RogerRossmeisl

JANUARY 26, 2022

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1 Contact us soon for an appointment to prepare your tax return. Tip 2 Gather all documents needed to prepare an accurate return.

tax return 234

tax return Tax CPA income tax 234

RogerRossmeisl

FEBRUARY 23, 2022

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. The post Are You Ready for the 2021 Gift Tax Return Deadline?

tax return 245

tax return Tax CPA 245

RogerRossmeisl

FEBRUARY 13, 2021

The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. The real taxpayer discovers the fraud when he or she files a return and. The post Should I File My 2020 Tax Return Early?

tax return 246

tax return Tax income tax CPA 246

RogerRossmeisl

MAY 4, 2021

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. The post Importance of Meeting Tax Return and Payment Deadlines appeared first on Roger Rossmeisl, CPA.

tax return 246

tax return Tax CPA 246

RogerRossmeisl

SEPTEMBER 18, 2023

If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The post Can You Deduct Student Loan Interest on your Tax Return? appeared first on Roger Rossmeisl, CPA. The federal student loan “pause” came to an end on August 31 after more than three years.

tax return 264

tax return Tax Education CPA 264

RogerRossmeisl

FEBRUARY 23, 2022

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. Therefore, even if a joint return results in less tax, you.

tax return 245

tax return Tax CPA 245

RogerRossmeisl

OCTOBER 20, 2024

It’s an essential question for tax purposes. You may think you can deduct that loss on your personal federal income tax return with no questions asked. The IRS often claims that money-losing sidelines are hobbies rather than businesses — and the federal income tax rules for hobbies aren’t in your favor. Not so fast!

income tax 264

income tax tax return CPA Tax 264

RogerRossmeisl

MAY 15, 2023

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes.

tax return 241

tax return Tax audit CPA 241

RogerRossmeisl

JANUARY 26, 2022

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. Entrepreneurs are often unaware that many expenses incurred by.

tax return 240

tax return Tax CPA Start-ups 240

RogerRossmeisl

AUGUST 4, 2023

But there may be an advantage: You may qualify for a tax break for paying the premiums. Premiums count as medical expenses For purposes of claiming an itemized deduction for medical expenses on your tax return, you can combine premiums for Medicare health insurance with other qualifying medical expenses.

tax return 241

tax return Tax CPA 241

RogerRossmeisl

MAY 1, 2022

In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft. When a taxpayer believes their personal information is being used to file fraudulent tax returns, they should submit a Form 14039, Identity Theft Affidavit, to the IRS.

tax return 246

tax return Tax CPA 246

RogerRossmeisl

JANUARY 19, 2022

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. Business returns are already being accepted.) You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

tax return 244

tax return Tax income tax CPA 244

RogerRossmeisl

AUGUST 5, 2021

How to treat expenses for tax purposes If you’re starting or planning to launch a new business, keep these three rules in mind: Start-up costs include those incurred or paid while creating an active. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA.

Start-ups 246

Start-ups tax return Tax CPA 246

RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

tax return 204

tax return Tax CPA 204

RogerRossmeisl

OCTOBER 13, 2024

As appearing at the IRS web page entitled “IRS Audits” An IRS audit is a review/examination of an organization’s or individual’s books, accounts and financial records to ensure information reported on their tax return is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

audit 264

audit tax return CPA Tax 264

RogerRossmeisl

AUGUST 6, 2023

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?

tax return 231

tax return Tax Start-ups CPA 231

RogerRossmeisl

JUNE 5, 2022

The post Partners May Have to Report More Income on Tax Returns than they Receive in Cash appeared first on Roger Rossmeisl, CPA. (However, various rules may prevent a partner from currently using his or her share of a partnership’s loss to offset other income.) Pass through your share While a partnership isn’t subject.

tax return 217

tax return Tax income tax CPA 217

RogerRossmeisl

MARCH 23, 2025

If youre getting ready to file your 2024 tax return and your tax bill is higher than youd like, there may still be a chance to lower it. If youre eligible, you can make a deductible contribution to a traditional IRA until this years April 15 filing deadline and benefit from the tax savings on your 2024 return.

tax return 147

tax return CPA Tax 147

LSLCPAs

MARCH 5, 2025

Picture this: Youve just started working with a new CPA. Then they ask, Can you send over your last few years of tax returns? Cant you just handle this years taxes? And the answer is: The post Why Your CPA Wants Your Prior Tax Returns (And Why Its Not Just About Taxes) appeared first on LSL CPAs.

