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accentaxinc

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accentaxinc

New Jersey Tax Amnesty Begins November 15 ~ The state has finally initiated its long-awaited tax amnesty program, set to go live at 8:30 AM on November 15, 2018, and concluding ‪on January 15, 2019‬. The time frame for the Amnesty’s application for state tax liabilities are for those due on or after February 1, 2009, and prior to September 1, 2017. ~ Any qualified taxpayer that has failed to pay any state tax that is due may pay the full amount of tax and 50% of the interest due as of November without penalty or associated fees. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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taxsolutionacademy

Your clients are willing to pay anywhere between 80 to 130 dollars MORE every time you prepare a tax return - without increasing your fees. Imagine what it will be like to be payed for all the followup work that you are probably doing for free! #CPA #entrolledagent

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floridasalud2018

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oriolfinancialgroup2018

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truebluetax

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floridasalud2018

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ryankellyrealestate

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personalaccountantinc

📣 BUSINESS OWNERS, are your financial records in order📃? Have you been keeping track of your income and expenses this year💰? If you haven't, you should start & save yourself some stress come tax season💆! NEED HELP😵? Click the link above to E-mail us📧! . ✳️If you file form 1065 or 1120S your tax return (or extension) is due MARCH 15, 2019! Don't delay, start getting your records in order now! (extension deadline Sept. 15, 2019) . ✳️If you file form 1040 or 1120 your tax return (or extension) is due APRIL 15, 2019! (extension deadline October 15, 2019) . . #taxseason #personalaccountantinc #accounting #bookkeeping #cpa #cma #enrolledagent #irs #hidotax #taxes #accountants #oahu #hawaii #waipahu #quickbooks #supportlocal #smallbusiness #servicewithaloha #payroll #GEtaxes #hitaxes #hawaiitaxes #hawaiiaccountants #deductions #tgif #alohafriday

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accentaxinc

Some items that will be decoupled in 2018 are: ~ ▪️NY State taxpayers cannot use the 2018 Federal Itemized Deduction as a starting point - In general NY Itemized Deductions are computed using the Federal Rules as they existed prior to the changes made by the TCJA ▪️NY State taxpayers may itemized for the State, even if they take the increased 2018 Federal Standard Deduction ▪️A new form IT-196 New York Resident, Nonresident, and Part-Year Resident Itemized Deduction form is being introduced ▪️NY State will allow the Misc. Itemized Deductions subject to the 2% AGI threshold ▪️Casualty & Theft losses will be allowed, not just in Federally Declared Disaster Zones ▪️Qualified Moving Expenses and Reimbursements are allowed as a deduction ▪️2018 NY State Child Tax Credit decoupled from new higher 2018 IRS Child Tax Credit. Must use 2017 tax year information. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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truebluetax

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krb_tax_professionals

Choosing Your Tax Preparer Wisely Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it. . . There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your children and your social security numbers – the details of your financial life. Most tax return preparers provide outstanding and professional tax service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. . . Got Questions? Shoot me a DM or comment below. #incometaxes #bookkeeping #moneymoves #moneymatters #moneymanagement #taxseason2019 #accountant #CPA #enrolledagent #EA #taxattorney #AFSP #taxpreparers #taxprofessionals #IRS #taxreform #TCJA #taxavoidance #taxreturns #taxscams #taxfraud #taxpayers#taxes #taxrefund @krb_tax_professionals

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braquel.darealthang

Choosing Your Tax Preparer Wisely Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it. . . There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your children and your social security numbers – the details of your financial life. Most tax return preparers provide outstanding and professional tax service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. . . Got Questions? Shoot me a DM or comment below. #incometaxes #bookkeeping #moneymoves #moneymatters #moneymanagement #taxseason2019 #accountant #CPA #enrolledagent #EA #taxattorney #AFSP #taxpreparers #taxprofessionals #IRS #taxreform #TCJA #taxavoidance #taxreturns #taxscams #taxfraud #taxpayers#taxes #taxrefund @krb_tax_professionals

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kyzecommission

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truebluetax

0

taxsolutionacademy

Do you want more profits this Tax Season in 2019? Learn more on how you can have passive income in your tax or accounting practice - link in bio! #taxseason #profits

