MyIRSRelief

MAY 1, 2024

They stay current on the latest regulations, ensuring your business maximizes legal tax breaks on forms like 1120, 1120S, and 1065, while minimizing liabilities. Compliance Navigation: Tax compliance goes far beyond just filing. Tax Planning and Strategy: A skilled tax professional is more than just a filing machine.

Tax 130

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ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. This goes into effect on January 1, 2024.

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SkagitCountyTaxServices

MARCH 17, 2023

While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. Hiring family members can save on taxes if you follow IRS income tax thresholds.

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CPA Practice

OCTOBER 17, 2023

Here’s what you need to know: If the individual works for an employer, the Social Security tax is withheld from the paycheck and gets reported by their employer through payroll taxes. It is important to note that if the individual is receiving a W-2, the individual and their employer each share the tax burden of 6.2%.

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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. For 2024, S corp taxes are due on March 15, 2024.

corporation tax 52

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. What Does a Tax Consultant Do?

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MyIRSRelief

MARCH 15, 2023

Tax professionals, such as certified public accountants (CPAs), EAs enrolled agents and tax attorneys, can help you navigate the complex tax laws and negotiate with the IRS on your behalf. They can also help you prepare and file your tax returns, ensuring that they are accurate and complete.

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xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income).

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income).

Tax 52

Tax income tax Non-Profits tax return 52

Basis 365

APRIL 28, 2022

You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners.

income tax 52

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MyIRSRelief

APRIL 15, 2021

R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

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ThomsonReuters

APRIL 25, 2024

Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years. Jump to: • 10 tax-efficient retirement strategies • Do you pay taxes on retirement income? Take advantage of tax credits. Keep abreast of tax changes.

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xendoo

SEPTEMBER 10, 2021

You’ll need to partner with an online accountant who has clear experience in preparing tax returns and financial documents for companies that have a similar profile to yours. . Tax planning. Tax preparation. Budgeting and planning. Personal tax preparation and filing. Streamlined Processes.

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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CTP

AUGUST 10, 2023

These “ERC mills” make grand promises but provide very few details on how to actually qualify for this lucrative tax credit. Now more than ever, taxpayers need guidance to steer them away from ERC promoters and toward a well-formed tax plan that maximizes all possible tax credits. Tax-Exempt Organizations.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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KROST

SEPTEMBER 21, 2020

While there are many benefits of a remote workforce, businesses should take a step back and ask the following questions: Does the business have employees who reside and work remotely in other states, and if so, what are the state payroll tax implications? Do the remote employees create income tax nexus in other states?

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Tax income tax payroll tax tax return 40

Anders CPA

SEPTEMBER 19, 2023

Transitioning from filing taxes as an employed physician with a Form W2 to becoming a self-employed or contractor position with a Form 1099 comes with significant tax implications. As a result, filing a W2 can be fairly simple and completed with tax filing software like TurboTax.

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inDinero Accounting

DECEMBER 22, 2021

This flexibility saves time and money that would otherwise be spent on calculating profit and loss statements, inventory reports, payroll reports, and numerous other tasks that are easy to take for granted until they’re not available. Gusto Gusto offers a powerful, all-in-one HR resource to help you manage hiring, payroll, and taxes.

accounting software 52

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inDinero Accounting

DECEMBER 22, 2021

This flexibility saves time and money that would otherwise be spent on calculating profit and loss statements, inventory reports, payroll reports, and numerous other tasks that are easy to take for granted until they’re not available. Gusto offers a powerful, all-in-one HR resource to help you manage hiring, payroll, and taxes.

accounting software 52

accounting software NetSuite Account accountant 52

LyfeAccounting

NOVEMBER 4, 2020

Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th. In addition, there would be an approximate 15% self-employment tax due on your business profits.

business tax 52

business tax Tax tax return payroll tax 52

MyIRSRelief

NOVEMBER 19, 2021

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

Tax 100

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ThomsonReuters

FEBRUARY 8, 2024

Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. Federal Insurance Contributions Act), or “self-employment” tax. Federal Insurance Contributions Act), or “self-employment” tax. It’s also surprisingly affordable.

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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free. Legal vs Tax Entity. With that said, let’s begin.

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Tax Legal tax return Non-Profits 52

LyfeAccounting

DECEMBER 28, 2020

And I really want you to understand this so that’s why I am dedicating the rest of this post to Tax Credits. The “What” and “Why” of Business Tax Credits. Business tax credits are credits that are AVAILABLE for businesses when they file their annual tax return. First, we discussed how the rich save on taxes.

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Going Concern

OCTOBER 27, 2023

IRS encourages employers to electronically file payroll tax returns [ IRS Newsroom ] The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically.

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