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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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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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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Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

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CPA Practice

AUGUST 7, 2023

Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?

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CPA Practice

JULY 12, 2023

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?

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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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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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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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Cherry Bekaert

JULY 14, 2023

More and more states treat software-as-a-service (SaaS) or platform-as-a-service (PaaS), hosting services and other data-processing services as taxable services and subject to sales tax, which shouldn’t be ignored. However, state income tax issues for PTEs generally receive less attention in the technology industry.

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Accounting Today

NOVEMBER 30, 2023

A group of Senate Democrats and independents introduced legislation Thursday to curb tax breaks for billionaires.

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SkagitCountyTaxServices

NOVEMBER 8, 2023

The IRS will be focused less on working-class taxpayers and increasingly toward high-income individuals and corporations. Specifically, that means high-income earners, partnership income tax returns, large corporations, and promoters “aggressively peddling abusive schemes.”

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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

NOVEMBER 1, 2023

At least, families may be eligible for certain tax benefits along the way. Here are five of the main tax breaks on the books. Child Tax Credit: Under current law, the partially refundable Child Tax Credit (CTC) can be claimed by parents with dependent children under age 17.

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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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Canopy Accounting

SEPTEMBER 29, 2023

Corporation Income Tax Return, plays a crucial role in the world of taxation for corporations. In this blogpost, we will explore the key aspects of Form 1120 and its significance in filing corporate taxes. Form 1120, the U.S. As an accountant, it is essential to have a firm grasp of this form and its implications.

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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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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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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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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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Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.

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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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RogerRossmeisl

OCTOBER 29, 2023

However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you.

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Dent Moses

AUGUST 24, 2023

The post Guidance Provided for Overtime Pay Exempt from Alabama Income Tax appeared first on Dent Moses, LLP. Click Here for the full details on the Alabama Department of Revenue website. Contact your Dent Moses advisor with questions.

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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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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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CPA Practice

AUGUST 14, 2023

Fortunately, the tax law provides several tax breaks for new parents, some of which were highlighted in a recent IRS post (IRS Tax Tip 2023-89, 7/10/23). Congratulations! You just welcomed a new bundle of joy into the world. Here are four examples.

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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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Accounting Today

AUGUST 4, 2023

If you have clients with businesses in multiple states, product or service sales in different states, or employees in other states, they need to know a thing or two about nexus.

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Accounting for Good

AUGUST 9, 2023

NFPs are now required to report self-assessments of income tax exemption to the ATO. What do these changes mean for your NFP organisation? Accounting For Good

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Accounting for Good

AUGUST 9, 2023

NFPs are now required to report self-assessments of income tax exemption to the ATO. What do these changes mean for your NFP organisation? Accounting For Good

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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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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

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). The median home price was $467,500 in the Northeast, $304,600 in the Midwest, $366,200 in the South and $610,500 in the West.

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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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