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knktax

#ThankfulThursday 🙏🏾 • • Don’t live in the area? #NoProblem Can’t make it in person? #NoProblem Thanks to technology we can service clients in all 50 states. We can meet via FaceTime or Skype. You can upload your documents through a secure portal on the website. For more information please visit www.knktaxaccounting.com. • • • ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃ #Knktaxandaccounting #knktax #enrolledagent #smallbusinessexpert #taxpreparer #taxaccountant #taxprofessional #incometax #taxtips #entrepreneurs #professionals #smallbusinessowners #taxrefund #online 💻 #virtualtaxaccountant #tax #taxes #taxfiling #smallbusinessconsultant #taxqueen #CharlotteTaxAccountant #FilingInAll50States

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truebluetax

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sfstaxproblem

Begin to read about Real Estate deductions to maximize your savings, but check out our blog for the rest in our realtors section!

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truebluetax

5

getmetozero

Funny... But this wouldn't have to be the case if all tax professionals would help clients with more proactive planning. 📚 What is your biggest roadblock to being even more proactive with your top clients? Time? Having enough outside-the-box tax strategies? Not being compensated for it? 🏝 Your affluent and very successful business owner clients want more proactive advice. Our Team-Based Model can help. Contact me for more information. ⬇️ Get your paperback copy📬 or KINDLE edition from amazon today:  amzn.to/2OXmD6t . . #taxprofessionals  #taxprofessional  #taxaccountant  #taxseason  #cpaexam  #cpalife  #enrolledagent  #taxservice  #certifiedpublicaccountant  #aicpa #cpaexamlife #taxpreparation #taxprep #GetMetoZERO  #taxadvisors #taxpreparer  #cpamarketing  #taxlaw  #taxattorney #taxlawyer #andrewargue #futurecpa

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accentaxinc

In a continuing effort to combat fraudulent electronically filed returns, the IRS is making changes for tax year 2018 that will require tighter adherence to how your firm information appears in the tax program. The IRS requires practitioners to ensure their e-filing application is current. To ensure you do not experience any interruption or delays in your ability to e-file, review the information below and take any necessary actions that are needed. ~ ▪️Access IRS e-Services Confirm your access to IRS e-Services in order to update and maintain your Electronic Filing Identification Number (EFIN) application and monitor your EFIN status. If you have not logged into e-Services since December 2017, you will need to verify your login using the Secure Access portal. ~ ▪️Validate Your EFIN Application Review your DBA or trade name used in the normal course of business, current physical address for your firm and verify your EFIN status is active. This information will appear on your EFIN application summary. ~ If your entity has changed principal ownership, you may need to update ownership contact information or apply for a new EFIN for your firm. Applying for an EFIN can take up to 45 days. ~ ▪️Ensure Your Intuit Firm Information Matches Your IRS EFIN Application Verify that the firm information in your tax program is the same as the information on your IRS EFIN application. IRS Security Summit requirements state your software information must match your EFIN Application information exactly to submit electronic tax returns successfully. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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cmtaxrelief

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taxsolutionacademy

Imagine having your tax identity stolen... having to pay thousands of dollars to the IRS or for professional representation. Your wants your protection and want to know you've got their back! Give them this confidence and become their champion and guardian. #taxes #CPA

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truebluetax

1

nasdaqsuperstar

#csea #naea #enrolledagent thanks for the autograph! Great CE class.

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accentaxinc

It’s time to get organized for Tax Season 2019. Contact us for all your tax preparation needs. ~ Organization is very important when it comes to getting your taxes in order. Here are some tax prep tips that will help you get organized and ready to file your taxes. ▪️Start Early - The sooner you get your taxes done, the better. Not only will you no longer have to worry about getting them in, but you reduce your risk for identity theft and imposters making fraudulent claims. ▪️Set a timeline - When getting ready to do your taxes, make sure that you plan out your schedule. Make sure that you have enough time to get organized and to review your tax returns by the ‪April 15‬ deadline. ▪️Keep a separate file - With so many documents, it’s hard to keep track of everything. Keep all your tax information in one place so that you don’t lose anything. Put all your tax documents and receipts in it so that you can quickly and easily find them when you’re doing your taxes. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxseason2019 #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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kyzecommission

