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!

tax planning 98

tax planning Tax Legal tax return 98

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.

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Withum

NOVEMBER 28, 2023

With the year coming to an end, it’s essential to kickstart your 2023 tax preparations and start thinking about tax-saving techniques, potential opportunities, and the recent legal modifications that might impact your tax obligations. Mucenski-Keck Principal New York, NY Kimberlee S.

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tax preparation income tax New York tax planning 52

xendoo

FEBRUARY 23, 2022

A number of factors affect the time it takes to file taxes. Not all of these will be the responsibility of the tax preparer. . First, you must make sure that you have all of the required documentation available for the tax preparer. State or local property tax. Tax Preparation for Small Business Owners.

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ThomsonReuters

JULY 6, 2023

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services?

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

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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.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. If the child’s unearned income (i.e.,

Tax 52

Tax income tax tax preparation tax return 52

Withum

MARCH 1, 2023

The differences should primarily be a function of your withholding and estimated tax payments. This process should also include state and local income taxes. However, it is a method to make sure you prepared your return properly and did not make any errors. Why not understand it better?

tax return 59

tax return Tax income tax Real Estate 59

xendoo

SEPTEMBER 10, 2021

Corporate tax preparation . Business Tax Preparation and Filings. Taxes represent a unique SMB bookkeeping demand. On the one hand, tax preparation is a yearly chore, but on the other hand, business tax codes can be complex, and ever-changing. . Financial statements .

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer. So, what are the differences?

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Withum

OCTOBER 18, 2023

However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025. Coupled with the increased individual income tax rates that take effect after December 31, 2025, taxpayers will see an increase in their effective tax rate of 10%, going from 30% to 39.6%.

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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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corporation tax Tax tax return income tax 52

ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

Tax 40

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MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Which donations are tax deductible? What is the tax deduction limit for charitable donations?

Tax 94

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xendoo

OCTOBER 20, 2021

Tax preparation. Tax Planning. The specialized skills of an outsourced accountant typically include experience in tax planning and preparation. The specialized skills of an outsourced accountant typically include experience in tax planning and preparation. Non-profits.

Account 98

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LyfeAccounting

DECEMBER 7, 2020

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. – Medicare. Quick Recap.

payroll tax 52

payroll tax payroll Tax income tax 52

LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC.

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LyfeAccounting

OCTOBER 29, 2020

The first way you may be taxed on a stock is if you sell a stock or security for a gain. If you sell an investment that you held for less than a year, you will pay short-term capital gains tax. The short-term capital gains tax rate equals your ordinary income tax rate – your tax bracket.

Tax 52

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ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. It is filed with their annual federal income tax return if they meet certain criteria. Report foreign income. tax return.

Real Estate 40

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

South Carolina 52

South Carolina Hawaii West Virginia Delaware 52

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.

Tax 52

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LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Not into changing your citizenship? Tip #4: Make Charitable Donations.

Legal 59

Legal Tax income tax Real Estate 59

xendoo

NOVEMBER 1, 2021

If you use Shopify for your eCommerce store, the fees associated with this service can be deducted from your business income taxes. Tax Planning Takes Time and Xendoo Can Help. Are eCommerce bookkeeping services tax-deductible? Don’t wait for tax season to start planning. eCommerce business software.

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LyfeAccounting

JUNE 4, 2021

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. Generally speaking, you will pay… federal income taxes, state income taxes, and. self-employment taxes. …on the amount you report.

CPA 52

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xendoo

NOVEMBER 23, 2020

Are you claiming all the income tax deductions you’re entitled to? This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. Here’s a handy checklist for U.S. Home Office. Professional and Legal Fees.

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Tax Real Estate Education Legal 52

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.

Tax 52

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LyfeAccounting

JANUARY 14, 2021

Quarterly taxes also known as quarterly estimated payments are taxes paid every quarter to the IRS by those who are self-employed or those who do not have withholding tax taken. This differs from a typical employee as most employers withhold employee income taxes for them. Who has to pay quarterly taxes?

Tax 52

Tax accounting and finance tax preparation income tax 52

LyfeAccounting

JUNE 2, 2021

Note that amended returns take up to 16 weeks to process but you can track the status of your amended tax return three weeks after your file it. Tip #1: If you live in a state with a state income tax and amend a tax return, you typically have to amend both your federal and state returns. Well, there you have it!

tax return 52

tax return Tax accounting and finance tax preparation 52

LyfeAccounting

MARCH 10, 2021

Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). Let’s look at 3 common scenarios.

Tax 52

Tax tax return Real Estate Government 52

CPA Practice

MARCH 19, 2024

Marriage The first question that a lot of newlyweds ask themselves and/or their tax preparer is – “Can we still file as single?” If you are legally married, the answer is no, and you may not want to anyway given the potential tax implications. Jamie Scott is a partner at The Bonadio Group.

Tax 52

Tax Real Estate tax preparation Education 52

ThomsonReuters

APRIL 12, 2021

You must access and share up-to-date regulatory information in every jurisdiction where your organization operates while automating critical tax preparation processes. How tax software streamlines international tax preparation. Corporate Tax Technology: Stepping into the Future.

Technology 86

Technology Tax income tax corporation tax 86

xendoo

JANUARY 31, 2022

By itself, a Schedule C will not count as an acceptable tax filing form. Instead, a Schedule C must be submitted along with your personal income taxes using Form 1040. Your Schedule C can be submitted electronically with your personal income tax or stapled to your paper form. We’ll walk you through each step.

tax preparation 122

tax preparation business tax income tax Tax 122

Ryan Lazanis

OCTOBER 24, 2022

As a simple example, this means that year-end tax return preparation fees will be billed the same way for Client A and for Client B. The tax preparation fees for Client A may be different than the year-end tax preparation fees for Client B, even if the service is identical.

Account 98

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CPA Practice

OCTOBER 23, 2023

Accounting firms know that offering only tax preparation services makes maintaining consistent cash flow and workloads throughout the year challenging. Tax planning and financial planning complement each other well, and your clients already need these services, but for many of them, they likely don’t know who to turn to for help.

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