RogerRossmeisl

DECEMBER 7, 2021

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. The post There May Still Be Time to Cut Your Small Business 2021 Taxes appeared first on Roger Rossmeisl, CPA. You still have time to execute a few strategies.

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RogerRossmeisl

FEBRUARY 3, 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019.

CPA 130

CPA business tax Tax 130

RogerRossmeisl

JANUARY 15, 2021

A 1/13/2021 U.S. Treasury Department Press Release reported that the SBA is re-opening the Paycheck Protection Program (PPP) loan portal: to small lenders on 1/15/2021, and to all lenders on 1/19/2021. Background On 12/27/2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law.

payroll 154

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KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Tax , Tax Specialty Services.

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inDinero Tax Tips

MARCH 3, 2021

By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Partnership Tax Deadlines.

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RogerRossmeisl

FEBRUARY 23, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

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xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

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Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. 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. Assume Company A sold 275 units in 2021. Contact Us.

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business tax Tax income tax tax return 119

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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business tax Tax Real Estate CPA 84

Ronika Khanna CPA,CA

JANUARY 3, 2022

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. SALES TAX DEADLINES GST/HST returns for 2021 must be filed by June 15th, 2022 for those who are required to file annually. Learn more.

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SkagitCountyTaxServices

DECEMBER 8, 2021

But the calendar waits for no business, and time is getting short to plan your moves. Year-End Business Tax Strategy for Skagit County SMB Owners “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill.

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xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax.

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xendoo

MAY 19, 2021

We’ll walk you through the process for filing a Florida business tax extension, so you can keep your business moving without the added stress. . What is the Deadline for the Florida Business Tax Extension? Different deadlines apply for federal and state taxes. Federal Tax Extension.

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Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

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LyfeAccounting

APRIL 4, 2021

So a lot of people already know the personal tax deadline has been extended from April 15 to May 17, 2021, due to some major IRS delays. So basically people are getting an extra 30 days to file their personal tax return. That is so you are prepared for this tax season. Tax Season 2021 New Update.

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LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! 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.

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inDinero Tax Tips

NOVEMBER 15, 2021

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Many of them may affect the 2021 tax year.

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

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inDinero Tax Tips

MARCH 31, 2021

The best way to avoid paying a fee for failing to make estimated tax payments is to calendar these payments. Say you can’t pay the full balance owed by April 15, 2021; you can apply for an installment agreement. Don’t Forget to Pay Your Small Business Taxes appeared first on inDinero. The post Side Hustlers!

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business tax Tax Legal financial accounting 98

SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill.

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business tax Tax Entertainment Real Estate 66

RogerRossmeisl

OCTOBER 20, 2024

In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”).

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CPA cpa firm business tax Tax 194

LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

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Tax Entertainment tax return tax preparation 52

SkagitCountyTaxServices

SEPTEMBER 22, 2021

The rest, I’ll cover below… Small Business Tax Credit Updates Skagit County Owners Will Want to Consider “I always tried to turn every disaster into an opportunity. ” – John D. But, as 2021 is winding down, it’s important to know that some of them are on their way out. Rockefeller. Stay tuned. 360-424-1040.

business tax 52

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SkagitCountyTaxServices

MAY 19, 2021

With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review.

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Accounting Today

JANUARY 19, 2024

The city cites corporation business tax "deficiencies" for 2017 through 2021 and is also seeking interest and penalties from the failed bank.

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LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. So, if you are in the 24% 2021 tax bracket and then a $2,000 deduction saves you $480 on your tax liability (which is $2,000 x 24%).

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. 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

RogerRossmeisl

JANUARY 9, 2021

In response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, IRS Notice 2021-07 provides temporary relief for employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer provided automobile for purposes of income inclusion, employment tax, and reporting.

CPA 202

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RogerRossmeisl

JANUARY 19, 2022

Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions Standard business mileage rate, per mile: 58.5 cents (up from 56 cents in 2021) Section 179 expensing: Limit: $1.08 million in 2021) Phaseout: $2.7

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Tax CPA business tax 201

RogerRossmeisl

DECEMBER 27, 2021

January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated tax. Farmers and fishermen: Pay estimated tax for 2021. January 31 File 2021 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

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Tax CPA business tax 180

Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. Business Tax Services.

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Tax tax return payroll tax tax services 124

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes.

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Tax income tax tax return CPA 208

RogerRossmeisl

JANUARY 11, 2021

The Treasury Department and Small Business Administration (SBA) have released Interim Final Rules (IFR) regarding the permission of “second draw loans” under the Paycheck Protection Program (PPP) recently authorized by the Consolidated Appropriations Act, 2021 (CAA 2021).

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RogerRossmeisl

JANUARY 6, 2021

It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic.

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CPA Government Tax business tax 227

RogerRossmeisl

JANUARY 5, 2022

The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021). The increased tax deduction partly reflects the price of gasoline. a year earlier, according to AAA Gas Prices.

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CPA Tax business tax 204

RogerRossmeisl

JANUARY 12, 2021

In a Treasury Department Press Release dated 1/8/2021, the Treasury Department and Small Business Administration (SBA) have announced that the Paycheck Protection Program (PPP) will reopen the week of January 11. All participating lenders will be able to participate in the PPP shortly thereafter.

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