3

accentaxinc

If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. The following tips will help taxpayers determine if they need to pay federal income tax. ~ ▪️Form SSA-1099.  If taxpayers received Social Security benefits, they should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount of their benefits. ▪️Only Social Security.  If Social Security was a taxpayer’s only income, their benefits may not be taxable. They also may not need to file a federal income tax return. If they get income from other sources, they may have to pay taxes on some of their benefits. ▪️Tax Formula.  Here’s a quick way to find out if a taxpayer must pay taxes on their Social Security benefits: Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for their filing status. If the total is more than the base amount, some of their benefits may be taxable. ▪️Base Amounts. The three base amounts are: 🔸$25,000 – if taxpayers  are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from their spouse for all of the year. 🔸$32,000 – if they are married filing jointly 🔸$0 – if they are married filing separately and lived with their spouse at any time during the year ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

0

lindastaxservice

We're #Hiring ! #CPA ( #CertifiedPublicAccountant ) or #EA ( #EnrolledAgent ) and an #Office #Assistant ! Check out our #Job postings on Facebook. We look forward to hearing from you!

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accentaxinc

▪️Home Mortgage Interest Deduction It covers interest paid on loans of up to $1 million, or $500,000 if you're married but filing a separate return. Your loan provider should send you Form 1098 shortly after the tax year ends. ~ ▪️Mortgage Interest Credit This credit counts against your tax bill, lowering what you owe. To be eligible, a state or local government must have issued you a Mortgage Credit Certificate, at the time you originate the mortgage, which tells you how much interest you can claim as a credit. ~ ▪️Mortgage Points Deduction When you buy a house, you may have to pay "points" to the lender in order to get your mortgage. Mortgage points are prepaid interest paid to secure the loan. If the loan is secured by your home, the points are deductible. The deductible amount you paid should be shown on your form 1098. ~ ▪️Tax-Free IRA Withdrawals You can take up to $10,000 from your IRA to come up with the down payment without having to pay the 10 percent penalty normally applied to withdrawals taken before age 59½, although you'll still need to pay taxes on the money. Your 401k plan does not qualify for the exception to the 10 percent penalty. ~ ▪️Property Tax Deduction You can deduct property taxes paid during the year for which you're filing. If you pay your taxes through an escrow account, the amount may be shown on the form 1098 you receive from your lender. If you pay your property taxes directly to the municipality, check your records or your online statements from your bank or lender. ~ ▪️Home Improvement Tax Breaks Improvements you make to a home can qualify for a tax break. Keeping track of capital improvements to the home also can help you out when you sell the home. If your home sells for more than you paid for it, that extra money can be considered taxable income at capital gains rates subject to certain thresholds and rules. But home improvements can lower your taxes by increasing your tax basis. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxservice #taxpreparer #incometax #taxtime #refund #firsttimehomebuyer #homeowner #mortgage #homebuyers #smallbiz #positivevibes #motivation #accentax #nyc #newyork

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truebluetax

6

cmtaxrelief

0

kyzecommission

6

tmaxgroup_usa

Oktoberfest in Bear Mountain, NJ #enrolledagent

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truebluetax

0

brownbenr

I just had to ask my server for some printer tape so I could write down an epiphany that’s gonna add at least $5k/month to my business. Always be prepared. You never know when inspiration will strike. 💡

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accentaxinc

The maximum deduction is increased for cash donations to public charities to 60 percent of adjusted gross income, but deductions for donations coupled with preferred seating at college sports events are disallowed, effective 2018. Direct donor reporting as a possible alternative to the donor obtaining contemporaneous written acknowledgment is ended effective 2017. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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cljindustriesinc

Happy Monday!! Let’s start the week off with having a mindset of the person you want to be. How would they think? How would they act, speak and carry themselves? What would their actions be like throughout the day? Write them down and let’s get to growing ourselves and our success! #Strategize #MindSet #BusinessDevelopment #ASystemThatWorks #FamilyMan #CreditRepair #YourPersonalTaxPro #Taxes #EnrolledAgent #Accountant #Bookkeeping #SmallBusiness #Florida #California #Entrepreneurs #TaxReturns #LLC #SCorp #CCorp #TaxCredits #TaxDeductions #TaxResolution #TaxRefund #BookKeeping #LivingTheDream #KeepGoing #NeverSettle #DreamBig #GoForIt

