Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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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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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? And by the way, for the tax year 2021, the IRS is projecting the standard mileage rate will be 56 cents per mille, so a slight reduction but still something to take advantage of. Actual Expense Vehicle Tax Deduction. Crazy right?

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Withum

DECEMBER 4, 2024

The ERC amount is a maximum of up to $5,000 per employee for the 2020 taxable year and up to $7,000 per employee per quarter in the first three calendar quarters of 2021. The statute of limitations to file 2020 ERC claims expired this past April, but claims for the 2021 ERC can be filed until April 15, 2025.

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Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

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PYMNTS

NOVEMBER 24, 2020

One possibility of marking this new start will be to get a consensus at the OECD level by the beginning of 2021.”. The OECD plans to ultimately put its worldwide tax reform blueprint in front of the Group of 20, or G20, finance ministers. The world economic group has cautioned against go-it-alone plans for tax reform.

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

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KROST

JANUARY 25, 2021

The bipartisan agreement allows a temporary increase of such deductions to 100% for two years for business meals provided by restaurants. This provision is applicable to expenses incurred from January 1, 2021 through December 31, 2022. PPP Loan Income Exclusion and Deductibility of Expenses.

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KROST

JULY 15, 2021

2021 Tax Planning for Tech Companies: Employee Retention and R&D Credits By Guest Contributor Mike Kniss. Bob has 40 years of experience providing tax advice and compliance services to clients in a variety of different businesses and industries. Tax , Technology Industry.

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ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? • What’s new? •

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LyfeAccounting

DECEMBER 7, 2020

Well, on August 8, 2020, the President issued an executive order stating that the employee’s portion of Social Security tax could be deferred effective September 1, 2020, through December 31, 2020 for US workers earning less than $4,000 on a pretax biweekly basis, or about $104,000 annually. As a bonus let’s talk about compensation.

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ThomsonReuters

JANUARY 18, 2024

According to the report, “Enrollment expectations continue to be optimistic, with 75% of responding bachelor ’ s programs and 78% of responding master ’ s programs expecting enrollment in 2023–24 to be the same or higher as in 2021–22.” In addition, they must complete 72 hours of continuing education every three years.

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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. March 8, 2021, through March 29, 2021 ($71.1

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LyfeAccounting

NOVEMBER 23, 2020

The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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ThomsonReuters

OCTOBER 19, 2022

FTC coverage begins at A-8900 Corporate alternative (book) minimum tax. Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT).

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ThomsonReuters

FEBRUARY 24, 2021

Better data: Provide the business and your tax team with transparency around processes and a single version of data truth they can use to make informed decisions. Get the data you need for tax planning and forecasting faster and more easily. Biden Tax Policies Take Center Stage: What to Expect in 2021 and Beyond.

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ThomsonReuters

MARCH 2, 2021

On the other hand, buying a proven tax data software solution from an experienced technology partner can circumvent these problems while also saving money. You can integrate tax data software with an ERP system and you gain control over your tax planning and obligations with up-to-date and accurate data.

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SkagitCountyTaxServices

OCTOBER 21, 2020

That means that if (again, in this example) Biden wins, AND he follows that particular pattern, then his new tax policies — whatever they might be — will likely impact your 2021 or 2022 tax returns. And, of course, if new tax legislation is passed in 2021, it probably won’t be effective until 2022.

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CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

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Withum

JANUARY 25, 2023

The disallowed business interest expense can be carried forward indefinitely, but generally cannot be utilized unless the entity creates excess taxable income or income above what is needed for the current year’s business interest expense to be absorbed. Let’s Chat The post Congress Fails To Pass Key Tax Extenders, Now What?

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Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. Inflation-adjusted pre-TCJA tax rates for individual taxpayers- Withum But it could be worse, depending on the upcoming legislation.

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