RogerRossmeisl

MARCH 25, 2021

Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. You can take the deduction even if you don’t itemize deductions on your tax return and instead claim the standard deduction.

Tax 213

Tax tax return CPA Start-ups 213

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

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). Are you a business owner thinking about hiring?

Tax 131

Tax CPA business tax 131

RogerRossmeisl

JUNE 19, 2023

If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. Are you getting ready to retire? You can withdraw more than.

Tax 206

Tax CPA accountant accounted 206

CPA Practice

NOVEMBER 27, 2024

However, in 2025, many CPA firms will be dealing with a challenge that is far from new: attracting skilled talent. Research for the 2025 Salary Guide From Robert Half found that 85% of finance and accounting managers in the U.S. CPA firms that don’t offer work flexibility risk losing out on top candidates.

cpa firm 111

cpa firm CPA Technology accounting and finance 111

RogerRossmeisl

JULY 30, 2021

Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. appeared first on Roger Rossmeisl, CPA.

tax return 244

tax return Transportation CPA Tax 244

RogerRossmeisl

JULY 16, 2022

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

income tax 198

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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

CPA Practice

OCTOBER 22, 2024

22 released updated tax brackets and standard deductions for 2025. While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. The IRS on Oct.

Tax 124

Tax tax return Transportation income tax 124

CPA Practice

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries. increase in 2023.

Tax 128

Tax income tax corporation tax tax planning 128

RogerRossmeisl

JULY 21, 2024

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.

income tax 166

income tax Tax CPA 166

CPA Practice

NOVEMBER 26, 2024

26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Updated: Nov. Vacation time?

Tax 105

Tax tax return income tax CPA 105

RogerRossmeisl

FEBRUARY 18, 2024

If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. 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.

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Tax CPA business tax 159

RogerRossmeisl

DECEMBER 15, 2024

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. The post You Don’t Have to Be in Business to Deduct Certain Vehicle Expenses appeared first on Roger Rossmeisl, CPA.

CPA 198

CPA Tax 198

RogerRossmeisl

OCTOBER 17, 2020

Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. The post Deductibility of Portfolio Management and Related Expenses appeared first on Roger Rossmeisl, CPA.

CPA 218

CPA Tax 218

CPA Practice

OCTOBER 8, 2024

next year, with roles in tax services expected to see an average increase of 8.4% in 2025 and roles in audit and assurance expected to rise by an average of 9.5%, according to a CPA Practice Advisor analysis of public accounting pay data provided by specialized staffing firm Robert Half. Senior tax associate: 8.5%

public accounting 116

public accounting accountant Account accounted 116

CPA Practice

AUGUST 16, 2024

The IRS on Thursday announced the opening of the application period for the 2025 Compliance Assurance Process (CAP) program on Sept. 31, and the IRS will inform applicants if they’re accepted into the program in February 2025. Launched in 2005, CAP helps large corporations improve federal tax compliance.

Tax 105

Tax accounting principles tax return financial statements 105

RogerRossmeisl

SEPTEMBER 9, 2024

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. Do you expect to be in a higher tax bracket next year? Here are some other ideas that may help you save tax dollars if you. If so, then opposite strategies may produce better results.

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tax planning Tax CPA business tax 148

RogerRossmeisl

SEPTEMBER 6, 2021

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?

Tax 159

Tax tax return CPA 159

RogerRossmeisl

JANUARY 14, 2024

Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Penalties are steep This is part of the federal government’s anti-money laundering and anti-tax evasion efforts and is an attempt to look beyond shell companies that are set up to hide money.

CPA 205

CPA Start-ups Government Tax 205

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances.

tax return 202

tax return CPA Tax 202

RogerRossmeisl

FEBRUARY 28, 2022

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit.

California 198

California CPA Tax Start-ups 198

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. How is QBI defined? QBI is reduced.

CPA 168

CPA Tax cpa firm business tax 168

RogerRossmeisl

JULY 16, 2023

Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025. The post Traveling for Business This Summer?

tax return 180

tax return CPA Tax business tax 180

CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

Tax 132

Tax tax preparation tax return Education 132

CPA Practice

DECEMBER 5, 2024

Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies. projection last quarter.

CPA 119

CPA cpas management accounting management accounts 119

Going Concern

JANUARY 3, 2025

Psst, take our 2025 Predictions for the Accounting Profession survey. He says 2024 was all about proving what AI brings to the tableand expects 2025 will shift more into scaling it. The San Francisco-based HR tech company Employer.com focuses on payroll and onboarding, in contrast to Bench, which specializes in accounting and tax.

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auditor audit Rhode Island cpa firm 98

RogerRossmeisl

NOVEMBER 9, 2023

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. What’s considered a casualty for tax purposes? Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.

Tax 137

Tax tax return CPA 137

CPA Practice

DECEMBER 26, 2024

As the end of the year approaches, nows the time to start preparing for filing your 2024 tax return in 2025. Here are tips and strategies to prepare now for the 2025 tax-filing deadline.

Tax 119

Tax tax return 119

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.” That has generated about $38 million in recoveries.

Tax 98

Tax tax return Technology income tax 98

CPA Practice

JANUARY 9, 2025

Everybody hates the IRS, but many of us love getting a tax refund! Find out when you can expect to get your refund if you file early. Even without a refund loan, you can usually get your refund in 2-3 weeks.

Tax 105

Tax income tax 105

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

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

CPA Practice

DECEMBER 26, 2024

With a thorough understanding of their unique circumstances and the latest tax regulations, you can transform complex tax challenges into clear, actionable solutionssetting the stage for your clients financial success in 2025 and beyond.

tax planning 116

tax planning Tax 116

CPA Practice

NOVEMBER 18, 2024

For the first time since 2020, interest rates for tax overpayments and underpayments will be lower than the previous quarter, starting in January. Here is the full list of new interest rates for Q1 of 2025: 7% for overpayments (payments made in excess of the amount owed), 6% for corporations. 9% for large corporate underpayments.

Tax 116

Tax 116

Going Concern

JULY 21, 2023

Inspired by @profjackc who shared some very important CPA Evolution dates and motivated by our undying sympathy for CPA exam candidates, we’re putting his reminder in picture form to make sure you have these dates. It is our humble advice to get BEC out of the way while you can and save yourself the trouble.

CPA 98

CPA Start-ups Tax accounted 98

CPA Practice

DECEMBER 23, 2024

Depending on when taxpayers file their returns, they can often receive their federal tax refund payment (check or direct deposit) within 10-21 days.

Tax 105

Tax income tax 105