1

accountaxsolutionsislip

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truebluetax

3

allen_tax_planning

Credit cards aren’t a good idea IF you can’t pay them off every month. However, they can also be beneficial in gaining you points and rewards for future purchases, travel miles and cash back at the end of the year. Shop around for a card that works for you and maybe you can save up for that winter vacation with your earned rewards. • • • #personalfinance #businessfinance #tuesdaytips #taxtiptuesday #creditcard #tildebtdouspart #accountingfirm #incometax #accounting #financialgoals #money #enrolledagent #taxpreparer #taxprofessional #taxseason #irs #taxpreneurs #instafinance #taxservice #taxpreparation #financialplanner #investinyourself #smallbusiness #localbusiness #folsomca #eldoradohillsca #sacramentoca

1

knktax

Tax Cuts & Jobs Act - Business Meals * * * Taxpayers may continue to deduct 50 percent of the cost of BUSINESS meals.... * * * * For more information visit www.knktaxaccounting.com or email: karitsa@knktaxaccounting.com ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃ #Knktaxandaccounting #knktax #enrolledagent #smallbusinessexpert #taxpreparer #taxaccountant #taxprofessional #incometax #taxtips #entrepreneurs #professionals #smallbusinessowners #taxrefund #online 💻 #virtualtaxaccountant #tax #taxes #taxfiling #smallbusinessconsultant #taxqueen #CharlotteTaxAccountant #FilingInAll50States

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accentaxinc

2018 Changes to Form 8867 (Preparer Due Diligence Checklist) ~ This is a reminder that the Tax Cuts and Jobs Act added the Head of Household filing status and the new credit for other dependents to the preparer due diligence requirements. ~ Therefore the 2018 Form 8867 (Preparer Due Diligence Checklist) has been revised as follows: ▪️New checkbox for the head of household filing status has been added to Part I (Questions related to all credits and head of household filing status). ▪️The new credit for other dependents falls under the due diligence requirements for the child tax credit and therefore has been added as part of the child tax credit checkbox on Part I and Part III. ▪️New Section V has been added which includes a new question for the head of household filing status. ▪️Part III questions (related to the child tax credit/additional child tax credit/credit for other dependents) have been rewritten in order to clarify what due diligence requirements that must be met for residing in US, living with the child and children of divorced or separated parents. ~ It is also important to note that the Section 6695 penalty amount for failure to comply with the preparer due diligence requirements has been increased to $520 for each of the applicable credits and the head of household filing status for 2018 returns. This could result in a $2,080 penalty per return if all the applicable credits are claimed, the head of household filing status is used and the IRS determines that the preparer did not follow their due diligence requirements. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

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truebluetax

5

strategictaxrelief

1

myagentk

Kesha M Dawson Harris, EA, NTPIF is the owner of Money Makeovers & Financial Solutions Inc, a proactive tax representation firm. Affectionately known as Agent K, Mrs. Harris is an Enrolled Agent with a Life, Health and Annuity License in Florida, Georgia and Virginia. As an Enrolled Agent, she is part of an elite group of tax professionals. Licensed by the Department of Treasury, Enrolled Agents (EAs) are America's Tax Experts and are the only federally licensed tax practitioners specializing in taxation. EAs have unlimited rights to represent taxpayers before the Internal Revenue Service. Mrs. Harris is the Orlando Chapter President of both, the Florida Society of Enrolled Agents (FSEA) and University of Phoenix Alumni Council. She is an active member of the National Association of Enrolled Agents (NAEA), National Society of Tax Professionals (NSTP) and The Life Center Church. She is also an Alumni of the University of Central Florida. Most recently she graduated as a Fellow of the National Tax Practice Institute (NTPI) 📸: Brooke Genn of @brookeandwilhelm #myagentk #enrolledagent #orlando #ntpifellow #taxlife #tax #irsrepresentation #taxhelp

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accentaxinc

Deductible mortgage interest is any interest you pay on a loan secured by a main home or second home that was used to buy, build, or substantially improve your home. ~ For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million. For tax years after 2017, the maximum amount of debt is limited to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules. ~ Additionally, for tax years prior to 2018, the interest paid on up to $100,000 of home equity debt was also deductible. These loans include: * A mortgage to buy your home * A second mortgage * A line of credit * A home equity loan ~ If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home. You can't deduct interest on a mortgage for a third home, a fourth home, etc. ~ If you are the primary borrower, you are legally obligated to pay the debt and you actually make the payments. If you are married and both you and your spouse sign for the loan, then both of you are primary borrowers. If you pay your son's or daughter's mortgage to help them out, however, you cannot deduct the interest unless you co-signed the loan. ~ For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

5

canopy_tax

To learn more about Chris' experience with Canopy, look us up on www.capterra.com.

