TaxConnex

JULY 1, 2025

Minnesota is also considering taxing accounting, legal, brokerage and banking services to individuals. Georgia has adopted a rule on digital products, goods and codes for sales and use tax purposes. General sales tax collections were 1.9%, or $2.2 above trend in Wyoming to 0.2% billion, below their 15-year trend.

Sales

Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

tax planning

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

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada.

tax planning

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax

Shay CPA

MAY 7, 2025

Federally speaking, all startups need to file: Income tax returns Payroll taxes (assuming you have employees) 1099-NECs if they paid any contractors more than $600 in any given year Youre subject to state tax filing requirements, too. Payroll tax vs. income tax: whats the difference?

Tax