inDinero Tax Tips

JUNE 12, 2023

In the legal, real estate, or financial services industries, commingling client funds with personal is illegal. A Loan From the Company to You Fringe benefits may be the easiest way to deal with commingled funds, but they come with a significant drawback: The spending will now be counted as income, subject to income and payroll tax.

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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. Tax Audits.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. What IRS tax forms do S corps file?

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Cherry Bekaert

JUNE 30, 2023

How the Real Estate and Construction Industry Benefits from the Inflation Reduction Act of 2022 R&D Tax Credits: 2022 Year in Review CHIPS Act Provides New Federal Funding for the Industrial Manufacturing Industry Questions?

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Snyder

FEBRUARY 7, 2023

You can claim most small business deductions on Schedule C ( for a sole proprietor ) and Schedule E ( for income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits – REMICs ) forms.

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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Withum

MARCH 3, 2023

The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax. Where your company has real or tangible personal property. The annual sales revenue and transactions by state.

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LyfeAccounting

JULY 28, 2021

So why is hiring your children a beneficial tax strategy for you and your kids? You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. However, it is only tax-free if you pay them under the standard deduction. It’s simple.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC).

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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. Employee benefits.

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Anders CPA

AUGUST 23, 2022

The 15% corporate alternative minimum will apply to covered corporations, those that have stock traded on an established securities market, that have an average annual adjusted financial statement income (AFSI) exceeding $1 billion for any three taxable year periods ending in the current tax year. 1% Excise Tax on Stock Repurchases.

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KROST

APRIL 19, 2021

Example 1: ABC Company owns three restaurants that each have their own EIN and each file their own Federal income tax returns. None of the three restaurants operate separately under its own EIN, and XYZ Company files Federal income tax returns that include gross receipts and expenses from all three restaurants.

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Going Concern

JANUARY 19, 2023

Burnell did not report any of the money he received from victims in 2011 or 2012 on his income tax returns. Burnell only reported income from gambling winnings in 2011 and 2012 – estimated to be more than $1 million – all of which was offset by gambling losses. million, a portion of the proceeds of the charged criminal conduct.

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KROST

JANUARY 11, 2021

May not exclude subcontractor costs, reimbursements for purchases a contractor makes at a customer’s request, investment income, and employee-based costs such as payroll taxes. Qualified sick and family leave for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act.

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KROST

OCTOBER 9, 2020

Proposes taxing capital gains and dividends at same rate as ordinary income tax for taxpayers with over $1MM in income. Proposes to eliminate step up in basis for capital gains and tax all unearned capital gains at death. Proposes to eliminate Like-Kind Exchange (1031 Exchange) for real estate investments.

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Going Concern

AUGUST 23, 2024

However, golf courses carry with them myriad externalities, the cost of which are born by society writ large: from environmental impacts like water consumption, chemical fertilizer runoff, habitat disruption and soil degradation to waste generation and the taking up of valuable real estate.

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