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accentaxinc

2

accentaxinc

There are a good number of reasons to maintain accurate tax records.  They can help identify the exact source of all income, they can help taxpayers track their deductible expenses, and they can aid in the process of preparing a tax return.  This information is also invaluable when faced with an audit of a return. ~ The basic kinds of records to maintain include: ▪️Proof of Income:  including bank and brokerage statements, Form W-2, Form 1099, and Form K-1 for individuals involved with a partnership and / or a Subchapter S corporation. ▪️Investment Gains and Losses:  statements received from mutual funds and brokerage houses, Form 1099, and Form 2439 (Notice to Shareholder of Undistributed Long-Term Capital Gains). ▪️Deductible Expenses:  all written documentation received from charities, in addition to canceled checks, receipts / sales slips, and invoices. ▪️Home / Housing Costs:  receipts that can be used to document major improvements made to a home, closing statements, and insurance records.  This information can be used to adjust the cost basis of a home when it's sold. ~ When it comes to providing proof of payments, it's important to maintain for each type of payment: ▪️Cash, Credit, or Debit Cards:  amounts paid, name of the payee, as well as the dates of all payments. ▪️Checks / Electronic Funds:  in addition to the above-mentioned information for cash, taxpayers need to record the check / reference numbers and the dates these transactions were posted to bank accounts. ~ Taxpayers should also keep records associated with:  alimony paid, casualty and theft losses, child care expenses, charitable contributions, education expenses, un-reimbursed business expenses, gambling winnings or losses, retirement account contributions, mortgage interest paid, moving expenses, pensions / annuity payments, taxes paid, and tips received. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

0

daknkexperience

6

accentaxinc

3

accentaxinc

A new tax credit – Credit for Other Dependents — is available for dependents for whom taxpayers cannot claim the Child Tax Credit. These dependents may include dependent children who are age 17 or older at the end of 2018 or parents or other qualifying relatives supported by the taxpayer. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #taxtime #refund #quickbooks #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #accentax #nyc #newyork #washingtonheights

1

truebluetax

2

truebluetax

2

truebluetax

12

truebluetax

0

accentaxinc

States that have legalized marijuana have also subjected marijuana businesses to various taxes. Although marijuana taxes and tax rates vary from state to state, each state taxes the sale of pot in some way. While all states impose a sales tax on marijuana, some states also impose an excise tax on the sale of the drug. ~ Since marijuana taxes differ widely from state to state, it's important that you research your particular state's laws if you're considering starting a marijuana business. ~ Marijuana Business and Federal Taxes Generally speaking, a business is able to make various deductions - such as rent, utility bills, and employee wages - for money spent on business operations. More specifically, a business expense is tax deductible if it's an "ordinary, necessary and reasonable" expense for the business. These deductions allow a business to legally lower profits, and pay less in taxes. Thus, it allows a business to pay taxes on net income instead of gross income. ~ If a business is engaged in the sale of marijuana, however, it can't take advantage of any of the tax credits or deductions that are available to other types of businesses. The reason is because of a federal law that bans all deductions and tax credits for the illegal trafficking of drugs. Since marijuana is still illegal under federal law, engaging in the sale of pot is classified as illegal trafficking. ~ The bottom line is that the IRS doesn't recognize marijuana businesses as legal for tax purposes, because it's still income, and everyone who earns an income must pay an income tax. If a person doesn't report the money he or she makes from his or her marijuana business, the IRS can prosecute the person for tax evasion. ~ #enrolledagent #accounting #accountant #taxes #taxprofessionals #taxseason #taxservice #taxpreparer #incometax #bookkeeping #bookkeeper #smallbusiness #startupbusiness #businessowner #entrepreneur #notary #notarypublic #smallbiz #positivevibes #motivation #cannabis #marijuana #accentax #nyc #newyork #washingtonheights #california #colorado

0

canopy_tax

Two of these stats are true, one is false. Want a chance to win 1 of 3, $100 Amazon gift cards? All you have to do is: 1) Spot the false stat above and comment with which one it is 2) Tag your friends (you’ll get 1 extra entry per person you tag, even if you don't pick the right stat) We’ll announce winners Friday, Nov. 16! See link in bio for more stats. #internationalaccountingday

25

soulbasedcfo

1