk to Sarah Davy, Partner at Edwards Greene. A: I’ve been involved in tax for 20+ years on the private client side of things. Q: As a firm, how are you preparing for MTD for Income Tax?

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Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024.

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LyfeAccounting

NOVEMBER 17, 2020

Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

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Patriot Software

JANUARY 13, 2020

Like past years, the IRS released changes to the income tax withholding tables for 2020. In addition to new wage brackets, there are significant changes to how employers will handle tax withholding. These changes are in response to the Tax Cuts and Jobs Act of 2017. When you have employees, you need to stay on […].

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Xero

NOVEMBER 11, 2022

From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . The post Prepare for Making Tax Digital for Income Tax with Xero’s ITSA Academy appeared first on Xero Blog.

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ThomsonReuters

SEPTEMBER 2, 2021

What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense.

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Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services. Contact Us.

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RogerRossmeisl

FEBRUARY 20, 2023

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. Such distributions are generally taxable and may be subject to a 10% penalty tax. Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.

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CTP

DECEMBER 8, 2022

To boost your knowledge on tax benefits for real estate rentals and better prepare yourself to support your entrepreneurial clients, apply to become a Certified Tax Planner today.

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Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services. Contact Us.

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