MyIRSRelief

OCTOBER 3, 2022

Total employers as of 2020 are 291,833 with annual employment payroll of $244,345,310,000 for 3,914,718 employees compared to the LA county’s population of 9,829,544. Here are some tax services you can use to fulfill the tax process. Los Angeles Tax Preparation Services for Individuals and Businesses.

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tax services California Tax tax preparation 147

MyIRSRelief

AUGUST 1, 2023

However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies. Misclassifying drivers can lead to significant payroll tax issues, penalties, and even legal disputes. Failure to provide accurate income information can result in confusion and potential disputes.

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Withum

NOVEMBER 28, 2023

Perhaps to a low-tax or no-tax state? If so, you are not alone, and here are some of the things you should be considering for income tax purposes. For employer-based plans, tax deductibility also can be maximized through payroll but is often overlooked.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1

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MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. What should I do?

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. We thank the more than 5,000 professionals who participated in voting this year.

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Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. You still need to pay any taxes you owe by April 15.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. Instead, they pass through their tax liability to the business owners. An S corp is a tax classification.

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xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. Instead, they pass through their tax liability to the business owners. An S corp is a tax classification.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. What IRS tax forms do S corps file?

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Basis 365

APRIL 28, 2022

The income and expenses get reported on your individual return on Schedule C and thus are subject to ordinary income tax rates and self-employment taxes. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners. What are Common Strategies Based on My Entity Type?

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: What can an accountant do to help with tax planning and preparation?

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CPA Practice

JUNE 1, 2023

Therefore, if the goal is to maximize income, typically the longer you wait, the better. Pre-tax retirement accounts This includes traditional IRAs, 401(k)s, 403(b)s, 457s, SEP IRAs, etc. Basically, all the accounts you have yet to pay income taxes on. So, often the longer you can wait, the better.

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MyIRSRelief

MARCH 15, 2023

Trucking companies must manage a large amount of financial data, including expenses, invoices, payroll, and taxes. Trucking companies must manage their cash flow effectively to cover fuel costs, maintenance expenses, payroll, and other operating expenses.

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LyfeAccounting

NOVEMBER 16, 2020

The primary goal of this program was to provide loans to small businesses, so they could keep their payroll and people on their staff during an economic shutdown. It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting.

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ThomsonReuters

SEPTEMBER 8, 2023

On the pro side, a C Corp can: Issue more than one class of stock, i.e., common and preferred stock Grow through virtually unlimited stock sales – essential for companies that want to go public Attract investors seeking passive income which helps fuel growth Have shareholders who are not U.S. Instead, they pay up to 13.3%

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Inform Accounting

APRIL 26, 2022

Whilst the salary would be subject to NICs and Income Tax, the employer’s NICs would be covered by this allowance. You will only be able to access the allowance if your employer NIC bill is below £100,000 in the prior tax year - this has been the case since April 2020. Looking for tax planning support?

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xendoo

SEPTEMBER 10, 2021

Corporate tax preparation . Getting behind in your books also can leave you vulnerable to fines and audits when it comes to taxes or payroll. . These bookkeeping solutions not only take the hassle out of tax season, but their tax strategy and planning services can help you keep more of your profits.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues.

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. It’s simple. Does that make sense?

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LyfeAccounting

JUNE 4, 2021

You don’t need to worry about setting up payroll accounts, withholding taxes, or anything like that, unless you are electing to be taxed as an S-Corporation. How Taxes Work for LLC Pay. The IRS is looking at the income your business reports, and you report that income like it’s your own when tax time comes around.

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xendoo

OCTOBER 20, 2021

Tax Planning. The specialized skills of an outsourced accountant typically include experience in tax planning and preparation. Depending on the circumstances, this could bring your company—including its payroll—to a grinding halt until your staff member returns.

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MyIRSRelief

APRIL 15, 2021

R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

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Withum

MARCH 3, 2023

The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax. What do I need to get started with Withum’s nexus tool? The annual sales revenue and transactions by state.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. Accelerating income and postponing deductions.

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Anders CPA

SEPTEMBER 19, 2023

Transitioning from filing taxes as an employed physician with a Form W2 to becoming a self-employed or contractor position with a Form 1099 comes with significant tax implications. As a result, filing a W2 can be fairly simple and completed with tax filing software like TurboTax.

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KROST

SEPTEMBER 21, 2020

While there are many benefits of a remote workforce, businesses should take a step back and ask the following questions: Does the business have employees who reside and work remotely in other states, and if so, what are the state payroll tax implications? Do the remote employees create income tax nexus in other states?

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC).

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ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Want more planning ideas?

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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free. Legal vs Tax Entity. State income tax. car expenses.

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