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5 things accountants need to do after tax season

Jump to: Take a break Educate yourself Develop a marketing plan Implement AI-powered tax software … The post 5 things accountants need to do after tax season appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Mastering the art and science of exceptional client service

adam.gleason@thomsonreuters.com

Jump to: The role of emotional intelligence (EQ) in client relationships The evolution of client service in accounting firms Leveraging technology … The post Mastering the art and science of exceptional client service appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Auditor evaluation deficiencies are more frequent than you think: How to ensure an accurate data review

In the world of accounting audits, accuracy and completeness are paramount. Auditors rely on data review to ensure the reliability … The post Auditor evaluation deficiencies are more frequent than you think: How to ensure an accurate data review appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Make this your last bad tax season

Jump to: Unravel tax law complexity with AI-powered tax research Alleviate workload pressures with AI-powered workflows Prioritize … The post Make this your last bad tax season appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

The accountant’s guide to state taxes on retirement income

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply … The post The accountant’s guide to state taxes on retirement income appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

IRS Form 5329: What it is and how to complete it

When filing tax returns, it’s important to report all income sources accurately. For accountants, you must also remind your clients … The post IRS Form 5329: What it is and how to complete it appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

401(k) tax FAQ: Tax considerations for contributions and withdrawals

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed … The post 401(k) tax FAQ: Tax considerations for contributions and withdrawals appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

IRA tax considerations for contributions and withdrawals

As an accountant, your clients look to you for retirement advice, including tax considerations for IRA plans, the tax benefits … The post IRA tax considerations for contributions and withdrawals appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Taxes on retirement income: Help for accountants advising clients

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial … The post Taxes on retirement income: Help for accountants advising clients appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Breaking barriers: Overcoming constraints in the tax and accounting industry

adam.gleason@thomsonreuters.com

Jump to: The research gap in accounting expertise Technology as a solution Training as a solution A three-tiered approach to overcoming … The post Breaking barriers: Overcoming constraints in the tax and accounting industry appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Navigating The Looming Commercial Property Tax Shortfall

Richard C. Auxier, Thomas Brosy

Cities, counties, and other local governments have traditionally relied on property taxes as a substantial and stable revenue stream. But with remote work taking hold...

Tax Thresholds, The Drawing Board, A Mistake, And A Substitution

Treasury Secretary Yellen: Biden’s proposed tax increases would not affect those earning under $400,000.

Would Biden Really Scrap The TCJA? Would That Raise Everyone’s Taxes?

Howard Gleckman

President Biden set off a kerfuffle when he posted on “X,” formerly Twitter, “Donald Trump was very proud of his $2 trillion tax cut that...

Beta Test Success, Fixing Mistakes, Expanding A SALT Workaround

Another year of Direct File would tell the IRS—and taxpayers—a lot.

Another Year Would Enable Direct File to Prove Its Worth to The IRS And Congress

Janet Holtzblatt

How did you file your tax return this year? Paid a preparer? Bought software? Did you, like me, use the fillable forms on the Internal...

Extension, Transparency, An Override, And an Incentive

On Capitol Hill This Week.

Non-Filing Taxpayers and State Tax Cuts

Almost a million people left about a billion dollars on in tax refunds the table in 2020.

Statistics, Expectations, Losses, And Lies

The IRS Data Book is out.

How Zero-Sum Thinking May Affect Attitudes About Taxes

Howard Gleckman

Do you think about the world as “zero-sum,” where resources are limited and my gain is your loss? Or do you believe that resources are...

Ghostbusters, Billionaires, and Swifties

Who you gonna’ call? TIGTA notes the success of the IRS busting “ghost employers.”

Georgia Implements Structurally Sound Tax Changes

Two bills in Georgia will lower the flat individual income tax rate and align the corporate income tax rate with the individual income tax rate.

Digital Taxation around the World

Cristina Enache

The outcome of the digital tax debate will likely shape domestic and international taxation for decades to come. Designing these policies based on sound principles will be essential in ensuring they can withstand challenges arising in the rapidly changing economic and technological environment of the 21st century.

Throwback and Throwout Rules by State, 2024

States have generally tried to encourage capital investment. Throwback and throwout rules are an unfortunate example of penalizing it.

Why Are the Individual Tax Cuts Expiring?

The TCJA improved the U.S. tax code, but the meandering voyage of its passing and the compromises made to get it into law show the challenges of the legislative process.

