CTP

APRIL 15, 2022

For instance, how do you determine if a tax planner is charging a reasonable fee? Taxpayers will first want to understand the difference between reactive tax work and proactive tax planning. They often charge an hourly rate but may also be juggling a higher volume of clients and therefore may pay less attention to your return.

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CTP

APRIL 29, 2022

One of the many benefits of working with a tax professional is the guidance they provide in developing tax return positions that substantiate why certain income qualifies for tax-exemption or why you are eligible for a certain tax deduction. This is actually a lower standard than some may assume.

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inDinero Accounting

DECEMBER 1, 2023

Marketing An established B2B business might spend 10% of annual revenue on marketing, while a B2C business may spend 5%. If the business shuts down, any remaining un-deducted startup costs are fully deductible on the final year’s tax return. From here, your startup costs are amortized evenly over the next fifteen years.

Start-ups 52

Start-ups Tax tax return B2C 52

PYMNTS

OCTOBER 11, 2019

Critical concerns include which country the tax is due to, the various rates at which they should tax sales, how they must register with tax authorities, what invoicing rules may be in place — and even where to send tax returns.

Tax 49

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CTP

OCTOBER 30, 2024

However, a family office is an expensive setup—even more so since a tax break that used to be available for family offices disappeared. Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers with a family office could write off certain items like investment expenses and tax return preparation fees under “ miscellaneous itemized deductions.”

Tax 52

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CTP

AUGUST 11, 2022

If you’ve read my articles about tax planning before, no doubt you’ve read my description of tax planning software as an instrumental tool. It can provide valuable insights such as data extracted from your tax returns, calculation of minimum required estimated tax payments, and even a few tips to save annual tax.

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CTP

JUNE 10, 2022

So if a business has fixed assets that are fully depreciated (the asset has reached the end of its usefulness) and that asset is sold at a gain, that is known as “depreciation recapture” and can be taxed at ordinary income tax rates of up to 25%.

Sales 52

Sales Tax income tax tax return 52

CTP

NOVEMBER 23, 2023

If this is lacking, then the IRS can simply ignore your attempt to make a special allocation on your tax returns and instead allocate the profits and losses based on ownership percentage. What is substantial economic effect? The allocations should instead match the actual economic effect on each partner.

Tax 52

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PYMNTS

DECEMBER 23, 2019

There are also significant opportunities in the business-to-business (B2B), business-to-consumer (B2C) and government-to-business (G2B) arenas, with Visa Direct having already been utilized for such use cases as tax returns, insurance disbursements and loan distributions.

Technology 41

Technology B2C tax return Maine 41

PYMNTS

DECEMBER 19, 2016

Chetty and his team did that by gaining access to the anonymized tax returns of people in their mid-30s over a 40-year period between 1940 and 1980. Today, B2C advertising is increasingly a data game served by ad platforms to consumers toting digital devices who spend most of their time with their noses inside of social networks.

Retail 88

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CTP

MARCH 20, 2023

You have choices when filing your tax returns, which means opportunities to keep your tax bill low. Better still, the initial set-up remains relatively simple and inexpensive. This type of business entity often makes sense for new businesses because it is supremely flexible.

Legal 52

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CTP

MARCH 20, 2023

You have choices when filing your tax returns, which means opportunities to keep your tax bill low. Better still, the initial set-up remains relatively simple and inexpensive. This type of business entity often makes sense for new businesses because it is supremely flexible.

Legal 52

Legal income tax tax return Tax 52

CTP

DECEMBER 8, 2022

This restriction makes sense when you consider that the owner does not have to claim the income on their tax return. For instance, any expenses that are directly associated with the rental—like advertising, commission, or cleaning—are not deductible.

Real Estate 52

Real Estate Tax tax return tax planning 52

CTP

SEPTEMBER 16, 2022

While the price and number of properties have no limitation, your real estate taxes are affected by the state and local tax limitations or SALT for short. Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return.

