RogerRossmeisl

DECEMBER 29, 2024

SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component. For 2025, the maximum 15.3% SE tax rate will hit the first $176,100 of your net SE income. How high can your SE tax.

Tax 191

Tax CPA business tax 191

RogerRossmeisl

DECEMBER 29, 2024

HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. Its a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025. Employees cant be enrolled in Medicare or claimed on someone elses tax return.

Tax 187

Tax tax return CPA accounted 187

RogerRossmeisl

APRIL 17, 2024

The qualified business income (QBI) deduction is available to eligible businesses through 2025. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. After that, it’s scheduled to disappear. QBI is reduced.

CPA 168

CPA Tax cpa firm business tax 168

RogerRossmeisl

JULY 16, 2023

Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025. The post Traveling for Business This Summer?

tax return 180

tax return CPA Tax business tax 180

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.

Tax 198

Tax income tax CPA business tax 198

CPA Practice

NOVEMBER 20, 2024

Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.

accounting firms 116

accounting firms accountant Account accounted 116

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

California 198

California CPA Tax Start-ups 198

RogerRossmeisl

FEBRUARY 18, 2024

Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA. You report income and expenses.

Tax 159

Tax CPA business tax 159

RogerRossmeisl

SEPTEMBER 9, 2024

For example, you could pull income into 2024 to be taxed at lower rates, and defer deductible expenses until 2025, when they can be claimed to offset higher-taxed income. Here are some other ideas that may help you save tax dollars if you.

tax planning 148

tax planning Tax CPA business tax 148

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. In all of these states, the relief period ends on May 1, 2025 (postponement period).

South Carolina 130

South Carolina North Carolina Tax Alabama 130

Going Concern

JANUARY 17, 2025

TAX CANDIDATES FTE Tax | Candidate ID #23772188 Certifications: CPA in process, EA Education: BBA Accounting and Finance Experience (years): 8+ years experience in tax accounting. With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

Real Estate accountant Account accounted 52

CPA Practice

OCTOBER 10, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. Florida Institute of CPAs FICPA hosted a webinar on Oct. [Updated on Oct. 10; originally posted on Oct. The webpage can be found here.

North Carolina 116

North Carolina South Carolina Tennessee Georgia 116

CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

Louisiana 104

Louisiana Tax tax return income tax 104

KROST

JANUARY 25, 2021

Business owners should watch out for this or speak to their CPA or accountant for more information. The Tax Cuts and Jobs Act (TCJA) allowed a real property trade or business to elect out of the limitation on the deduction for business interest expense. New Markets Tax Credit. Jose Calles, CPA , Manager.

Real Estate 92

Real Estate CPA Tax public accounting 92

CPA Practice

OCTOBER 7, 2024

4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and business tax returns and make tax payments, according to a news release from the IRS. (TNS) Oct. 16, and Jan.

Washington 97

Washington Tax tax return payroll 97

CPA Practice

FEBRUARY 7, 2024

Any business or accounting firm that filed using paper methods but should have filed electronically may receive fines, so it is essential to contact the IRS , their accountant, or their 1099 service provider. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.

Technology 123

Technology accounts payable accounting firms income tax 123

CPA Practice

MARCH 8, 2023

This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C. Metro office in the Business Tax Services practice.

income tax 111

income tax Tax financial statements corporation tax 111

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

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.

New York 112

New York income tax New Jersey Tax 112

SkagitCountyTaxServices

FEBRUARY 8, 2024

Before I get to those things, let me make a quick plug for getting on my calendar because business tax deadlines are coming and last-minute action is NOT a good strategy for keeping your Mount Vernon business compliant and tax-light. Most businesses formed before 2024 have until Jan. more workers.

Legal 89

Legal Healthcare business tax Tax 89

SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” The rules are different if you created a business this year (2024) or start one after the deadline.

Tax 75

Tax income tax CPA tax preparation 75

Nancy McClelland, LLC

JANUARY 12, 2025

It puts both you and your CPA at risk. Let the tax return preparation (or extension payment calculation) begin! Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. ” Seriously? Please do not ever email sensitive documents.

Tax 52

Tax tax return accountant Account 52

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.

Tax 59

Tax business tax tax planning tax services 59

CPA Practice

JANUARY 25, 2023

Following are several key changes for small businesses included in SECURE Act 2.0. Beginning in 2025, the new law increases the limit from $7,500 to the greater of $10,000 or 150% of the regular catch-up limit for those aged 60-63 (indexed for inflation).

Tax 112

Tax Start-ups accountant accounted 112

CPA Practice

OCTOBER 7, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. Florida Institute of CPAs FICPA hosted a webinar on Oct. The webpage can be found here.

North Carolina 52

North Carolina South Carolina Tennessee Georgia 52

Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

CPA Practice

FEBRUARY 6, 2024

We expect this trend to continue in 2024 in the small number of jurisdictions that have considered the issue but have not yet acted, even though the TCJA’s SALT deduction limitation is currently scheduled to expire at the end of 2025.

South Dakota 124

South Dakota Tax Maryland income tax 124

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

tax return 52

tax return Real Estate bookkeeping Tax 52

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

tax return 52

tax return Real Estate bookkeeping Tax 52

CPA Practice

SEPTEMBER 17, 2024

Since joining the firm in 2021, Brianna has excelled in accounting, auditing, compliance, financial statement preparation, tax return preparation, and special projects. Her specialization in nonprofit work and her CPA certification highlights her commitment to excellence. He holds both CPA and CVA certifications.

Construction 52

Construction Illinois audit Real Estate 52

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

tax return 69

tax return income tax California payroll 69

CPA Practice

JANUARY 24, 2024

Choosing Retirement Plans Opening a corporate retirement plan is a great option to lower business taxes. Qualified, profit-sharing plans allow employees to contribute a portion of their wages to individual accounts, while also allowing the employer to make a tax-deductible contribution. may have felt too late to make.

Tax 52

Tax Non-Profits business tax tax return 52

CPA Practice

NOVEMBER 19, 2024

The Main Street Alliance and Small Business Majority have launched the Small Business Tax Fairness Coalition (SBTF), a national initiative to advocate for a U.S. tax code that prioritizes the needs of America’s entrepreneurs.

Maine 52

Maine Tax corporation tax Healthcare 52

CPA Practice

JANUARY 10, 2024

Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued.

tax return 64

tax return income tax Non-Profits online accounting 64

Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

business tax 52

business tax Tax income tax tax return 52

CPA Practice

JULY 24, 2024

The IRS said this week that individuals and businesses in 67 Texas counties affected by Hurricane Beryl now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. As a result, affected individuals and businesses will have until Feb. 16, 2024, and Jan.

Tax 52

Tax tax return Texas income tax 52