TAX PLANNING PARADOX ACCELERATING INCOME REDUCES TAX LIABILITY
Accelerating Income Reduces Tax Liability Due to Taxes Rates Hikes 2021. Income that’s on the cusp might feasibly to receive and avoid a higher rate
Tax
Accountants in Miami Business, Individual and International Tax Preparation, and Advisory Services. Individual, Corporate, and not-for-profit tax preparation
Tax Accountants: Guide For CP Notice Tax Audits
The Guide covers the many notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits. This is an excellent guide for tax professionals and taxpayers alike
Difference Between LLC and S Corp
For federal income tax purposes, there is no such thing as being taxed as an LLC or Sub S. Both are treated by the IRS as pass-through entities which are business entities in which income is passed through to its owners and taxed at their personal tax rate. This method allows businesses to avoid double taxation and potentially reduce their overall taxes owed. However, a single member LLC is taxed as a sole proprietor and will incur additional payroll tax, unlike Sub S. An LLC is not a corporation, it’s a partnership. Talk to an Accountant before you decide.
Tax Changes for Small Businesses
In 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011.
2020 Year-End Tax Planning Strategies
With less than 90 days left in 2020, Accountants in Miami are busy with year-end tax planning. New laws and the rapidly changing environment brought on by the Covid-19 pandemic present new tax challenges. Accountants in Miami walkthrough year-end income tax, estate tax, and real property tax planning.
How to Find an Accountant for a Small Business
Do you need an Accountant for Small Business? The answer is Yes. We get it—whether you’re a seasoned vet or just starting up, every small business owner wants to cut down on costs. So you only spend on what’s necessary for your business. Well, we’re here to tell you how to find a good accountant and how necessary for your small business—and well worth the accounting fees. When it comes down to it, a business accountant can save your business thousands and make your life as a small business owner that much easier. With that in mind, when to hire an accountant for a small business? And how to find the best accountant for your small business?
Home Office Deduction
Deductions for working from home center around the concept of a home office deduction. That is, §280A(a) disallows all deductions “with respect to the use of” a taxpayer’s residence. However, §280A(c) removes that barrier if the taxpayer uses a portion of the home “exclusively and on a regular basis” for any one of three purposes: (1) as the taxpayer’s principal place of business; (2) as “a” place of business where the taxpayer meets with patients, clients, or customers to whom the taxpayer provides services; or (3) in any way reasonably connected with the taxpayer’s trade or business if and only if the physical area so used is an outbuilding, “a separate structure which is not attached to the dwelling unit.”
Calculate Tax Withholding Free Estimator Tool
The IRS, Tax Accountants and tax services alike encourages everyone to use the Tax Withholding Estimator to perform a “paycheck checkup.” This will help you make sure you have the right amount of tax withheld from your paycheck. Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.At the same time, you may prefer to have less tax withheld up front, so you receive more in your paychecks and get a smaller refund at tax time
What is a Series LLC and Why You Should Care
The series LLC allows business owners to divide multiple investments and debts and to operate each LLC as a separate entity with its own name, bank account, and recordkeeping. Under the master LLC, each separate entity can operate autonomously.
Accountants Last-Minute Tip for Last-Minute Tax Filers
With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the Accountants are reminding taxpayers who have yet to file their tax returns that Accountants in Miami has tools and services to help them meet their tax obligations.
Accountants in Miami tax help is available 12 hours a day until the extension deadline runs out. Whether filing a tax return, requesting an extension, or making a payment, our Accountants can help last-minute filers on just about everything related to taxes. Taxpayers can also use the IRS Interactive Tax Assistant tool to answer many tax questions they may encounter.