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CTP

SEPTEMBER 16, 2022

While the price and number of properties have no limitation, your real estate taxes are affected by the state and local tax limitations or SALT for short. Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return.

tax planning 52

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CTP

DECEMBER 28, 2023

Step 4: The IC-DISC files an annual tax return with the IRS. You have to move cash to take this route, and you can’t use offsetting entries (one of the benefits of an IC-DISC) because you have to buy those bonds. When the IC-DISC cashes those bonds out and distributes the income, then the money is taxable as a dividend.

Tax 52

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CTP

AUGUST 10, 2023

The IRS has a set of “ hobby loss rules ” that determine if an activity is truly a business intended to make a profit or simply a hobby—which means you would not be allowed to deduct any expenses or claim any losses related to that activity on your tax return. Tax-Exempt Organizations. What if your organization is tax-exempt?

Tax 52

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CTP

AUGUST 3, 2023

If you are holding an asset as an investment through your pass-through business, when you sell that asset it is recorded as capital income and then reported on your personal tax return as the owner.

Tax 52

Tax income tax tax return tax planning 52

CTP

DECEMBER 28, 2023

This means that the IC-DISC must maintain its own books, have its own bank accounts, file its own tax returns, and pay its own organizational fees. If you meet the qualifications, you can make an IC-DISC election with the IRS, which creates the IC-DISC as a brand new entity. Who Qualifies for an IC-DISC? According to the U.S.

Tax 52

Tax Manufacturing Agriculture Sales 52

CTP

OCTOBER 2, 2023

Currently, there are over 1200 different tax credits available, and unlike tax deductions, these credits provide a dollar-for-dollar reduction to your tax bill. In some cases, taxpayers may even be able to go back and file an amended tax return if they learn that they qualified for a tax credit after filing season.

Tax 52

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CTP

MAY 12, 2023

For instance, you may have heard the advice that “ if you own a business, you’re married, and your spouse has a car, just drive their car occasionally so you can claim their vehicle on your business tax return.” Remember that to claim a deduction for any vehicle-related expenses the vehicle must be used primarily for business purposes.

Tax 52

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CTP

MAY 10, 2023

Taxpayers sometimes make the Section 179 election on their tax returns and don’t even realize the deduction has been suspended—that they didn’t receive the benefit that tax year. This can unfortunately affect tax planning down the road. Bonus depreciation, on the other hand, is automatic.

Tax 52

Tax tax planning Maine tax return 52

CTP

SEPTEMBER 27, 2024

This will not change anything from a federal tax perspective, such as the depreciation on the property or your ability to claim a loss on your tax return, which can only happen when you dispose of the property. Remember, by submitting an appeal, you are only challenging what a local assessor says a property is worth.

Tax 52

Tax Sales tax return Construction 52

CTP

NOVEMBER 25, 2022

Saving for college through a 529 plan can simultaneously help you reach your college savings goals and reduce your taxes. In most states, the money you contribute to your plan is tax-deductible on your state income tax return. As your money grows, you’re not taxed on the income your plan returns.

Education 40

Education Tax accounting and finance Michigan 40

CTP

MARCH 2, 2022

This article outlines a number of estate planning tax strategies… LIFETIME GIFTING, LIQUIDITY RELIEF, LIFE INSURANCE. Every year, taxpayers can gift up to a certain amount per beneficiary without having to report it on a gift tax return (Form 709). [3] Lifetime Giving. 3] Currently, the cap is $15,000 per year. [4]

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PYMNTS

JANUARY 10, 2019

B2C disbursements account for more than 3.5 million federal tax returns submitted last year were filed digitally. As of May 2018, over 85,297,000 million taxpayers have received faster federal tax refunds via direct bank deposits into bank accounts through electronic bank transfers. billion payments valued at $10.7

Tax 48

Tax income tax B2C tax preparation 48

CTP

JANUARY 17, 2025

This is true no matter what your income is, so you must be prepared to defend each claim made on your tax return. You submitted a large refund request on an amended tax return. Other audit triggers include missing a particular form or neglecting to sign the tax return. What Might the IRS Ask for?

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CTP

NOVEMBER 21, 2024

Investing in a tax plan can feel like a risk for taxpayers who are used to filing their own tax returns or focusing on basic compliance. In theory, you may see the benefits of a proactive approach where you implement strategies that will result in tax savings years down the line. What if the investment doesn’t pay off?

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