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Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state incometax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both. Where we are today – pandemic and all.
These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal incometax returns online using guided taxpreparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.
These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal incometax returns online using guided taxpreparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.
Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments.
As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.
For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many taxpreparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.
(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. The deduction is claimed as a reduction of taxable income , and applies only to incometaxes, not to self-employment taxes.
Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. She is a Certified Public Accountant licensed to practice in California and North Carolina with many years of experience as a taxpreparer using Drake Tax®.
Taxpreparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. And we were freaking out about that delay.
The IRS “Direct Pay” landing page, There are multiple options for paying personal quarterly estimated taxes. You can: have your taxpreparer create vouchers that you then print and mail with a check; prepare your own vouchers and do the same; or pay online.
At this point, print the file to pdf and save somewhere safe, along with the rest of your tax season documents. To get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] and enter your SSN, Name, and the year (in this case 2021). What about state information?
Our firm is located in Chicago, so to get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] (without logging in) and enter your SSN, Name, and the tax year in question. “Now What Do I Do With These Files?
Due to tax law changes such as the expiration of the Advance Child Tax Credit and Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year. The State of Illinois also opened its tax season today. “Where’s My Refund?
This is according to the Illinois CPA Society (ICPAS), which surveyed 449 employers and 433 accounting and finance employees last summer and released its results last month. I’m a professional taxpreparer.” She says Krystal had already filed her taxes for her.
By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan. States and localities sometimes struggle with which foods to exempt from tax.
Law & Order From the Crime Desk, December 2023 [ Thomson Reuters ] Just one of the many cases listed here: Former Illinois resident, Erica Early, a postal worker who also worked as a taxpreparer, was sentenced to 14 months in prison for willfully preparing false tax returns on behalf of her clients.
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