RogerRossmeisl

FEBRUARY 23, 2025

Business gain and loss tax basics The federal income tax character of gains and losses from selling business assets can fall into three categories: Capital gains and losses.

Sales 161

Sales Real Estate income tax CPA 161

RogerRossmeisl

DECEMBER 15, 2024

However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).

Tax 160

Tax income tax CPA 160

RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

income tax 263

income tax Tax payroll CPA 263

CPA Practice

FEBRUARY 15, 2025

The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. Let us know if you like this new feature using the. Read more »

CPA 110

CPA Tax income tax tax accountant 110

RogerRossmeisl

SEPTEMBER 29, 2024

Identify and describe guaranteed payments to partners For income tax purposes, a guaranteed payment is one made by a partnership that’s: 1) to the partner acting in the capacity of a partner, 2) in exchange for services performed for the partnership or for the use of capital by the partnership, and 3) not dependent on partnership income.

Tax 264

Tax income tax CPA business tax 264

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 259

Real Estate Tax income tax CPA 259

RogerRossmeisl

JULY 15, 2024

As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. However, most taxpayers will pay a tax rate of only 15% and some may even qualify for. The post The Tax Consequences of Selling Mutual Funds appeared first on Roger Rossmeisl, CPA.

Tax 253

Tax income tax CPA 253

RogerRossmeisl

OCTOBER 29, 2023

However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. In other words, it’s “phantom income.”

Tax 275

Tax income tax CPA 275

RogerRossmeisl

MAY 16, 2024

Tax rate considerations Let’s review some basics. The top individual federal income tax rate is currently 37%. On top of this, higher-income individuals may also owe the 3.8% net investment income tax on all or part of their.

Tax 247

Tax income tax CPA business tax 247

RogerRossmeisl

AUGUST 11, 2024

If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. Taxable benefits are also subject to federal income tax withholding.

Tax 243

Tax income tax CPA 243

RogerRossmeisl

NOVEMBER 17, 2021

There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision. The corporate federal income tax is currently imposed at a flat 21% rate, while the current individual federal income tax rates begin at 10% and go up to 37%.

income tax 246

income tax CPA Tax cpa firm 246

RogerRossmeisl

OCTOBER 29, 2023

You may owe capital gains tax and net investment income tax (NIIT). You can exclude a large chunk If you’re selling your principal residence, and meet certain requirements, you can exclude from tax up to $250,000 ($500,000 for joint filers). Here are the Tax Rules appeared first on Roger Rossmeisl, CPA.

Tax 262

Tax income tax CPA Sales 262

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes. See June 15.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

JULY 27, 2021

Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. Tuesday, August 10 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941), if you deposited all associated taxes that were due in full and on time.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

JULY 14, 2021

A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. In turn, the deduction reduces your federal income tax bill, your self-employment tax bill (if applicable), and your state income tax bill (if applicable). However, in order for your.

Tax 246

Tax income tax payroll tax payroll 246

RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

SEPTEMBER 9, 2024

So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.

income tax 223

income tax Government CPA Tax 223

RogerRossmeisl

SEPTEMBER 9, 2024

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you. The post Are You Liable for Two Additional Taxes on Your Income?

income tax 202

income tax Tax CPA 202

RogerRossmeisl

AUGUST 28, 2022

Pass-through business entities report tax items to their owners, who then. The post 3 Tax Breaks for Small Businesses appeared first on Roger Rossmeisl, CPA.

Tax 243

Tax income tax CPA business tax 243

RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941), if you deposited on time and in full all of the associated taxes due.

Tax 244

Tax income tax CPA business tax 244

RogerRossmeisl

OCTOBER 6, 2021

Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due. Monday, November 1 Report income tax withholding and FICA.

Tax 244

Tax income tax tax return CPA 244

RogerRossmeisl

APRIL 17, 2024

Some people mistakenly believe that Social Security benefits are always free from federal income tax. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. Unfortunately, that’s often not the case.

Tax 209

Tax income tax tax return CPA 209

RogerRossmeisl

SEPTEMBER 6, 2021

However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you.

Tax 240

Tax income tax CPA 240

RogerRossmeisl

NOVEMBER 16, 2021

It may seem like a good option to simply move to a state with no personal income tax. But, to make a good decision, you must consider all taxes that can potentially apply to a state resident. In addition to income taxes, these may include property taxes, sales taxes and.

Tax 240

Tax income tax CPA Sales 240

RogerRossmeisl

FEBRUARY 20, 2023

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. Such distributions are generally taxable and may be subject to a 10% penalty tax. Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.

income tax 239

income tax CPA Tax 239

RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Wide-ranging penalty The Trust Fund.

income tax 246

income tax CPA Tax Government 246

RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

Tax 225

Tax income tax tax return CPA 225

RogerRossmeisl

AUGUST 6, 2023

net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too. The post A Tax-Smart Way to Develop and Sell Appreciated Land appeared first on Roger Rossmeisl, CPA. You may also owe the 3.8%

Real Estate 236

Real Estate Tax income tax CPA 236

RogerRossmeisl

MAY 5, 2022

There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future, because the pass-through income will be taxed on your personal return.

income tax 235

income tax Washington CPA Tax 235

RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. Curiously the IRS has approved.

California 246

California income tax CPA Tax 246

RogerRossmeisl

MARCH 28, 2022

Unlike a regular or C corporation, an S corporation generally isn’t subject to income tax (California does charge a 1.5% entity-level tax). Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. Similarly, if an S corporation has a loss, the loss.

income tax 243

income tax CPA California Tax 243

RogerRossmeisl

AUGUST 5, 2024

If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax return and some other related forms for the year it closes its doors. They may also need to report self-employment tax. Partnerships must file Form 1065, “U.S.

Tax 239

Tax income tax tax return CPA 239

RogerRossmeisl

JUNE 5, 2024

For purposes of these examples, let’s assume that you own the vacant land directly as an individual or indirectly through a single-member LLC (SMLLC), a partnership or a multi-member LLC that’s treated as a partnership for federal income tax purposes. Here are a couple of scenarios and a strategy to consider.

Tax 239

Tax income tax CPA 239

RogerRossmeisl

NOVEMBER 6, 2023

The now-permanent 21% corporate federal income tax rate under the Tax Cuts and Jobs Act (TCJA) makes buying the stock of a C corporation somewhat more attractive. The post It’s Important to Understand How Taxes Factor Into M&A Transactions appeared first on Roger Rossmeisl, CPA.

Tax 241

Tax income tax CPA Sales 241

RogerRossmeisl

MAY 20, 2022

As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. However, most taxpayers will pay a tax rate of only 15%. The post Tax Implications of Selling Mutual Fund Shares appeared first on Roger Rossmeisl, CPA.

Tax 230

Tax income tax CPA 230

RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

Tax 193

Tax income tax tax return CPA 193

CPA Practice

SEPTEMBER 14, 2023

“Once again, our annual report provides actionable projections for tax professionals and taxpayers to begin planning for the upcoming year ahead of the official IRS announcement.”

income tax 119

income tax Tax accounting and finance tax planning 119