inDinero Tax Tips

MAY 21, 2021

If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. The R&D tax credit wasn’t always available to small businesses. Until 2015, the credit had been subject to renewal by Congress, making it less reliable as a tax strategy.

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inDinero Tax Tips

OCTOBER 22, 2024

This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. If you have employees, you also file a Form 941 , which reports payroll tax withheld on their behalf.

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MyIRSRelief

OCTOBER 11, 2024

This article will delve into the various tax services offered by Enrolled Agents, including personal tax preparation, business tax preparation, personal tax planning, business tax planning, IRS and state tax audit representation, back tax help and resolution, and 941 payroll tax problem resolution.

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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.

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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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MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. Q: My nonprofit is tax-exempt.

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MyIRSRelief

SEPTEMBER 6, 2024

Understanding the Tax Landscape for Small Businesses and the Self-Employed Key Tax Obligations Small businesses and self-employed individuals have several tax obligations that they must fulfill. This involves filing annual tax returns and making estimated tax payments throughout the year.

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CPA Practice

JANUARY 17, 2023

Wayfair case in 2018, expanding a business to make sales in another state establishes economic nexus for your clients and extends their compliance requirements. Sales tax regulations and economic thresholds vary by state, so ensure your client knows what is expected. Paying Employees in Another State.

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MyIRSRelief

OCTOBER 3, 2022

According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. This is the total of state and county sales tax rates. The California state sales tax rate is currently 6%.

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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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Going Concern

AUGUST 29, 2024

ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164759 Certifications: CPA in process Education: BA and MA Accounting Experience (years): 20 years business experience Work experience (detail): 6+ in public accounting Provides accounting services for multiple clients Payroll processing and tax filing Prepares Federal filings for SMBs, S-Corps (..)

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Withum

FEBRUARY 6, 2023

ISOs offer many tax benefits, making them an attractive option for employees who wish to partake in the future growth of their employer’s stock. Tax Benefits of ISOs One of the many benefits of ISOs is the deferral of income tax until they are exercised. net investment income tax).

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ThomsonReuters

MAY 6, 2022

.” He adds that, “You need a general knowledge of all payroll functions.” ” The CPP only covers federal payroll information – payroll laws, U.S. Department of Labor regulations, record retention, federal payroll tax forms, payroll systems, and accounting.

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CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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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

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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ThomsonReuters

APRIL 18, 2024

Gandhi, partner of Foley & Lardner LLP’s Detroit office and member of the Tax, Employee Benefits & Executive Compensation, and Estate Planning Practices, noted that while the human resources (HR) department were experts at labor and benefits requirements, HR lacked the background in payroll taxes.

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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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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Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments.

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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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KROST

SEPTEMBER 21, 2020

While there are many benefits of a remote workforce, businesses should take a step back and ask the following questions: Does the business have employees who reside and work remotely in other states, and if so, what are the state payroll tax implications? Do the remote employees create income tax nexus in other states?

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CPA Practice

APRIL 12, 2023

Resolving Payroll Tax and Reasonable Compensation Issues – These are so common, especially among S-corp businesses but they can be a terrible headache. Appeals – You can also represent clients during appeals which can also be highly lucrative. One that you can help to relieve.

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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.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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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. Startup mode often ends when the first sale is made—but not always. Sometimes miscellaneous income is earned but the business continues to be in startup mode.

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Cherry Bekaert

JUNE 13, 2023

The income earned from the real estate is reported on the taxpayer’s individual tax return. Owners must pay federal and state tax on the income from the property, including any gains from the sale of a property. Sole proprietorships, single member LLCS and partnerships can subject these owners to this tax.

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LyfeAccounting

JULY 20, 2021

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. Register With Your State and Obtain a Sales Permit. This is typically done online via your state’s specific tax portal. Budget for Taxes.

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Shay CPA

SEPTEMBER 18, 2024

The audit notice you get tells you what tax authority is auditing you, and what kind of records they want to see and verify. Payroll: These types of audits also come from either state or federal tax authorities. In most cases, payroll audits are looking for employee misclassification.

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MyIRSRelief

APRIL 3, 2023

Small business owners often find themselves juggling multiple responsibilities, from managing employees to overseeing operations to marketing and sales. The credit can be applied against both income tax and payroll tax liabilities. Q: What is the Work Opportunity Tax Credit?

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MazumaBusinessAccounting

AUGUST 28, 2022

C-corporations that have overpaid payroll or sales taxes, for example, are likely to see a tax refund at the end of the year. Different Types of Taxes Businesses Pay Small businesses pay many types of taxes in the United States.

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MazumaBusinessAccounting

AUGUST 29, 2022

C-corporations that have overpaid payroll or sales taxes, for example, are likely to see a tax refund at the end of the year. Different Types of Taxes Businesses Pay. Small businesses pay many types of taxes in the United States.

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SkagitCountyTaxServices

NOVEMBER 2, 2022

Fines and penalties are the stick for taxes. Fail to pay property or income taxes, fail to remit the sales or payroll taxes you’ve collected, and government action will be swift. Pay taxes, because they’re not going to go away.

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SkagitCountyTaxServices

NOVEMBER 2, 2022

Fines and penalties are the stick for taxes. Fail to pay property or income taxes, fail to remit the sales or payroll taxes you’ve collected, and government action will be swift. Pay taxes, because they’re not going to go away.

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Reckon

JUNE 19, 2024

By doing a year in review you can see what worked and failed in terms of: marketing sales approaches staffing suppliers stock levels offerings managerial efforts tools and systems workflows and strategies. Tally up your intended deductions Before you get to tax returns, get your own records together on deductions.

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xendoo

SEPTEMBER 28, 2021

Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. While it remains to be seen whether they plan to do the same for the 2021 tax year, it is a strong possibility. . The current deadline for business tax preparation and submission is currently April 15, 2022.

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