TaxConnex

JULY 25, 2023

In California, sales tax doesn’t apply to telecommunications services, but there are numerous cities and counties that apply a municipal utility tax of 2.5 Missouri has local license taxes in most cities. These are annual corporate-type taxes, many times requiring an estimated payment like a corporate income tax.

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Tax Florida Missouri Maryland 246

TaxConnex

FEBRUARY 2, 2021

Florida , for example has a communications service tax inclusive of the state sales tax and a communications-specific tax that applies to telecom. In California, sales tax doesn’t apply to telecommunications services but there are numerous cities and counties that apply a municipal utility tax.

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Tax Missouri Maryland Pennsylvania 189

CPA Practice

SEPTEMBER 26, 2024

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. For instance, you might take steps to increase certain personal deductions or postpone taxable investment income at the end of year.

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Tax Missouri income tax tax return 105

Anders CPA

DECEMBER 24, 2024

As of January 1, 2023, all states that impose a sales tax have a threshold that, when met by out-of-state retailers, allows the state to impose sales tax on the business. Missouri was the final state to impose this kind of threshold. Economic nexus for income tax purposes is limited by P.L.

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South Dakota income tax Missouri Sales 52

Anders CPA

AUGUST 16, 2022

Most residents choose to opt for an in-state plan, but it’s important to consider whether the state offers an income tax deduction for contributing. If the resident state does not offer an income tax deduction, it’s important to instead focus on fees, expenses, and investment objectives.

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Missouri Illinois Tax income tax 91

Anders CPA

JULY 23, 2024

Real estate developers in Missouri have access to dozens of state and federal tax credits that can help you maximize profitability and minimize costs. Some programs, like the Low Income Housing Tax Credit (LIHTC) and Historic Preservation Tax Credit Program (HTC), are available as both federal and state credits.

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Real Estate Missouri Tax Construction 52

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. down to 5.2% down to 4.95%.

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income tax Missouri Tax CPA 52

Anders CPA

AUGUST 22, 2023

This law provides an income tax credit for taxpayers who hire an intern or apprentice who is paid at or beyond the minimum wage. The DED will establish the procedure for claiming the tax credit and will certify eligible applicants to the Missouri Department of Revenue. Governor Michael L.

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Missouri Tax income tax CPA 52

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

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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.

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Rhode Island tax return Tax West Virginia 122

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

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Rhode Island Alaska New Hampshire Tax 105

ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. The Missouri Department of Revenue has adopted Mo.

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payroll Missouri Virginia Delaware 98

CPA Practice

SEPTEMBER 9, 2024

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. To figure 2024’s estimated tax, the IRS recommends using income, deductions, and credits from 2023 as a starting point.

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TaxConnex

OCTOBER 8, 2024

Missouri Department of Revenue: Straight to a detailed home page of Ps and Qs on filing, followed by FAQs and an out-of-date tax calendar. Utah State Tax Commission: One overview of online sales and use tax but also income tax info and how capital gains apply to gold and silver coins.

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Sales Tax Rhode Island West Virginia 113

CPA Practice

OCTOBER 22, 2024

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payroll Rhode Island West Virginia South Dakota 52

PYMNTS

NOVEMBER 22, 2019

Wisconsin recently announced that its eCommerce sales tax collections are enabling it to reduc e income taxes on the state’s lowest earners by a commensurate amount. Residents in states that have yet to enact remote seller taxes may be missing out.

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South Dakota Missouri Wisconsin Louisiana 63

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

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South Dakota Rhode Island New Hampshire Wyoming 52

Anders CPA

JANUARY 7, 2025

In 2025, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, the minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2025, the Social Security tax wage base for employees will increase to $176,100.

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payroll tax payroll Missouri Tax 52

Anders CPA

FEBRUARY 14, 2023

The Missouri research and development (R&D) tax credit was reinstated as of January 1, 2023, clearing the way for more tax savings for businesses that engage in qualified research. The credit can be applied to tax years beginning on or after January 1, 2023. What Doesn’t Qualify for Missouri R&D Tax Credit?

Missouri 52

Missouri Tax income tax CPA 52

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

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payroll tax payroll Missouri Tax 52

CPA Practice

SEPTEMBER 12, 2024

Kansas City Michael Bean manages the investment portfolios of high-net-worth individuals and provides comprehensive financial planning services covering wealth management issues in the areas of tax, estate planning, investment management, corporate stock option planning, insurance and charitable planning.

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Kansas Pennsylvania audit accounting and finance 104

CPA Practice

OCTOBER 23, 2024

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Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

AUGUST 26, 2024

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Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

SEPTEMBER 20, 2024

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Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

SEPTEMBER 3, 2024

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Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

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.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

CPA Practice

JULY 19, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system? million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system?

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Rhode Island West Virginia South Dakota North Dakota 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.,

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Delaware Nevada Sales Oregon 52

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.

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Delaware Wyoming Nevada Oregon 58

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. We will continue to monitor the Act’s progress through both houses of Congress.

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Tax tax return Oregon Missouri 52

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.

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Tax Missouri Illinois accounting and finance 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

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tax planning Tax income tax New York 52

CPA Practice

NOVEMBER 1, 2023

Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. Incomes in Arizona, Idaho and Missouri increased by about 7%. The knocks to personal incomes affected state revenues.

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North Dakota South Dakota Utah Connecticut 52

TaxConnex

APRIL 12, 2022

The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though. Kentucky is considering gradually eliminating its individual income tax in favor of a broader sales tax. South Dakota has rejected a proposal to cut the state sales tax by a half a percent.

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South Dakota Sales Tax North Carolina 246

ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans. Not yet a subscriber?

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Kansas Kentucky income tax Missouri 64

CPA Practice

JANUARY 23, 2023

Grocery taxes that remain are “there for a reason. They’re needed as part of the revenue system, or because [elected officials] would rather cut other taxes,” such as the income tax, Auxier said. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August.

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Idaho South Dakota Tax Kansas 111

ThomsonReuters

FEBRUARY 12, 2021

The aim is to: “address potential problems remote workers are facing during the COVID-19 pandemic, including the possibility of having their state income taxes become out of balance because they worked from home in a different state than their ordinary place of employment.”.

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payroll income tax California Hawaii 95