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Understanding Reasonable Compensation: What Employers and Employees Need to Know

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Reasonable Compensation for S Corporation Owners: What You Need to Know If you’re an S Corporation owner, determining “reasonable compensation” for your salary isn’t just important—it’s essential for maintaining IRS compliance and maximizing your tax savings. At Accountants Near Me, we understand the complexities of setting a fair salary and can guide you through the […]

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Beneficial Ownership Reporting Temporarily Suspended: What Your Business Needs to Know

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Beneficial Ownership Reporting Temporarily Suspended: What Your Business Needs to Know! On December 3, 2024, a federal district court in Texas issued a preliminary injunction halting the enforcement of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This ruling provides temporary relief for businesses that were preparing to comply with

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Understanding BOI Requirements and How to Avoid the $591 Per Day Penalty

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As a small business owner, understanding and complying with regulatory requirements is crucial to avoid penalties that could jeopardize your financial stability. One of these requirements is filing Beneficial Ownership Information (BOI). Failing to comply can lead to a staggering $591 per day penalty, making it essential to get this right. At Accountants Near Me,

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The Essential Role of LLCs in Protecting Your Small Business

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Why Your Small Business Needs a CPA Firm for Year-End Tax Planning As the year comes to a close, many small businesses face the pressure of preparing for tax season. Without expert guidance, small business owners often miss valuable deductions and make costly mistakes that could have been avoided. That’s where hiring a certified public

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The Importance of Hiring a Professional Bookkeeper for Year-End Tax Preparation

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Year-End Tax Planning: Why Every Small Business Needs a Bookkeeper to Maximize Deductions As the end of the year approaches, small business owners often find themselves scrambling to organize financial records and meet tax deadlines. One of the biggest challenges they face is ensuring all possible deductions are accounted for to reduce tax liabilities. Unfortunately,

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Understanding IRS Audits: What You Need to Know

Leave a Comment / Tax Information /

How to Handle Tax Audits: Why You Should Retain a CPA to Represent You Being audited by the IRS can be a stressful and overwhelming experience for individuals and business owners alike. Even the most diligent taxpayers might find themselves facing an audit, and how you handle it can significantly impact the outcome. Navigating the

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What You Need to Know About S-Corp Elections in New York for Small Business Owners

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What You Need to Know About S-Corp Elections in New York If you’re a small business owner in New York, you’re probably always looking for ways to reduce your tax burden and keep more of your hard-earned revenue. One popular tax strategy is electing to have your LLC or corporation taxed as an S-corporation (S-Corp).

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How to Prepare for Tax Season: A Step-by-Step Guide for 2025

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Understanding the Tax Landscape for 2025 The tax landscape for the year 2025 is projected to undergo significant transformations, driven by changes in tax laws and regulations that will affect the filing process. As we approach tax season, it is crucial to stay informed about updates from the Internal Revenue Service (IRS) and any modifications

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Maximize Your Savings: Top Tax Deductions for Small Business Owners

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Understanding the Tax Landscape for Small Businesses The taxation system for small businesses can be intricate, necessitating a clear comprehension of various tax obligations. Small business owners must be familiar with the types of taxes that apply to their operations, which typically include income tax, self-employment tax, payroll tax, and sales tax. Understanding these taxes

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Unlocking Hidden Tax Deductions: What You Need to Know

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Introduction to Tax Deductions Tax deductions are financial allowances that reduce an individual’s taxable income, ultimately lowering the amount of tax owed to the government. These deductions work by allowing taxpayers to subtract specific amounts from their total income, thereby decreasing their overall tax liability. Understanding the concept of tax deductions is vital for anyone

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