Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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CPA Practice

JANUARY 29, 2024

Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Taxpayers with income of $79,000 or less last year – and that’s most taxpayers – can use IRS Free File Guided Tax Software now through Oct 15.

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Withum

JUNE 24, 2022

Did the taxpayer calculate gross receipts correctly, as such term is defined in §448(c) (or §6033 for tax-exempt entities)? Recall the taxpayer should use the same method of tax accounting — cash or accrual, that it used for tax purposes for the relevant tax year. Business Tax Services. Contact Us.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact Us.

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xendoo

JANUARY 16, 2023

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. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

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xendoo

JANUARY 6, 2022

It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . Because self-employed individuals do not have taxes withheld from their paychecks like W-2 employees, they pay quarterly estimated taxes in order to cover Social Security, Medicare, and income tax.

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CPA Practice

MAY 10, 2024

Erin Eberly has been named the partner-in-charge of KSM’s tax services. In this role, Eberly leads tax professionals across the firm to deliver tax compliance and consulting services with excellence. Together, with CEO and President Tim Cook, they comprise KSM’s executive committee, the firm’s leadership team.

Tennessee 64

Tennessee New York audit income tax 64

Withum

JANUARY 8, 2024

Method of Accounting Many have been waiting for clarification surrounding the IRS administrative procedures that should be followed in order to adjust 2022 federal taxable income to follow the IRS interim guidance provided in Notice 2023-63 and, more recently, Notice 2024-12.

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tax return audit Tax income tax 78

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. The 2023 version of the form can be downloaded here.

payroll tax 52

payroll tax payroll Agriculture Tax 52

inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. The 2023 version of the form can be downloaded here.

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payroll tax payroll Agriculture Tax 52

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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xendoo

JANUARY 30, 2023

This guide goes over business tax credits that could save you money on taxes. You’ll also learn how to maximize their impact with the help of an experienced CPA or tax accountant. Small Business Tax Credits vs. Deductions Small business tax credits and deductions are valuable tools for reducing your tax bill.

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Withum

DECEMBER 23, 2023

Accountants are left scratching their heads in the realization that many of their clients are faced with devastating options, including severe cutbacks on their R&E expenditures, relocating research activities out of the United States, or even closing their business altogether. appeared first on Withum.

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xendoo

JANUARY 26, 2023

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. A tax accountant can also advise you on deadlines and changes.

Tax 52

Tax tax return Non-Profits Legal 52

Withum

DECEMBER 4, 2024

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Thus, property acquired and placed in service in the last days of 2024, rather than at the beginning of 2025, can result in a full expensing deduction for 2024. years) to a shorter depreciable tax life (e.g.,

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