MyIRSRelief

AUGUST 1, 2023

Employment Tax Issues : Employee classification, especially for owner-operators, poses a significant compliance risk, as misclassification can lead to unpaid taxes, fines, and legal consequences. However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

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MyIRSRelief

JANUARY 3, 2022

The employer is legally responsible for withholding the employee’s portion of their Social Security and Medicare taxes (FICA) and their income taxes from the wages that they are paying their employees. When an employer pays their employees, they won’t cut them a paycheck for all of the money that the employee has earned.

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Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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CPA Practice

AUGUST 2, 2024

ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payroll taxes, which are paid either through paycheck withholding or filing income tax returns. their tax contributions would increase by $40 billion per year.

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Cherry Bekaert

FEBRUARY 7, 2024

Unlike a C corporation, which taxes shareholders separately from the entity, both LLCs and S corps are generally subject to only one layer of taxation at the owner level, which could provide significant tax savings over the course of a business’s life. This means that the partnership does not pay income tax.

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Anders CPA

JANUARY 7, 2025

In 2025, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below, we highlight any payroll tax and withholding updates or consistencies for 2025 that employers and employees should be aware of. per hour on January 1, 2025.The

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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MyIRSRelief

OCTOBER 3, 2022

Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns. This process can be done by a taxpayer with or without the use of tax-prepping software or hiring a tax firm. This can save you from legal liabilities.

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CPA Practice

JANUARY 17, 2023

Foreign qualification is legally registering a business in another state to conduct business. Again, because LLCs and corporations are legally formed in one state, any activity in another requires foreign qualification. In addition, the unemployment insurance tax varies by state and is only paid by the employer.

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MyIRSRelief

APRIL 22, 2024

The process involves submitting an application to the IRS with a detailed explanation of your financial situation, often with the help of a tax professional. How Can I Resolve Unfiled Tax Returns in Corona, CA? Failing to file tax returns can lead to penalties and potential legal issues. What should I do?

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Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payroll tax and withholding updates or consistencies for 2024 that employers and employees should be aware of. per hour on January 1, 2024.

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” Mayo Clinic will strive to ensure that it receives the same treatment under federal tax laws as other educational organizations.” TNS) A precedent-setting $11.5

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MyIRSRelief

JANUARY 6, 2020

The IRS didn’t come into being until 1862, to handle our first national income tax, 3% of income, levied to fund the Civil War. That tax expired in 1872, but again in the early twentieth century, just before World War I, Congress passed the Sixteenth Amendment, which imposed income taxes again.

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inDinero Tax Tips

JUNE 12, 2023

Quite a few issues can arise if you mix your business and personal funds— from minor inconveniences to high financial costs and even legal trouble. Future investors or creditors will want to know your financials, not to mention the confusion this will bring come tax time. Last quarter?

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MyIRSRelief

FEBRUARY 1, 2023

How to resolve employment 941 payroll taxiety problems? Form 941, also known as the Employer’s Quarterly Federal Tax Return, is a form used by employers to report their federal tax liabilities, including federal income tax, social security tax, and Medicare tax withheld from employee paychecks.

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CPA Practice

SEPTEMBER 12, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” Mayo Clinic will strive to ensure that it receives the same treatment under federal tax laws as other educational organizations.” TNS) A precedent-setting $11.5

Real Estate 95

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CPA Practice

FEBRUARY 23, 2024

Here’s a quick recap of what’s involved with choosing the S Corp election: S Corp Qualifications The S Corp is not a legal business entity. An S Corp must report corporate income, losses, and deductions through its shareholders/owners, and in turn, the shareholders/owners report company income on their personal income tax returns.

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Snyder

FEBRUARY 7, 2023

Professional service Legal and professional fees Though accounting, legal, and consulting services help a lot with business development, they’re very expensive. Professional service fees Any legal, accounting and bookkeeping services fees that are needed for your business are also deductible.

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ThomsonReuters

FEBRUARY 6, 2024

To help companies better understand the nuances, this article will take a deeper dive into the layers of direct tax and the tools and resources to help firms better serve their clients. What is direct tax? Direct tax is a tax paid directly by the taxpayer to the government and cannot be shifted, like federal income tax.

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xendoo

NOVEMBER 19, 2020

It gives you the same simplified income processing that a sole proprietorship enjoys, plus financial and legal protection similar to a corporation’s. Here’s how the owner’s salary and taxes are handled for a single-member LLC. Paying Income Tax. Paying Yourself: The Owner’s Draw.

Tax 52

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Cherry Bekaert

JUNE 13, 2023

The choice of entity is a very important decision, as proper entity selection will ideally provide legal protection, highlight opportunity to save tax dollars and maximize flexibility in operations. A single member LLC has the same tax impact as a sole proprietorship. It does provide legal limited liability protection.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax.

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

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CPA Practice

APRIL 12, 2023

Forensic accounting – If you like piecing puzzles together in your current role, then you may find your niche in doing so for legal cases involving tax representation. Tax Return Preparation – From back taxes to penalties for late and non-filers if tax prep is your ideal engagement you can definitely make money in tax representation.

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MyIRSRelief

APRIL 15, 2021

R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

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xendoo

FEBRUARY 15, 2022

If your situation requires specialized knowledge about tax codes, fees are usually commensurate with qualifications. What Does a Tax Consultant Do? A tax consultant is trained in tax law and financial accounting. They also should know recent tax law changes on both a federal and state level. .

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MyIRSRelief

MARCH 15, 2023

The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

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xendoo

AUGUST 2, 2023

Why your business structure matters Choosing the right business entity is crucial for several reasons, including: Liability protection: Some business types provide legal protection for your personal assets, while others don’t. Taxes Taxed as a pass-through entity. Subject to self-employment taxes.

Tax 52

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xendoo

AUGUST 2, 2023

Why your business structure matters Choosing the right business entity is crucial for several reasons, including: Liability protection: Some business types provide legal protection for your personal assets, while others don’t. Taxes Taxed as a pass-through entity. Subject to self-employment taxes.

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

JULY 15, 2022

Also known as Employer Tax ID, an EIN is a unique nine-digit number that identifies your business for tax purposes. While its main purpose is to help you with federal income taxes, it also comes in handy when opening bank accounts, credit cards, loans, local taxes, or setting up payroll. Holidays off.

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Basis 365

APRIL 28, 2022

Choosing your entity type really crosses two disciplines, legal and tax. The legal side of your entity type relates to your legal protection or future equity expectations for the business. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners.

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inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages.

income tax 52

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inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages.

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xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. Legal, accounting, and professional fees.

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Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

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inDinero Tax Tips

DECEMBER 18, 2020

However, the tax rules for startup costs can make a grown man cry. And maybe you can save a few dollars of income taxes along the way. During startup mode, you might be eligible for an R&D credit along with the payroll tax offset which reduces payroll taxes so it saves you cash in the short-term.

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LyfeAccounting

JULY 20, 2021

An operating agreement is a legal document that outlines the rights, rules, and obligations for the internal operations of your LLC. Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes. Estimated Taxes.

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