inDinero Tax Tips

AUGUST 29, 2023

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. For another example, property taxes on your business’s office space are deductible.

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. What is Form 4562?

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Cherry Bekaert

APRIL 4, 2024

The IRA created and expanded tax incentives for individuals who own or rent a home to invest in energy-saving home improvements. These individuals can now earn a percentage of their money spent back through federal energy tax credits. Taking advantage of energy tax credits can seem like a daunting task.

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xendoo

NOVEMBER 1, 2021

You might not be thinking about taxes until closer to the deadline, but planning your eCommerce tax deductions is a year-round process. If you run an online business, investing in tax-deductible business expenses can reduce your tax burden and increase your profits. Property taxes. Homeowner’s insurance.

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Anders CPA

NOVEMBER 21, 2023

As we near year-end, it’s important to be aware of the latest tax tips and guidelines to maximize your financial potential for 2024. Make sure you’re taking advantage of donations, cash gifts and more deductible activities to minimize your tax burden.

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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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Withum

DECEMBER 19, 2022

However, players do not dream of having to pay taxes on the foreign-sourced income they earn while playing abroad. The question is – how much does this equate to in taxes owed to the IRS? Before answering this question, two things need to be considered – income tax treaties and the Qatar World Cup tax exemption.

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Going Concern

MARCH 21, 2023

TurboTax and QuickBooks are full of rudimentary AI features and already have reduced the need for some bookkeepers and tax preparers. The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. It isn’t just another game, it’s a different sport. ChatGPT is Usain Bolt.

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. To deduct some of their expenses against this new form of income, many college athletes have set up LLC’s making their income reportable on Schedule C on their tax return.

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KROST

MAY 11, 2022

Estate tax may need to be paid. Minimizes estate tax by removing asset appreciation from your estate. Requires filing of an income tax return. Requires filing of a gift tax return. Assets in Trust B are not subject to estate tax upon surviving spouse death. Irrevocable Trusts. Testamentary Trust.

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PYMNTS

MAY 6, 2020

The tax services firm has developed a new tool on its website for the unbanked or underbanked, where users can register for one-time payments of their anticipated stimulus checks from the federal government. TurboTax is among the platforms seeking to make it easier for U.S.

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CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. The result: Drake wins this category again this year, showing the loyalty many professionals have for this company’s tax systems.

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Cherry Bekaert

SEPTEMBER 15, 2023

Everything, from theater to sports to band, was incredibly restricted or canceled altogether. Methodology: When qualifying for the ERC tax credit, the CARES Act requires either a significant decline in gross receipts or a partial to full suspension of operations due to a COVID-related government mandate.

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Of course, if you are buying gifts on behalf of your business, you should know whether they qualify as tax deductible expenses. This can then be deducted in the charitable donation section of either the corporate tax return (T2) or if you are not incorporated, the donation is simply deductible as a tax credit on your personal tax return (T1).

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Going Concern

JUNE 9, 2023

And as the horror show surrounding the firm’s misuse of confidential tax data refuses to go away, the team will now have to manage without its leader. Shockingly, the PwC global chairman would have – or at least should have – known about the tax leak scandal in Australia at the time of that interview – even if the public didn’t.

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FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of all tax assessments of real estate owned.

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Withum

DECEMBER 5, 2023

I have sports equipment I haven’t used in close to fifty years, but it would be a shame to get rid of it, so I just keep my basketball in a box on top of that standing shelf unit along with my tennis racket, fielder’s mitt, ball and bat. Copies of my tax returns eat up more and more of my available storage space each year.

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Xero

MARCH 7, 2023

Alex says, “I was really into sport and thought that’s where I would go – I’ve always been quite an outdoorsy person.” After an apprenticeship and meeting his business partner, KRW was formed, now employing 26 members of staff. But this seemingly straightforward route belies some serious doubts. Yet recruitment struggles remain.

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Going Concern

JULY 21, 2023

Miami Heat’s Duncan Robinson Jokingly Says He Has A New Job As An Accountant [ Sports Illustrated ] Miami Heat forward Duncan Robinson was recently seen on the street having some fun with a content creator who asked him what he does for a living. approved by the Board), and whether a report includes public quality control criticisms.

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CPA Practice

MARCH 26, 2024

He also claimed his company’s payroll was $1,035,091 in the previous year on an IRS tax form. Each application requested the same loan amount — $198,990 — backed up with a phony number of employees, payroll income, sales revenue and corporate tax returns for pre-pandemic years, according to Bailyn.

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CTP

FEBRUARY 29, 2024

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts.

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ThomsonReuters

NOVEMBER 15, 2023

Jump to: Are charitable donations tax deductible? How do charitable donations affect taxes? What donations are tax deductible? IRS rules for charitable contributions How much do charitable donations reduce taxes? Are charitable donations tax deductible? How do charitable donations affect taxes?

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CPA Practice

DECEMBER 21, 2023

16, 2022, and provides numerous tax deductions and tax credits for individuals, families, and businesses. New tax incentives were added, and existing tax incentives were extended and enhanced. Starting in 2024, a new mechanism will kick in for new and used cars, in which buyers can transfer their tax credits to dealers.

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Withum

AUGUST 7, 2023

As the world shifts towards a greener future, this federal tax credit encourages the adoption of electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and other qualified clean fuel vehicles. Are There State Income Tax Incentives for the Purchase of a Clean Vehicle? What Is the Personal Clean Vehicle Credit?

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CPA Practice

FEBRUARY 27, 2024

By Girard Miller, Governing (TNS) With Super Bowl LVIII fresh on our minds, it’s a good time to think twice about the local economics of professional sports. Local public officials are trapped in a no-win situation, which pits their residents’ love for local teams against the perverse economics of tax-privileged stadium financing.

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Anders CPA

JULY 12, 2022

What do trips to Las Vegas, expensive tickets to sporting events and concerts and luxury vehicle purchases have in common? This can involve termination of employment, civil lawsuits, criminal prosecution, tax return implications and process improvements. You Will Be Involved. The legal process can be frustratingly slow.

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Snyder

JUNE 20, 2022

Get to know small business tax obligations and procedures. In general, business accounting is the process of organizing and analyzing a company’s financial information to plan and advise on taxes, file tax returns, make forecasts, and help with data-driven financial decision making. Open a business bank account.

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Going Concern

FEBRUARY 16, 2024

In my view, the system is very close to a tipping point of massive non-compliance in a number of areas of tax law. Put simply, if taxpayers and their advisers (and even tax specialists) have a hard time understanding new legislation, it can and will lead to non-compliance. I’m a professional tax preparer.”

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MyIRSRelief

DECEMBER 10, 2021

When it comes to matters regarding taxes and tax breaks, it’s important to know where you stand. The demand for professional tax services as of late is greater than ever before and if you’re a taxpayer yourself, you’ll instantly understand exactly why that is. What exactly is state and local tax?

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CPA Practice

DECEMBER 20, 2023

And there’s also a new product called QuickBooks ledger, which really formats Quickbooks online data for tax returns sync. You also can map the payroll to the chart of accounts with some other things here. There’s some better migration tools they’ve added. Okay, yeah. It’s got a lot of bugs in it.

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion over ten years.

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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. AT THE IRS “Why are we paying so much tax?” A Democratic tax preparer PTINs the tail on the donkey.

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Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Contact Us.

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Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Contact Us.

Tax 52

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