income tax and Montana - Accountant Advocate

Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax

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IRS Shoots Down Rumors of More Stimulus Checks

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

Montana Idaho New Mexico Illinois

Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.

income tax

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Alaska moves toward statewide sales tax

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska

Alaska Sales Tax New Hampshire

State-by-state reciprocity agreements

ThomsonReuters

SEPTEMBER 12, 2023

How to manage state and local tax Do you have clients who live in one state but work in another state? If so, they may be able to lower income taxes through a state-by-state reciprocity agreement, should the agreement exist. In these cases, statutes may dictate which sources of income are subject to the agreement.

Indiana

Indiana Montana Pennsylvania income tax

5 States with the Lowest Combined Business Taxes

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.

business tax

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Selling Into States with Unusual Sales Tax Laws

TaxConnex

FEBRUARY 9, 2021

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not.

Sales

Sales Delaware Alaska Montana

$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

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

Rhode Island tax return Tax West Virginia

Employer Payroll Tax Obligations When Employees Work Out-Of-State

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

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Montana State Tax Updates

Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.”

Montana

Montana Tax income tax tax return

More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

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

Delaware Nevada Tax Sales

Key State Tax Changes for 2024

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.

Tax

Tax Kansas income tax Montana

What is sales tax?

ThomsonReuters

JULY 10, 2023

Sales tax varies by state As noted earlier, sales tax can be an important source of revenue for governments at the state and local levels. This is a point where it can get confusing for businesses as local sales tax varies by state. In Ashland, which is in Alameda County, the tax rate jumps up to 10.25

Sales

Sales Tax Michigan Washington

How the 50 States Rank By Tax Burden

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.

Rhode Island

Rhode Island Alaska Tax New Hampshire

How the 50 States Rank By Tax Burden

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.

Rhode Island

Rhode Island Alaska Tax New Hampshire

Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

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.

Delaware

Delaware Wyoming Nevada Oregon

Maximizing Profits Through Proper Tax Planning

MyIRSRelief

SEPTEMBER 1, 2020

You should look at the tax expenses of your state and consider other options if they provide for a better business environment. No Individual or Corporate Income Tax: Nevada, South Dakota, and Wyoming. No State Sales or Individual Income Tax: Alaska. No State Sales Tax: Montana, New Hampshire, and Oregon.

tax planning

tax planning Tax South Dakota New Hampshire

What’s new in sales tax?

TaxConnex

APRIL 18, 2023

WalletHub compared the 50 states across the three tax types of state tax burdens — property taxes, individual income taxes and sales and excise taxes — as a share of total personal income in each state.

Sales

Sales Tax North Carolina Alaska

Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

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.

North Dakota

North Dakota South Dakota Utah Connecticut

Last Week in Payroll: Payroll in a Pandemic

ThomsonReuters

FEBRUARY 22, 2021

Teleworking.

payroll

payroll Montana Wisconsin Tax

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

DECEMBER 14, 2020

On top of these final regulations, there are a lot of proposed regulations for business taxation and proposed and final regs on the individual income tax side, as well.”. Adding to the complexity and uncertainty, tax authorities have routinely issued sub-regulatory guidance such as FAQ documents, Oaks said. “On

business tax

business tax Tax Montana New Hampshire

Accountant Advocate

Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

IRS Shoots Down Rumors of More Stimulus Checks

Trending Sources

Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!

Alaska moves toward statewide sales tax

State-by-state reciprocity agreements

5 States with the Lowest Combined Business Taxes

Selling Into States with Unusual Sales Tax Laws

$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

Employer Payroll Tax Obligations When Employees Work Out-Of-State

Montana State Tax Updates

More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

Key State Tax Changes for 2024

What is sales tax?

How the 50 States Rank By Tax Burden

How the 50 States Rank By Tax Burden

Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

Maximizing Profits Through Proper Tax Planning

What’s new in sales tax?

Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

Last Week in Payroll: Payroll in a Pandemic

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

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