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IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool

CPA Practice

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov.

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Tax Changes for Payment Apps: What Small Business Owners Need to Know

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New Year, New Tax Requirements. In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. Will this new rule apply to your business? What Changed?

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How Do I Pay Myself and My Taxes as a Partnership?

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Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . How Do I Pay My Taxes as a Partnership Owner? No Double Taxation .

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

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How do taxes factor in? Tax filing is simplified too! How to Pay Your Taxes. Sole proprietorships are considered pass-through entities , meaning the IRS views your business, personal assets, and liabilities as one in the same. Because of this, you are only required to file a personal tax return.

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4 Ways Small Business Owners Can Stay Tax Compliant

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A crucial component of being a small business owner is meeting certain tax requirements in order to remain compliant in the eyes of the IRS. It can feel overwhelming to keep track of every rule and deadline, especially while juggling countless other business responsibilities day in and day out. . Pay Self-Employment Tax.

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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

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The end of the year is a hectic time for small business owners. Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Employees need this information to file their personal tax returns. .

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How to Prepare Your Small Business for the New Year

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Understanding your cash needs and budgeting accordingly enables you to meet your financial goals and obligations, and continue to grow your business. . Prepare for Tax Season Now. The earlier tax preparation starts, the greater the savings will be when tax season arrives. It is time to crush your business resolutions!