Washington, Lincoln and the U.S. tax system
Accounting Today
FEBRUARY 20, 2024
In the wake of President's Day, and in the midst of tax season, take a minute to learn about Washington's and Lincoln's key contributions to the U.S. tax system.
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Accounting Today
FEBRUARY 20, 2024
In the wake of President's Day, and in the midst of tax season, take a minute to learn about Washington's and Lincoln's key contributions to the U.S. tax system.
TaxConnex
MARCH 18, 2021
Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both. Sales Tax Implications of Wayfair.
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CPA Practice
JULY 12, 2023
Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SUI Tax? The federal tax rate is a flat 6%.
CPA Practice
FEBRUARY 29, 2024
The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 31, 2023, and Jan.
CPA Practice
AUGUST 7, 2023
Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?
CPA Practice
MARCH 18, 2024
Taylor, Kiplinger Consumer News Service (TNS) There’s another new tax in the state of Washington. The state’s Supreme Court recently upheld a controversial capital gains tax , which has been re-challenged in court and could be on the state’s ballot in November for potential repeal. What is long-term care?
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.
CPA Practice
APRIL 9, 2024
As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%
Withum
AUGUST 24, 2023
The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques. Conformation to IRC.
CPA Practice
FEBRUARY 12, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. It’s a tax cut for seniors and a way to ensure more Americans can depend on the Social Security benefits they’ve earned,” Rep.
CPA Practice
AUGUST 24, 2023
Taylor, Kiplinger Consumer News Service (TNS) Washington state enacted a new and controversial capital gains tax two years ago. Critics of the 7% tax on the sale or exchange of certain long-term capital assets argued that it violated the state’s constitution. Washington. “The Supreme Court to take up the case Quinn v.
ThomsonReuters
APRIL 25, 2024
Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?
CPA Practice
FEBRUARY 2, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.
RogerRossmeisl
MAY 5, 2022
One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. There have also been discussions in Washington about raising individual federal income tax rates.
CPA Practice
JUNE 5, 2023
Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. What is the jock tax?
TaxConnex
MARCH 31, 2022
One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.
CPA Practice
AUGUST 4, 2023
However, the Mega Millions winner will have to pay considerable federal taxes. The IRS takes federal tax “off the top.” But the winner then pays additional federal income taxes based on the tax rate tied to their federal tax bracket, which will be high due to the multi-billion-dollar payout. for a while.
TaxConnex
AUGUST 15, 2023
There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.
CPA Practice
MARCH 8, 2024
By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. These include lower tax rates, a bigger child credit, higher standard deductions, and larger lifetime estate and gift tax exemptions. Lawmakers are loath to hike the federal debt.
Accounting Today
JANUARY 23, 2024
Money manager Brian Heywood has already spent nearly $7 million of his own money to get six ballot initiatives in front of Washington State voters this November, half of them tied directly to taxes.
Snyder
JUNE 9, 2022
For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.
CPA Practice
JANUARY 23, 2024
Taylor, Kiplinger Consumer News Service (TNS) If you received an Arizona child tax rebate last year, you will have to report that amount on your federal income tax return. The IRS has classified the rebate payments as taxable income, meaning some Arizona families might have to pay taxes on the money they received.
CPA Practice
NOVEMBER 17, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.
CPA Practice
MAY 8, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Given the economy, many people are looking to save money where they can. Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year.
LyfeAccounting
JUNE 25, 2021
US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.
CPA Practice
AUGUST 21, 2023
By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _
CPA Practice
FEBRUARY 15, 2024
Kiplinger Consumer News Service Tax Day 2024 is April 15. That’s the day taxes are due for most taxpayers. However, each year, the IRS extends tax deadlines for taxpayers in designated areas impacted by severe storms and natural disasters. The IRS announces these tax deadline extensions for various states as disasters occur.
CPA Practice
FEBRUARY 9, 2024
However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. And income from gambling winnings is taxable.
CPA Practice
APRIL 22, 2024
The analysis accounts for average federal income taxes and withholdings for Social Security and Medicare, as well as state and local taxes. In Alabama, the analysis showed you will bring home just under 69% of your salary, after taxes. That means you’d need to earn $145,515 a year to bring home $100,000.
CPA Practice
OCTOBER 4, 2023
Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.
CPA Practice
FEBRUARY 6, 2024
What it actually means is that I am licensed by the IRS to prepare taxes and represent taxpayers, which is not cool or scary. The reality of the situation is that I have the same feelings of unhappiness and annoyance you do every time tax season rolls around. A common exception to the income tax statement above is a direct rollover.
CPA Practice
JANUARY 2, 2024
A bonus New Year Florida sales tax holiday has started and will continue until mid-January. This tax-free period is similar to the back-to-school tax-exempt shopping offered by Florida and other states, usually in the summer. And since the tax-free weeks coincide with the start of the New Year, many people might overlook it.
CPA Practice
SEPTEMBER 18, 2023
Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets. When it comes to tax optimization, there are two common strategies: Roth conversions and tax-loss harvesting.
CPA Practice
OCTOBER 5, 2023
Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results.
CPA Practice
APRIL 8, 2023
It’s almost March, and the 2023 tax filing season is well underway. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. Fortunately, most of the tax-related issues caused by the pandemic won’t affect taxpayers this season.
CPA Practice
AUGUST 9, 2023
Military retirees residing in California potentially pay more taxes on their military retirement pay than they would in other states. state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years.
CPA Practice
DECEMBER 27, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following severe tornadoes and storms that began on Dec. 9, the IRS has announced a Tennessee tax deadline extension for affected taxpayers. Eligible individuals and businesses now have an extended tax deadline of June 17, 2024. Additional tax relief may be available.
CPA Practice
JANUARY 30, 2023
Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund? ” Will the 2023 tax filing season be normal? These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly.
CPA Practice
FEBRUARY 5, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.
CPA Practice
APRIL 5, 2024
TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.
CPA Practice
JUNE 19, 2023
By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.
CPA Practice
FEBRUARY 24, 2023
It’s almost March, and the 2023 tax filing season is well under way. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. Fortunately, most of the tax-related issues caused by the pandemic won’t affect taxpayers this season.
CPA Practice
JANUARY 29, 2024
And yet, investors often overlook the critical role tax efficiency can play in successful retirement planning. This isn’t something you can wait until each year’s tax season to worry about and maybe try to play catch-up. A Roth IRA can provide more flexibility when it comes to paying taxes in retirement.
TaxConnex
JULY 12, 2022
There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its
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