tax return 52

tax return CPA Tax cpas 52

Going Concern

NOVEMBER 8, 2024

In “Offshoring for CPA firms: The hows and whys,” JofA throws out some figures on outsourcing — both foreign and domestic — based on responses from its MAP survey and sticks to the official line about how the CPA talent shortage is forcing these poor firms to look elsewhere for talent.

tax return 110

tax return CPA cpa firm Tax 110

RogerRossmeisl

APRIL 30, 2024

Before 2024, American car purchasers were only eligible for the new electric vehicle (EV) credit of up to $7,500 or the $4,000 credit for used EVs when they submitted their tax returns in the subsequent year.

Tax 257

Tax tax return CPA Government 257

Going Concern

MARCH 20, 2025

The Sheriffs Office has been in contact with the North Carolina Board of CPA Examiners pertaining to the business. The Sheriffs Office has been instructed by the CPA Board for any persons currently doing business with Price, Breazeale & Chastang, PA to call (919) 733-4222. Its going to be tax time and we have no tax returns.

North Carolina 124

North Carolina accounting firms Tax accounted 124

RogerRossmeisl

JUNE 24, 2024

In addition, you could also be eligible for tax breaks. If the individual qualifies as your “medical dependent” and you itemize deductions on your tax return, you can include any medical expenses you incur for the person along with your own when determining your medical deduction.

Tax 263

Tax tax return CPA 263

RogerRossmeisl

SEPTEMBER 18, 2023

If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here’s What You Must Do appeared first on Roger Rossmeisl, CPA. Does your business receive large amounts of cash or cash equivalents? The post Receive More than $10,000 in Cash at your Business?

tax return 264

tax return CPA Tax cpa firm 264

RogerRossmeisl

MAY 16, 2024

You probably won’t have any tax headaches if your new business is profitable over a certain period of time. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in a bona fide business.

Tax 260

Tax tax return CPA 260

MyIRSRelief

FEBRUARY 23, 2024

The Consequences of Unpaid Back Taxes and Unfiled Returns: Unpaid back taxes and unfiled returns can lead to a cascade of adverse consequences. Firstly, accumulating interest and penalties on unpaid taxes can significantly inflate the original debt, exacerbating financial strain. Contact us now.

tax return 130

tax return Tax CPA accounting and finance 130

RogerRossmeisl

SEPTEMBER 9, 2024

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple’s combined income.

Tax 256

Tax tax return audit CPA 256

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. The type of return that must be filed depends on the type of business you have.

Tax 255

Tax income tax tax return CPA 255

RogerRossmeisl

JUNE 3, 2021

Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return was due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). Your 2021 return will be due in April of 2022.

Tax 246

Tax tax return CPA 246

RogerRossmeisl

MAY 31, 2022

You must: Get a “qualified appraisal,” Receive the qualified appraisal before your tax return is due, Attach an “appraisal summary” to the first tax return on which the deduction is claimed, Include other information with the return, and Maintain certain records. Keep these definitions in mind.

tax return 246

tax return CPA Tax 246

RogerRossmeisl

DECEMBER 10, 2022

Donating to charity In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. Instead, sell the shares and claim the resulting capital loss on your tax return. The post Year-End Giving to Charity or Loved Ones appeared first on Roger Rossmeisl, CPA.

tax return 245

tax return CPA Tax Account 245

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

NOVEMBER 6, 2023

If the only gifts made during a year are excluded in this fashion, there’s no need to file a federal gift tax return. The post Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion appeared first on Roger Rossmeisl, CPA. If annual gifts exceed $17,000, the exclusion covers the first $17,000 per.

Tax 279

Tax tax return CPA 279

CPA Practice

NOVEMBER 19, 2024

However, on federal tax returns for the tax years in question, the taxpayer claimed depreciation deductions based on his assertions. The returns were prepared by a professional. Subsequently, he hired a CPA to try to clean up the mess. The IRS issued a notice of deficiency to the taxpayer.

Tax 105

Tax Alabama tax return Construction 105

RogerRossmeisl

FEBRUARY 20, 2023

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). I didn’t qualify to itemize deductions on my last tax return.

Tax 245

Tax tax return CPA 245

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

California 246

California 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