Ronika Khanna CPA,CA

JANUARY 3, 2022

I have compiled a list of deadlines for all unincorporated small business owners which includes sole proprietors and self employed individuals. Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th.

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

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SkagitCountyTaxServices

AUGUST 19, 2022

After all of the junk in 2020 and 2021, “inflation” and “supply chain shortages” have been the recent flavor of our wild ride together. Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute).

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

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Cherry Bekaert

AUGUST 20, 2024

The new California legislation restricts the use of net operating losses (NOLs) and limits the application of tax credits to $5 million, offsetting California state taxes against corporation and personal income taxes per taxpayer or combined reporting group for tax years 2024, 2025 and 2026.

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Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Contact Us.

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RogerRossmeisl

NOVEMBER 17, 2020

The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a new small business hiring credit (SBHC) for small businesses impacted by economic disturbances in 2020. The Small Business Hiring Credit is also referred to as the “Main Street Hiring Credit”.

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RogerRossmeisl

JUNE 1, 2021

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. If construction began in 2020, the.

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RogerRossmeisl

FEBRUARY 28, 2021

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. If you are considering such a transaction, it’s important to understand the tax implications of buying or selling a business. The current 21% corporate federal income tax rate makes buying the stock of a C.

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

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CPA Practice

DECEMBER 19, 2023

While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their tax debts.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

The T5 dividend slips are generally due by February 28th of the calendar year following the year in which the dividend was paid Although no income taxes are due at the time of filing the T5 slips with the government, interest and penalties apply for late filing. available at Amazon.

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SingleTrackAccounting

FEBRUARY 7, 2020

We are starting down the third year of the Tax Cuts and Jobs Act and tax savings are all around us. Every year the standard tax brackets increase with inflation. Here’s a breakdown of the 2020 tax brackets. . Here are 5 tax saving strategies for small businesses. This is in addition to income tax.

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MyIRSRelief

OCTOBER 3, 2022

The Los Angeles County sales tax rate is 0.25%. Total employers as of 2020 are 291,833 with annual employment payroll of $244,345,310,000 for 3,914,718 employees compared to the LA county’s population of 9,829,544. Here are some tax services you can use to fulfill the tax process. They can represent a client.

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PYMNTS

FEBRUARY 12, 2020

The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb. percent of respondents said meeting tax payments promptly would create cash flow issues in their business.

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Withum

JUNE 24, 2022

When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. Did the taxpayer rely on the safe harbor for business combinations in 2020 and in 2021?

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Withum

NOVEMBER 6, 2024

Incorrect tax withholding: W-2 forms require withholding of federal income tax, Social Security, and Medicare taxes. Partners, however, pay self-employment taxes and are responsible for their own tax payments through estimated tax payments.

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Withum

MAY 5, 2022

The New Jersey Economic Development Authority (“NJEDA”) announced on May 3, that applications are now open through June 30, for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program.

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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.

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inDinero Tax Tips

JUNE 7, 2023

Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS. The IRS will only increase audit frequency for individuals or legal entities reporting over $400,000 in income annually. Between 2010 and 2020, the IRS employed ~95,000 full-time workers.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are there any exemptions from reporting? source gross receipts or sales (net of returns and allowances).

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Understanding Deductible Business Expenses. Learn More.

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xendoo

SEPTEMBER 28, 2021

Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. While it remains to be seen whether they plan to do the same for the 2021 tax year, it is a strong possibility. . State Income Tax. Incidental income, rental income, tax credits, etc.

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xendoo

MAY 8, 2022

For example, you may go a step further and factor in the EBIT (earnings before interest and taxes), depreciation, amortization, rent, and business taxes into the equation. This will give you your business’s net profit for the period. For example, let’s say your business had total revenue of $100,000 in a year.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are there any exemptions from reporting? source gross receipts or sales (net of returns and allowances).

Legal 91

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inDinero Tax Tips

FEBRUARY 14, 2023

Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Obviously, the exact amount of tax savings will vary by situation. So if you do file an 83b, you’re leaving yourself open to paying US income tax on the value of the stock, at least in theory.

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inDinero Tax Tips

FEBRUARY 14, 2023

Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Obviously, the exact amount of tax savings will vary by situation. So if you do file an 83b, you’re leaving yourself open to paying US income tax on the value of the stock, at least in theory.

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inDinero Tax Tips

FEBRUARY 14, 2023

Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Obviously, the exact amount of tax savings will vary by situation. So if you do file an 83b, you’re leaving yourself open to paying US income tax on the value of the stock, at least in theory.

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xendoo

FEBRUARY 13, 2023

The corporation uses Form 1120 to report income and claim credits and deductions each year. A pass-through entity doesn’t file taxes as a separate entity. Instead, the income “passes through” to the owner of the business who pays personal income taxes on their share of the business.

Tax 59

Tax income tax Non-Profits Legal 59

Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

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LyfeAccounting

JANUARY 30, 2021

And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Wrapping Up Tax Season 2021.

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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. Earned Income Tax Credit.

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Tax income tax tax return accounting and finance 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. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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Tax income tax tax return accounting and finance 52

MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To

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Nancy McClelland, LLC

APRIL 9, 2023

The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. There are multiple options for paying personal quarterly estimated taxes. If you already have an account for sales taxes or another reason — do not log in , unless you are making business tax payments.

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