CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

income tax 111

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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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CTP

DECEMBER 8, 2022

Given its surging popularity and lesser-known tax rules, we will focus this article on short-term rentals. Again, sites like Airbnb and the evolution of the gig economy are presenting opportunities for income and tax planning that were not available before. Lastly, depreciation can be a major tax planning tool.

Real Estate 98

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Withum

FEBRUARY 20, 2024

The tax implications and overall economic impact will be felt throughout the league and the states in which they play. When it comes to state income taxes, professional athletes establish residency in one state and are taxed by each other state relative to the number of “duty days” they spend there.

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Cherry Bekaert

JULY 14, 2023

More and more states treat software-as-a-service (SaaS) or platform-as-a-service (PaaS), hosting services and other data-processing services as taxable services and subject to sales tax, which shouldn’t be ignored. However, state income tax issues for PTEs generally receive less attention in the technology industry.

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CTP

NOVEMBER 9, 2023

They will need to be aware of the difference between short-term capital gains (taxed at ordinary income tax rates) versus long-term capital gains (taxed at lower capital gains tax rates). Holding onto an investment for more than a year can pay off by reducing overall taxes.

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CPA Practice

NOVEMBER 27, 2023

Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. For more information on Instead, visit www.instead.com.

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Cherry Bekaert

NOVEMBER 29, 2023

Prepare for the 2023 tax season with our comprehensive tax planning checklist for individuals. Expert advice on life changes, investments, IRAs, and estate planning. Do you receive income from a pass-through business? How will your income change in 2024? Do you make charitable contributions?

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CTP

NOVEMBER 2, 2023

What taxpayers may not realize is that the amount of retirement income that goes toward taxes can considerably lower the funds available to sustain the type of life they imagined for themselves. This is where offering your assistance as a Certified Tax Planner can be invaluable.

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CTP

NOVEMBER 16, 2022

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.

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Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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Anders CPA

AUGUST 2, 2022

Crypto Tax Planning for 2022. Senate, digital assets such as cryptocurrency would have been treated the same as stock and securities in applying the wash sale rule for federal income tax purposes. Anders is keeping an eye on evolving reporting requirements and tax treatment of cryptocurrencies. CONTACT ANDERS.

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Cherry Bekaert

NOVEMBER 27, 2023

Contact Us The post 2023 Year-End Tax Planning Strategies for Technology Companies appeared first on Cherry Bekaert.

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CTP

DECEMBER 28, 2021

Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds.

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CTP

SEPTEMBER 16, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” To find a Certified Tax Planner near you, click here.

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inDinero Tax Tips

DECEMBER 22, 2023

Introduction As 2023 draws to a close, it’s pivotal for small businesses to scrutinize their financial status and strategize effectively for tax reduction and a robust financial future. Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning.

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CTP

NOVEMBER 16, 2023

A special tax allocation is an arrangement in which profits and losses are distributed to owners and partners in a way that benefits them, regardless of the percentage of the business they actually own. The partner then uses a Schedule K-1 to report any income, losses, and other items allocated to them.

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LyfeAccounting

NOVEMBER 17, 2020

Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

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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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Wellers Accounting

MARCH 25, 2024

Find out how the Non-Dom status and tax regime is going to change, it's impact, and top tax planning tips for the new rules.

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CTP

MARCH 9, 2022

Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time. We’ll discuss five of the main strategies for legally lowering your clients’ tax burden. But saving one year is better than falling victim to a 7% tax increase!

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CTP

JANUARY 4, 2022

However, this tax exemption does not apply to earnings made through the retirement account. If the account holder is under age 59 ½ and has not held the account for at least five years , any earnings that are taken out are taxable at the current income tax rate.

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CTP

NOVEMBER 23, 2023

If you are working with business partnerships or entrepreneurs trying to decide on an entity type, be sure to introduce them to the tax benefits of establishing a partnership. As a pass-through entity, any income, losses, credits, and deductions from the partnership “pass through” to its partners who are taxed at personal income tax rates.

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CTP

SEPTEMBER 22, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” To find a Certified Tax Planner near you, click here.

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MyIRSRelief

NOVEMBER 17, 2023

The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through to the owners’ personal income tax returns, thereby avoiding double taxation. We assist in business tax compliance, preparation, planning and representation.

corporation tax 130

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Withum

FEBRUARY 29, 2024

However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Hiring family members can save on taxes if you follow IRS income tax thresholds.

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Withum

FEBRUARY 29, 2024

However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.

Tax 97

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CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

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Withum

FEBRUARY 15, 2024

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

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CTP

DECEMBER 21, 2021

Taxpayers who withdraw retirement funds before age 59 ½ will get hit with an early withdrawal penalty from the IRS, in addition to any income tax required. In terms of federal taxes, withdrawing funds before the plan’s retirement age will result in a 10% early withdrawal penalty.

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CPA Practice

OCTOBER 5, 2023

A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. The fourth quarter is for tax planning, not tax reporting. I realize that I’m in the minority in thinking that tax planning is fun. Most people understand that we have different income tax brackets.

Tax 111

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Withum

JANUARY 2, 2024

Prior to the passing of this bill, Pennsylvania was the only state that did not align with federal grantor trust rules, allowing the grantor of the trust to be treated as the owner of all or part of the trust for income tax purposes. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

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CPA Practice

JULY 6, 2023

Let’s briefly recap the key tax rules. For starters, there are three main income tax breaks for Section 529 plans. Tax-favored contributions: No federal income tax results from contributions made to a Section 529 account. There are no tax consequences until amounts are withdawn.

income tax 98

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MyIRSRelief

OCTOBER 16, 2023

The Difference Between Deductions and Credits Before we dive into the world of tax deductions and credits, it’s essential to understand the fundamental difference between the two: Tax Deductions: Deductions reduce your taxable income, which, in turn, lowers the amount of income subject to taxation.

Tax 130

Tax income tax Education tax return 130

Xero

MARCH 18, 2024

From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. The 2023/24 tax year is a transitional period, and you’ll need to do some extra admin to make sure your sole trader and partnership clients are compliant.

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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. Reduce Taxable Investment Income: Structures exist to reduce or eliminate the income tax on future investment income.

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