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 200

Tax income tax CPA 200

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 191

Sales Real Estate income tax CPA 191

RogerRossmeisl

MARCH 23, 2025

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation. appeared first on Roger Rossmeisl, CPA. The post Do You Have an Excess Business Loss?

income tax 147

income tax CPA Tax business tax 147

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 264

income tax Tax payroll CPA 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 263

Real Estate Tax income tax CPA 263

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

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 261

Tax income tax CPA 261

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 257

Tax income tax CPA 257

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 259

Tax income tax CPA business tax 259

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 278

Tax income tax CPA 278

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 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 228

income tax Tax CPA 228

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

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 238

income tax Government CPA Tax 238

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 264

Tax income tax CPA Sales 264

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

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 239

Tax income tax tax return CPA 239

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

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 255

Tax income tax tax return CPA 255

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 255

Tax income tax CPA 255

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 246

Tax income tax CPA business tax 246

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 256

Tax income tax CPA Sales 256

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 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 245

Tax income tax CPA 245

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 246

Tax income tax CPA business tax 246

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 246

Tax income tax tax return CPA 246

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 245

Tax income tax CPA Sales 245

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 244

income tax CPA Tax 244

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 243

Real Estate Tax income tax CPA 243

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 241

Tax income tax CPA 241

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 243

income tax Washington CPA Tax 243

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

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 246

income tax CPA California Tax 246

RogerRossmeisl

NOVEMBER 13, 2022

Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. A larger standard deduction will shelter more income from federal income tax next year. Some highlights Standard deduction.

Tax 235

Tax income tax CPA 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

CPA Practice

JANUARY 2, 2025

Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.

income tax 119

income tax Tax 119