RogerRossmeisl

FEBRUARY 23, 2022

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. And you’re both equally liable for any additional tax the IRS assesses, plus interest and most penalties.

tax return 225

tax return Tax CPA 225

RogerRossmeisl

JANUARY 16, 2022

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

tax return 215

tax return Tax CPA tax preparation 215

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.

tax return 232

tax return Tax CPA 232

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

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.

tax return 206

tax return Tax audit CPA 206

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.

tax return 218

tax return Tax income tax CPA 218

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 206

tax return Tax CPA 206

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?

tax return 150

tax return Tax CPA 150

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?

tax return 182

tax return Tax Start-ups CPA 182

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

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.

Sales 264

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

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.

tax return 130

tax return business tax Tax income tax 130

RogerRossmeisl

JUNE 3, 2021

In recent months, there have been a number of tax changes that may affect your individual tax bill. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return was due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year).

Tax 241

Tax tax return CPA 241

TaxConnex

JANUARY 11, 2024

And how do you manage sales tax when selling on it? Shopify , another cutting-edge eCommerce outlet, is not required to collect and remit sales tax for its sellers as it is not a marketplace facilitator like Amazon, eBay, or Etsy.) TikTok Shop collects and remits sales tax on behalf of its sellers.

Sales 264

Sales Tax Utah tax return 264

RogerRossmeisl

OCTOBER 27, 2024

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. The exclusion amount is adjusted for inflation annually, and in 2024 is $18,000.

Tax 249

Tax tax return CPA Finance 249

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 237

Tax tax return CPA 237

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.

Tax 278

Tax tax return CPA 278

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

Tax 239

Tax income tax tax return CPA 239

TaxConnex

NOVEMBER 9, 2021

You might think that collecting the tax and filing a tax form is all you need to be sales tax compliant. Ideally, all your sales tax calculations are managed in one system to produce a single report each month with details of all your sales and use tax liabilities. Knowing When and How to Remit Payments.

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Sales Tax general ledger tax return 246

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

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Alabama Tax Washington California 246

Accounting Today

AUGUST 20, 2024

In 2023, 125 violation cases of unauthorized access of tax return data were reported, the highest since 2018, but instances of disclosure violations remains low.

tax return 126

tax return Tax 126

TaxConnex

JUNE 11, 2024

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

Sales 264

Sales Tax North Dakota Nebraska 264

TaxConnex

SEPTEMBER 17, 2024

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. Do you have a sales tax obligation?

Sales 264

Sales Tax Technology tax return 264

TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

Sales 264

Sales Tax accounting and finance auditor 264

TaxConnex

SEPTEMBER 30, 2021

Last week we talked about all of the different filing frequencies and deadlines you have to manage with your sales tax obligation. T rying to meet your sales tax obligations across many different states confronts you with a head-spinning assortment of deadlines and filing frequencies. If you missed that – check it out!

Sales 246

Sales Tax Maryland tax return 246

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 244

Tax tax return CPA 244

RogerRossmeisl

SEPTEMBER 19, 2022

When you filed your federal tax return this year, were you surprised to find you owed money? Receiving a tax refund essentially means you’re giving the government an interest-free loan. Adjust if necessary Taxpayers should periodically review their tax situations and adjust withholding, if appropriate.

income tax 237

income tax Tax tax return CPA 237

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 226

Tax tax return CPA 226

TaxConnex

APRIL 14, 2022

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Sales tax registrations are completed at the Department of Revenue within each state. sales tax registrations ?will

Sales 240

Sales Tax tax return Start-ups 240

TaxConnex

APRIL 30, 2024

Q: Is this a “tax” or a “fee”? As with many taxes, this was created as one way to generate revenue. A: States always think a tax-revenue avenue is a good idea. As they begin to roll out these fees, states are taking lessons from Colorado – but as with everything about sales tax, details vary by state.

Minnesota 264

Minnesota Retail Colorado Tax 264

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

Sales 264

Sales Tax accountant Account 264

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

California 240

California Tax tax return CPA 240

RogerRossmeisl

OCTOBER 6, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

Tax 231

Tax income tax tax return CPA 231

TaxConnex

SEPTEMBER 13, 2022

The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. Payment is due at the same time the seller’s sales tax return is due. While termed a fee, it functions as a tax,” adds the Tax Foundation. Popular it’s not. Will the fee stand?

Colorado 246

Colorado Tax tax return Sales 246

RogerRossmeisl

MAY 18, 2021

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies for “head of household” tax filing status, which is more favorable than single?

Tax 242

Tax tax return CPA 242

TaxConnex

FEBRUARY 6, 2024

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation.

Sales 264

Sales Tax Technology auditor 264