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How New Business Start-up Expenses are Handled on your Tax Return

RogerRossmeisl

Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill.

Start-ups 238
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Starting a Business? How Expenses will be Treated on your Tax Return

RogerRossmeisl

If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post Starting a Business?

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How Entrepreneurs Expenses are Claimed on Tax Returns

RogerRossmeisl

As you know, before you even open the doors in a start-up business, you generally have to spend a lot of money. The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA. You may have to train workers and pay for rent, utilities, marketing and more.

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Business Start Up Costs: Projecting Expenses and Tax Treatment

inDinero Accounting

Ask any entrepreneur, and they’ll tell you strategy and planning are essential when it comes to running a business. One of the first things you need to plan for is your business start up costs. Table of Contents Before You Start: How Much Do You Need to Save? Costs can vary widely depending on what you need.

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SECURE Act 2.0: Understanding the Expanded Small Business Tax Incentives

inDinero Tax Tips

This analysis illuminates key enhancements like the doubling of start-up credits, expanded plan eligibility, and new credits for employer contributions. aims to expand access to retirement savings plan options for employees of small businesses. With this knowledge, you can craft practical strategies to harness these incentives.

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IRS Grants a “Do Over” to a Taxpayer Engaging in a Qualified Rollover

Withum

Both of these limitations apply on a per-issuer and per-taxpayer basis, and while the exclusion is limited to the greater of the two rules, in practice, the $10 million rule is most often the limiting factor in start-up ventures. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Advising clients to file Form 941-X for missed COVID-19 relief credits.

ThomsonReuters

But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made. File an amended 941-X payroll tax return to fix underpayments and make a credit refund claim for overpayments before it’s too late. S-5526 Correcting underpayments of employment taxes.