RogerRossmeisl

SEPTEMBER 18, 2023

If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The post Can You Deduct Student Loan Interest on your Tax Return? The federal student loan “pause” came to an end on August 31 after more than three years. The answer may be yes, subject to certain limits.

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tax return Tax Education CPA 264

RogerRossmeisl

JANUARY 16, 2022

The post Keep Your Tax Return Safe from “Ghosts” appeared first on Roger Rossmeisl, CPA. (This is Blog Post #1159).

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RogerRossmeisl

MAY 15, 2023

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Which tax records can you throw away now? Here are brief answers to three questions that we’re frequently asked at this time of year.

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tax return Tax audit CPA 241

TaxConnex

FEBRUARY 13, 2025

should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

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Sales Tax Wisconsin Oklahoma 213

TaxConnex

JANUARY 7, 2025

Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.

Sales 147

Sales Rhode Island Tax tax return 147

MyIRSRelief

NOVEMBER 1, 2024

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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RogerRossmeisl

AUGUST 4, 2023

But there may be an advantage: You may qualify for a tax break for paying the premiums. Premiums count as medical expenses For purposes of claiming an itemized deduction for medical expenses on your tax return, you can combine premiums for Medicare health insurance with other qualifying medical expenses.

tax return 241

tax return Tax CPA 241

RogerRossmeisl

JANUARY 26, 2022

Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA. You may have to train workers and pay for rent, utilities, marketing and more.

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tax return Tax CPA Start-ups 240

RogerRossmeisl

JANUARY 19, 2022

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. Business returns are already being accepted.) You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

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tax return Tax income tax CPA 244

RogerRossmeisl

MAY 1, 2022

In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft. When a taxpayer believes their personal information is being used to file fraudulent tax returns, they should submit a Form 14039, Identity Theft Affidavit, to the IRS.

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tax return Tax CPA 246

RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

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tax return Tax CPA 204

RogerRossmeisl

AUGUST 5, 2021

You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. How to treat expenses for tax purposes If you’re starting or planning to launch a new business, keep these three rules in mind: Start-up costs include those incurred or paid while creating an active.

Start-ups 246

Start-ups tax return Tax CPA 246

RogerRossmeisl

AUGUST 6, 2023

If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post Starting a Business?

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tax return Tax Start-ups CPA 231

RogerRossmeisl

OCTOBER 20, 2024

It’s an essential question for tax purposes. You may think you can deduct that loss on your personal federal income tax return with no questions asked. The IRS often claims that money-losing sidelines are hobbies rather than businesses — and the federal income tax rules for hobbies aren’t in your favor. Not so fast!

income tax 264

income tax tax return CPA Tax 264

RogerRossmeisl

OCTOBER 13, 2024

As appearing at the IRS web page entitled “IRS Audits” An IRS audit is a review/examination of an organization’s or individual’s books, accounts and financial records to ensure information reported on their tax return is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

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audit tax return CPA Tax 264

RogerRossmeisl

JUNE 5, 2022

In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. It’s due to the way partnerships and partners are taxed. Unlike C corporations, partnerships aren’t subject to income tax. You may have come across a situation that’s puzzling.

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tax return Tax income tax CPA 217

MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

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TaxConnex

JANUARY 30, 2025

AI and automation are all the rage, but does it have a place in your sales tax compliance process? Businesses need a way to calculate the correct sales tax to charge in states where they have a sales tax obligation, and for this, automation can be a great solution. If so, where?

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Sales Tax E-commerce Ohio 147

TaxConnex

JULY 18, 2024

Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. This separation helps in clearly identifying and tracking sales tax amounts. These certificates validate the tax-exempt status of certain sales and are vital during an audit.

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audit Sales Tax tax return 264

Xero

NOVEMBER 18, 2024

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients.

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Tax tax return bookkeeping accountant 92

ThomsonReuters

DECEMBER 4, 2024

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. File electronically and track the return 5. Review deduction and credit opportunities 3.

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Going Concern

MARCH 20, 2025

Some of those folks showed up Thursday morning trying to get their tax documents back. We have to get our tax papers back, so we can take them somewhere else, said one client to WSOC. Its going to be tax time and we have no tax returns. State Board of Certified Public Accountant Examiners. You get an extension!

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North Carolina accounting firms Tax accounted 124

RogerRossmeisl

MARCH 23, 2025

If youre getting ready to file your 2024 tax return and your tax bill is higher than youd like, there may still be a chance to lower it. If youre eligible, you can make a deductible contribution to a traditional IRA until this years April 15 filing deadline and benefit from the tax savings on your 2024 return.

tax return 130

tax return CPA Tax 130

TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

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Sales Tax Colorado tax return 264

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

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Sales Tax Ohio Georgia 263

LSLCPAs

JANUARY 9, 2025

Yet, for many individuals and businesses, poor accounting practices lead to unnecessary stress, missed opportunities, and even costly tax consequences. If youve ever felt overwhelmed by your financial records or rushed to prepare your tax return at the last minute, this.

tax return 52

tax return business tax Tax Account 52

MyIRSRelief

OCTOBER 4, 2024

Filing taxes can be a daunting task, whether you are an individual or a business owner. This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you.

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tax return business tax Tax income tax 130

RogerRossmeisl

AUGUST 5, 2024

If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax return and some other related forms for the year it closes its doors. The type of return that must be filed depends on the type of business you have.

Tax 255

Tax income tax tax return CPA 255

RogerRossmeisl

JANUARY 11, 2022

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2022.

Tax 246

Tax tax return CPA 246

RogerRossmeisl

APRIL 21, 2022

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. See June 15. (See

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Tax income tax tax return CPA 246

CPA Practice

NOVEMBER 19, 2024

In the past, taxpayers have often relied on the “Cohan rule” from an age-old case to bail them out of a tax jam. When taxpayers who don’t possess sufficient records are pushed to the brink, they may pull this tax-saver out of their back pocket. The returns were prepared by a professional. Cohan, 39 F2d 540, CA-2, 1930).

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Tax Alabama tax return Construction 105

RogerRossmeisl

SEPTEMBER 9, 2024

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple’s combined income.

Tax 256

Tax tax return audit CPA 256

RogerRossmeisl

JUNE 24, 2024

In addition, you could also be eligible for tax breaks. If the individual qualifies as your “medical dependent” and you itemize deductions on your tax return, you can include any medical expenses you incur for the person along with your own when determining your medical deduction.

Tax 263

Tax tax return CPA 263

RogerRossmeisl

FEBRUARY 20, 2023

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). Below are some Q&As about tax limits for this year.

Tax 245

Tax tax return CPA 245

RogerRossmeisl

NOVEMBER 6, 2023

By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. Therefore, a taxpayer with three children can transfer $51,000 to the children this year free of federal gift taxes.

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Tax tax return CPA 279

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

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. A total of 85,000 time of sale tax reports were filed for new electric vehicles (EVs), and more than 90% of these reports included.

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Tax tax return CPA Government 257