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.

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Withum

JULY 19, 2023

This activity can inadvertently trigger a physical nexus, which establishes a tax presence in that state, potentially subjecting the brewery to various tax obligations such as sales tax, income tax, and other related tax liabilities in the state where the inventory or returnable containers are located.

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MyIRSRelief

OCTOBER 3, 2022

Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns. This process can be done by a taxpayer with or without the use of tax-prepping software or hiring a tax firm.

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CPA Practice

JANUARY 11, 2024

Over 13 years, Tim has steadily climbed the ranks within the firm, showcasing his skills in the tax practice and becoming a pivotal figure in coordinating federal and state income tax consulting and compliance services for partnerships, S corporations, and individuals.

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CPA Practice

MARCH 10, 2023

I hope that as he undertakes this task, he reaches out to tax practitioners for their input,” said Everson, who is currently vice chairman of tax consulting firm alliantgroup. Werfel’s first tasks will be to review that plan and make whatever adjustments he deems necessary. The IRS needs to get this right,” he continued.

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xendoo

FEBRUARY 23, 2022

Business taxes are typically much more intricate than personal tax returns. . Tax consulting services can assist you with ensuring your business tax return is properly completed. Tax Accounting Software. Xendoo comes with accountants that can advise you when filing tax returns.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities.

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xendoo

MAY 9, 2021

Under “S” corporation status, the small business owner’s income, losses, deductions, and credits “flow through” to you and are reported on your personal tax returns and assessed at your individual income tax rate. With bookkeeping, tax consulting, and tax filing all under one roof, your U.S.-based

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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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LyfeAccounting

MAY 3, 2021

Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. However, there are some tax credits where you can get a refund. The popular ones that you probably are aware of are the: Earned Income Tax Credit. Child Tax Credit. Hence, “nonrefundable”.

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LyfeAccounting

FEBRUARY 9, 2021

Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.

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xendoo

JANUARY 26, 2023

Your tax status – Tax-exempt organizations and non-profits have different filing deadlines than for-profit businesses. The type of return you’re filing – Different returns, including IRS Form 1120 for corporation income tax, have different deadlines.

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xendoo

MARCH 18, 2021

based financial team—bookkeeping, tax consulting, and tax filing all under one roof, available 24/7. The accounting and financial reporting implications can vary depending on whether the assistance is considered a loan, a grant, or an income tax benefit, among others. .

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LyfeAccounting

MARCH 5, 2021

Now the major taxes they are subject to are: Federal income tax. State income tax. Self-employment tax. Once you start making over $50,000 per year in business income, then consider electing S-Corporation status. You can deduct things like your: advertising expenses. car expenses. office expenses.

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LyfeAccounting

APRIL 29, 2021

Now compared to 2020, in 2021, we saw a tax bracket increase anywhere between 0.71% to 1%, with an average increase of 1% percent. So let’s go ahead and discuss how tax brackets work for each filing status. BUT, if you have any specific questions, be sure to reach out to your tax consultant. legally separated.

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