Tag Archives: tax season

Unlike last year, this tax season has been going smoothly | CNN Business

The past two tax-filing seasons were fraught with aggravations, delays, last-minute changes and huge backlogs at the IRS. But by comparison, this year’s tax-filing season has been going relatively smoothly, tax preparers say.

“After a few years of pandemic-related updates, mid-tax season IRS guidance, last-minute tax law changes and more, the ‘quiet’ is a welcome change to many,” the National Association of Tax Preparers said in a statement

Indeed, the most recent filing season statistics from the IRS indicate more returns are being processed and more refunds are being issued than at the same point last year.

For example, the IRS reports that as of the week ending March 3 it had sent out 11% more refunds than it had during the same week a year ago. Even though the IRS has processed more refunds at t

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Tax Tips for Small Business Owners | Business News Daily

Tax season can be complicated, especially for businesses. This advice from tax experts can help make managing your taxes easier.

Keeping up with tax obligations and setting money aside to meet your liability is an important part of running your business.

The tax tips from experts quoted in this article can help make your business’s tax compliance easier and less painful.

Good tax planning and preparation can save you money and improve cash flow.

This article is for small business owners who want to lower the stress of tax compliance while saving money on their tax bill.

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When is the 2023 Deadline for Taxes? Everything You Need to Know | Small Biz Trends

The deadline for taxes in the US is quickly approaching. With the 2023 tax season just around the corner, it’s important to understand when and how you need to file your returns.

This article provides an overview of the key dates and requirements associated with filing taxes in 2023, so you can be fully prepared for the deadline for taxes.

We’ll also highlight some tips for making filing easier and stress-free. Understanding the 2023 deadline for taxes can ensure that you have ample time to plan ahead and not miss any important deadlines or opportunities to save money. Let’s get started!

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Perfectly Legitimate Business Expenses You Can’t Deduct | Small Business Trends

You may incur certain costs for your company that make good business sense. Unfortunately, the tax law doesn’t view them all as write-offs.

Check out this list of business expenses that remain non-deductible (in whole or in part) these expenses on your 2019 tax return.

NOTE: This article has been specially updated for the 2019/2020 tax season.

Non-Deductible Business Expenses

Additional Medicare taxes. You pay 0.9% additional Medicare tax on net earnings from self-employment or employee wages (if your income is high enough.) You also pay the 3.8% net investment income tax on income from investments. That includes income from a business in which you don’t participate on a day-to-day basis. Again you pay these if your income is high enough. They remain personal taxes that are nondeductible.

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Small Businesses Must Think About Taxes All Year Long | Business

Fold tax planning into your overall business strategy to efficiently tackle your taxes.

For many small businesses, tax season is a grueling time of year. It’s often associated with stress, record-combing and exhaustion. This is one of the key reasons why small businesses should be thinking about their taxes year-round and prepare long before it comes time to file. By folding tax planning into your overall business strategy, small business owners can tackle their taxes far more effectively (and may even end up with bigger deductions than they anticipated!). Here are some of the best tips for keeping taxes a priority for your small business 365 days a year.

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The Smart Way to Pay Taxes on Retirement Savings | Inc.com

Tax season is complicated enough without your having to worry about retirement planning. But if you want to maximize your future spending money, this is exactly the right time to review the taxes you’re paying–or not paying–on what you’re saving.

Just ask Phil Holthouse, co-founder of Los Angeles accounting firm Holthouse Carlin & Van Trigt. You should never “let the tax tail wag the investment dog,” he says, but that doesn’t mean you should ignore the issue, either. “No one wants to pay more than the law requires, but a lot of people do,” he says.

Structuring your retirement accounts with taxes in mind can land you hundreds of thousands of dollars more in spending power. And it can ensure that you have the right amount of money at the right point in your retirement

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Small Business Taxes 2015: Everything You Need to Know | Business News Daily

Following the most wonderful time of the year is a season that strikes fear in the hearts of many small business owners: tax time.

Shelling out a substantial percentage of the year’s income is stressful enough, but tax season also brings with it a great deal of complexity and confusion. Tax laws are constantly changing and being revised, and it can be difficult for small business owners to keep up. And what adds even more stress to tax filing is that even innocent mistakes or oversights can lead to big penalties.

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