inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. 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.

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RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

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RogerRossmeisl

JULY 14, 2021

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. The post Hire Your Minor Children for Tax and Non-Tax Benefits appeared first on Roger Rossmeisl, CPA.

Tax 246

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CPA Practice

OCTOBER 31, 2024

tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. A new Avalara survey of U.S. The survey, which was conducted from Oct. The survey, which was conducted from Oct.

Sales 116

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BurklandAssociates

FEBRUARY 11, 2025

Avoid payroll pitfallslearn the essential taxes every startup must pay and how to stay compliant with IRS and state regulations. The post Payroll Taxes for Startups: What Do I Have to Pay? appeared first on Burkland.

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CPA Practice

OCTOBER 14, 2024

A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.

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corporation tax Tax Finance Technology 117

RogerRossmeisl

MARCH 5, 2024

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. The credit can be used by certain smaller startup businesses against their Social Security payroll and Medicare tax liability.

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RogerRossmeisl

APRIL 10, 2023

You can save family income and payroll taxes by putting your child on the payroll. Here are four tax advantages. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed.

Tax 242

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RogerRossmeisl

JANUARY 25, 2021

If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. Taxpayers could apply to have the loans forgiven to the extent their proceeds were used to maintain payroll during the COVID-19 pandemic and to cover certain other expenses.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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ThomsonReuters

MARCH 6, 2025

They emphasized the role of payroll in compliance, technological integration, and its significant impact on an organization’s profit and loss. Both speakers advocated for a paradigm shift in how payroll is perceived, highlighting its potential to support operational success and mitigate risks.

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MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems.

New York 147

New York payroll tax payroll audit 147

CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.

Tax 105

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MyIRSRelief

JANUARY 3, 2025

Understanding and managing payroll taxes, particularly through Form 941, is a critical but often misunderstood part of running a business. This form, which employers must file quarterly, reports withheld income taxes, as well as Social Security and Medicare taxes for employees. The Pitfalls of 941 1.

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TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

Sales 246

Sales Tax tax return financial statements 246

Accounting Today

JUNE 14, 2024

If you have clients with employees in more than one state, they must pay attention to the payroll-related rules and tax responsibilities in the states where those staff live and work.

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payroll Tax payroll tax 124

CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Medicare tax on wages exceeding certain thresholds.)

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Insightful Accountant

AUGUST 18, 2024

By late September or early October, QuickBooks Online Payroll users will begin having their payroll taxes debited with each payroll rather than at the end of a tax period.

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quickbooks payroll payroll tax Tax 98

RogerRossmeisl

JULY 15, 2024

In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. The children’s wages then will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax, and Federal unemployment (FUTA).

payroll tax 264

payroll tax payroll CPA Tax 264

Patriot Software

MAY 30, 2024

Running payroll is more than cutting employees a check for their hours worked. Payroll takes time. A lot goes into calculating and withholding taxes and deductions. You can use payroll KPIs, or key performance indicators, to analyze how well you manage payroll. How long does it take […] Read More

payroll 104

payroll Tax 104

CPA Practice

OCTOBER 27, 2023

The Internal Revenue Service is reminding employers that the best way to file their next quarterly payroll tax return by the Oct. Two options to electronically file payroll tax returns The first option for employers is to self-file by purchasing IRS-approved software that meets their specific needs. This includes the Oct.

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CPA Practice

OCTOBER 28, 2024

Whether due to a failure to file reports, pay taxes, or meet regulatory obligations, there may be a time when a company falls into bad standing. Most importantly, it saves on the costs associated with continuing to operate after the new year, such as fees as taxes. By Nellie Akalp. When this occurs, dissolution may be a solution.

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Patriot Software

APRIL 15, 2024

Payroll is arguably a business’s biggest expense. Between taxes and benefits, an employee costs up to 32% more than their wages. To accurately budget for your payroll-related expenses, try payroll forecasting. Read on to learn […] Read More

payroll 111

payroll Tax 111

BurklandAssociates

MAY 14, 2024

Staying on top of corporate taxes, payroll taxes, sales tax, and other tax obligations is a vital aspect of running a successful startup. The post Taxes for Early-Stage Startups: What Do I Have to Pay? appeared first on Burkland.

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Accounting Today

APRIL 16, 2024

A CPA's embezzlement turns out to be no excuse for trust fund recovery penalties.

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RogerRossmeisl

DECEMBER 31, 2023

It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients? The post Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks appeared first on Roger Rossmeisl, CPA.

Tax 190

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RogerRossmeisl

NOVEMBER 16, 2021

For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.

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Withum

JANUARY 20, 2025

Employment taxes are always scrutinized by the IRS and state taxing authorities, particularly in the healthcare industry. Withums Employment Tax Recommendations The IRS and state taxing authorities consistently review employment taxes for non-compliance.

Healthcare 78

Healthcare Tax accounts payable audit 78

RogerRossmeisl

JUNE 10, 2021

If you’re among them, make sure that these workers are properly classified for federal tax purposes. It can be complex to determine whether a worker is an independent contractor or an employee for federal income and employment tax purposes. In addition, there may be state tax obligations. On the other hand, if a worker is.

payroll tax 246

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MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

Tax 147

Tax tax return payroll tax audit 147

MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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Patriot Software

FEBRUARY 8, 2024

Payroll software makes paying employees a breeze by calculating federal, state, and local taxes. If you’ve decided you want to use software to run payroll, you can put away your calculator and income tax withholding tables (hooray!). But, do you know how to choose a payroll service?

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MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

California 130

California Tax tax return payroll 130

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

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CPA Practice

JANUARY 9, 2024

FreshBooks , a maker of cloud-based accounting software for small businesses and accountants, is expanding its suite of services with the launch of FreshBooks Payroll. This is an integrated payroll solution for U.S. based customers, leveraging Gusto’s top-of-the-line payroll technology.

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Patriot Software

AUGUST 8, 2024

Instead of manually calculating gross pay, payroll taxes and deductions, and net pay, you might opt for payroll software. With the right software, you can run payroll in minutes—not hours—each pay period. But what kind of payroll features do you need to maximize your time savings […] Read More

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payroll payroll tax Tax 104

Patriot Software

FEBRUARY 22, 2024

Most employers handle direct deposit through their payroll software. Payroll services calculate employees’ wages, taxes and deductions, and take-home pay. […] Read More Direct deposit is a convenient payment method for employees, who receive their paycheck quickly and securely on payday.

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