CTP

SEPTEMBER 16, 2022

While the price and number of properties have no limitation, your real estate taxes are affected by the state and local tax limitations or SALT for short. Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return.

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CTP

SEPTEMBER 16, 2022

While the price and number of properties have no limitation, your real estate taxes are affected by the state and local tax limitations or SALT for short. Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return.

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ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. March 15, 2022 : Partnership and S corporation returns for calendar year 2021.

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MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Another expense which you are legally entitled to claim a portion of your tax return back from, is travel.

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MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Want to save on taxes? Let a professional handle your tax return, planning and accounting.

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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. The ERC is a fully refundable tax credit.

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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

JUNE 1, 2022

In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. The gross receipts would remain at $41,250 but COGS would utilize the 2020 inventory layer. Wait and See.

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LyfeAccounting

MAY 24, 2021

. $300/month for people who qualify for the $3,600 and $250/month for those people who qualify for the $3,000 child tax credit. Now, these are tax credits. Let us repeat, tax credits, which means this is not a stimulus check. You can think of this more as an advance on your 2021 tax return.

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LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Keep reading to learn more about the child tax credit portal update! These people can now use the online tool to register for monthly child tax credit payments. And that’s it!

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. Errors on Your Return. Past Due Returns.

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CTP

MARCH 2, 2022

This article outlines a number of estate planning tax strategies… LIFETIME GIFTING, LIQUIDITY RELIEF, LIFE INSURANCE. Every year, taxpayers can gift up to a certain amount per beneficiary without having to report it on a gift tax return (Form 709). [3] 2020-45, Sec.41. 2020-45, Sec.43. Lifetime Giving.

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ThomsonReuters

MAY 6, 2021

Their focus is on taxpayers who omit cryptocurrency income from their tax returns. But this is just the most recent step in the increasing IRS focus on cryptocurrency tax, here’s a brief timeline on past activities: 2021 – Launch Operation Hidden Treasure. Unfortunately for them, that time is past.

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Inform Accounting

APRIL 28, 2022

In 2020/21, the property rental business makes a loss of £20,000. In 2021/22, the business makes a profit of £7,000, against which £7,000 of the loss from 2020/21 is set. Need tax planning support? At Inform Accounting, our experienced team are on hand to advise you and make sure you’re as tax efficient as possible.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Using the T5 slip obtained in one of the methods above, you are required to fill out both a T5 slip and complete the following boxes for 2022,2021, 2020 and 2019 (2018 amounts are represented in brackets).

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LyfeAccounting

MAY 27, 2021

They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed. You are due a larger or smaller refund.

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year. So, there you go!

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Inform Accounting

AUGUST 2, 2022

If the employer does not contribute towards the costs of additional household expenses, the employee may be able to claim tax relief. If you’re interested in our tax planning services, give us a call on (0121) 667 3882, or email our Business Development Manager at charlie.sangha@informaccounting.co.uk to see how we can help.

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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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Inform Accounting

APRIL 28, 2022

The company paid Section 455 tax of £5,000 (25% of £20,000) on 1 February 2016. He took a further loan of £15,000 in May 2018 on which the company paid section 455 tax of £4,875 (£15,000 @ 32.5%) on 1 February 2020. Andy is having building work done in April 2022 and plans to take a further loan of £25,000 on 20 April 2022.

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KROST

FEBRUARY 23, 2021

Navigating the ins and outs of US taxes as a US shareholder of a controlled foreign corporation (CFC) has been complex in the last couple of years due to changes in regulations from the IRS. Taxpayers need tax planning to determine the best strategy to mitigate the CFC’s tax liabilities.

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LyfeAccounting

APRIL 27, 2021

Tax refunds are not good because instead of that money being held by the IRS and taking 1700 years to process… …YOU could have possession of that money and use it for the things you want. Let’s say you filed your 2020 tax return and are getting a $3,500 refund. Business Owner Tax Mistakes of Overpaying.

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KROST

FEBRUARY 24, 2021

During the first three quarters of 2020, the IRS published 5,045 individuals who have made the ultimate decision to expatriate and formally cut ties with the United States. The certification will be made on IRS Form 8854, filed with the covered expatriate’s final US tax return. Expatriate tax return compliance.

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KROST

MAY 11, 2021

Early this year, two valuable provisions were extended by Congress through 2020: Sections §45L and §179D. While the benefits can be retroactively claimed if missed on previous tax returns, many miss out on the credit or deduction due to the temporary nature of the provisions.

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Inform Accounting

APRIL 26, 2022

Whilst the salary would be subject to NICs and Income Tax, the employer’s NICs would be covered by this allowance. You will only be able to access the allowance if your employer NIC bill is below £100,000 in the prior tax year - this has been the case since April 2020. Looking for tax planning support?

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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LyfeAccounting

NOVEMBER 16, 2020

The CARES act which was passed in March 2020 established the Paycheck Protection Program for small businesses. Fast forward to today, which is November 2020, the time for that forgiveness to happen is here for many and rapidly approaching for others. Tax Deductibility. However, that letter was sent in May 2020.

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KROST

MARCH 16, 2021

The new changes made on the form and schedules, along with the 2020 new schedules R&Q, makes it more complex and cumbersome to prepare. The Form 5471 instructions state that this form is an information return that is applicable to U.S. Our professional tax experts are here to help you with your foreign asset reporting compliance.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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ThomsonReuters

AUGUST 16, 2022

Checkpoint’s Tax Planning and Advisory Guides help practitioners navigate Schedule K-2 and K-3 filing requirements, exceptions, and relief opportunities [See Partnerships ¶1201 and Limited Liability Companies ¶1301 ].

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KROST

JANUARY 13, 2021

On June 12, 2020, the IRS issued Proposed Regulations 1.1031(a)-3 (REG-117589-18) for Section 1031 to include a definition of real property in response to the TCJA’s statutory changes that limited 1031 exchanges to real property. Federal vs. State. New Provision to the Proposed Regulations.

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ThomsonReuters

NOVEMBER 10, 2020

Are you owed a tax refund? The importance of modeling the GILTI High Tax Exclusion. . On July 20, 2020, the U.S. Department of the Treasury and the Internal Revenue Service issued the final regulations regarding the election to exclude high-tax Global Intangible Low-Taxed Income (GILTI) from a U.S.

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LyfeAccounting

FEBRUARY 19, 2021

To report and pay federal income taxes on your single member LLC business, you will need to complete a Schedule C, which is a profit or loss business form. This is attached to your personal federal tax return that you file with the IRS. And that should give your taxes owed. Single Member Tax ID Numbers.

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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.

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CPA Practice

JANUARY 12, 2024

But one of the one of the major things I think that needs to be said about it is that the major the major AI initiative that TR is chasing is the is incorporating sure preps document and information ingesting process on the front end of a tax return. And so they’re trying to use automation technology. Randy Johnston 11:39 Yeah.

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LyfeAccounting

APRIL 23, 2021

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. And that deduction in 2020 is 57.5 Your tax deduction would be about $17,250.

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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. Bonus depreciation continues as 100% for property placed in service in 2020. To reduce 2020 taxable income, consider disposing of a passive activity in 2020.

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