RogerRossmeisl

JANUARY 2, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022.

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RogerRossmeisl

APRIL 21, 2022

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. More options Other small business retirement plan options include: 401(k) plans, which can even be.

Tax 245

Tax income tax CPA Account 245

RogerRossmeisl

SEPTEMBER 25, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. If you expect to be in a higher tax bracket next year, opposite strategies may produce better results. Here are some other ideas that may help you save tax dollars if.

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RogerRossmeisl

APRIL 24, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

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RogerRossmeisl

FEBRUARY 20, 2023

The total value of M&A transactions in North America in 2022 was down 41.4% If you’re considering buying or selling a business, it’s important to understand the tax implications. Two approaches Under current tax law, a transaction can basically be structured in two ways: 1.

Tax 245

Tax CPA business tax 245

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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RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. For 2023, the SE tax is imposed at the painfully high rate of 15.3% for Social Security tax and 2.9% for Medicare tax. additional Medicare tax, on all income. This includes 12.4% The S corp.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

NOVEMBER 28, 2021

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit. For calendar-year taxpayers, that is March 15, 2022. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to.

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RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. See the exception below, under “August 10.”)

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RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. The post Many Tax Limits Affecting Businesses Have Increased for 2023 appeared first on Roger Rossmeisl, CPA.

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Tax CPA business tax 243

TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. 199, which would establish a centralized sales tax commission.

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RogerRossmeisl

JULY 17, 2022

Although merger and acquisition activity has been down in 2022, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Reasons: The corporation will pay less.

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Tax income tax CPA business tax 229

CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.

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Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671.

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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

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Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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RogerRossmeisl

SEPTEMBER 29, 2024

As reported via IR-2024-240 on 9/18/2024 The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit (the tax credit related to the installation of EV chargers).

CPA 262

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Reckon

JUNE 13, 2022

EOFY 2022 is coming up fast which means tax time is looming…. If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. Try our EOFY 3-month free trial offer of Reckon One which is only available until 1 July 2022. Key tax dates.

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RogerRossmeisl

JUNE 25, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post 2022 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. In addition, the sum of the annual deductible and other annual.

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accountant accounted Account CPA 143

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. . What is a tax deduction?

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RogerRossmeisl

NOVEMBER 13, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2023, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 245

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RogerRossmeisl

JULY 16, 2022

The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the deductible costs of operating a vehicle for business. Fortunately, the IRS is providing some relief.

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CPA Tax business tax 245

SkagitCountyTaxServices

AUGUST 19, 2022

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). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

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RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

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RogerRossmeisl

MAY 16, 2022

Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

Entertainment 245

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RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two.

CPA 235

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RogerRossmeisl

JANUARY 21, 2024

The changes apply to qualified alternative fuel vehicle refueling property placed in service after December 31, 2022 and before January 1, 2033. The Inflation Reduction Act amended the credit for qualified alternative fuel vehicle refueling property.

CPA 258

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Snyder

OCTOBER 30, 2022

Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. But is there a way to escape tax filing season disturbance? How much do small businesses pay in taxes?

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RogerRossmeisl

NOVEMBER 25, 2023

As reported via Tax Tip 2022-122 on 8/10/2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. Business owners must take these steps when closing a business: File a final tax return and related forms.

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Tax tax return CPA business tax 130

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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CPA Practice

FEBRUARY 28, 2023

16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. The current list of eligible localities and other details for each disaster are available on the Tax Relief in Disaster Situations page on IRS.gov. 16 to file their 2022 return and pay any tax due.

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Tax Alabama Georgia tax return 128

RogerRossmeisl

APRIL 24, 2023

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. R&E expenses The TCJA has affected many businesses, including manufacturers, that have significant R&E costs. Previously, businesses had the option of deducting these costs immediately as current expenses.

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Manufacturing CPA Tax business tax 234

CPA Practice

MARCH 9, 2023

Storms, wildfires and flooding damage have pushed back the tax filing deadlines for most Californians. 16 applies to California and federal individual and business tax returns and payments. The IRS said the extension includes most 2022 individual and business returns originally due April 18. Visit ocregister.com.

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Tax tax return California payroll 133

Ronika Khanna CPA,CA

JANUARY 3, 2022

With the beginning of a new year upon us, tax submission deadlines for individuals and businesses are starting to loom. Every small business owner must adhere to these deadlines or risk facing penalties for late filing of returns plus interest on any overdue balances. Learn more. Available at Amazon.

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CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. 15, 2024, to file various federal individual and business tax returns and make tax payments. As a result, affected individuals and businesses will have until Feb. 15, 2023, and Jan.

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Tax income tax tax return payroll 119

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

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