Taxocracy Tales with Scott Hodge

Scott Hodge, Kyle Hulehan, Dan Carvajal

All taxes tell a story, and today we’ll explore how taxes influenced Bob Dylan's decision to sell his music catalog, how the "chicken tax" reshaped the auto industry, and how the historic "tax on air and light" had profound effects on architecture and living conditions.

How to Improve the Base Erosion and Anti-Abuse Tax

BEAT is intended to address a legitimate problem, and there are virtues to BEAT’s overall strategic approach; however, its execution leaves room for improvement.

Estate, Inheritance, and Gift Taxes in Europe, 2024

Marie Borst, Cristina Enache

As tempting as inheritance, estate, and gift taxes might look—especially when the OECD notes them as a way to reduce wealth inequality—their limited capacity to collect revenue and their negative impact on entrepreneurial activity, saving, and work should make policymakers consider their repeal instead of boosting them.

State Income Taxes and the 2024 NFL Draft Class

Here’s how much NFL players can expect to pay in state and local income taxes—to all relevant states—at multiple salary levels, by team.

Americans Are Still Paying for the Trump-Biden Tariffs

If reelected, President Trump would drastically escalate the trade war he started during his first term. But what often goes unnoticed is President Biden’s role in continuing Trump’s first trade war. In fact, more tax revenue from the trade war tariffs has been collected under Biden than under Trump.

What Is the Importance of Gross Income? Gross income is the starting point in calculating an individual’s or business’ tax liability. Individuals calculate gross income by adding wages or salary, tips, dividends, interest, capital gains, income from rental properties, alimony, and pensions. Not all income is included in gross income for tax purposes, such as […]

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The Tax Cuts And Jobs Act Mainly Expires In 2025

Most of the tax changes in the 2017 Tax Cuts & Jobs Act (TCJA) expire (sunset) at the end of 2025. TCJA featured tax cuts and some tax hikes to help pay for it. Meanwhile, TCJA’s massive tax cut lowering the corporate tax rate to 21% does not expire. Accountants and taxpayers have grown accustomed […]

Tips For Traders On Preparing 2023 Tax Returns

Trader tax status (TTS) constitutes business expense treatment, unlocking meaningful tax benefits for qualified active traders. The first step is to determine eligibility. If you qualify for TTS, you can claim some tax breaks, such as business expense treatment, after the fact and elect and set up other tax breaks—like Section 475 MTM and employee-benefit […]

Traders Should Focus On Q4 Estimated Taxes Due January 16

Many traders have substantial trading gains for 2023, and they might owe 2023 estimated taxes paid to the IRS quarterly. Unlike employers, which withhold taxes on wages, brokerage firms do not withhold taxes on trading gains. Depending on their specific tax situation, other taxpayers may be able to wait to make tax payments until April […]

Tax Planning For S-Corps

Read our related blog post and watch the webinar, Tax Planning For Traders. Traders eligible for trader tax status (TTS) use an S-Corp to unlock health, retirement, and SALT deductions. It’s important to act before year-end using payroll. S-CORP OFFICER COMPENSATION TTS traders use an S-Corp to arrange health insurance and retirement plan deductions. These […]

Tax Planning For Traders

Read our related blog post: Tax Planning For S-Corps. Traders have unique needs and opportunities in tax planning. Get organized well before the year-end so you don’t miss out. Recent tax acts don’t change trader tax status (TTS), Section 475 MTM accounting, wash-sale losses on securities, or the tax treatment on financial products, including futures […]

ChatGPT Explains Trader Tax Benefits

I prompted Bing’s ChatGPT to write blog posts on “trader tax benefits” and “trader tax status.” See my comments in yellow highlight. I also used Grammarly. ChatGPT did a good job, but gave rudimentary advice. There are nuances in our content that ChatGPT missed. GreenTraderTax and my Forbes articles are a source for ChatGPT’s blog […]

Highlights From Green’s 2023 Trader Tax Guide

Use Green’s 2023 Trader Tax Guide to receive the tax breaks you’re entitled to on your 2022 tax returns and execute tax strategies and elections for tax-year 2023. Our guide covers the impact of recent tax laws on traders. BUSINESS TRADERS FARE BETTER Investors have restricted investment interest expense deductions. The Tax Cuts & Jobs Act (TCJA) […]

Tax Extensions: 12 Tips To Save You Money

Individual tax returns for 2022 are due April 18, 2023. However, most active traders aren’t ready to file on time. Some brokers issue corrected 1099Bs right up to the deadline. Many partnerships and S-Corps file extensions by March 15, 2023, and don’t issue Schedule K-1s to partners until after April 18. Many securities traders struggle […]

Tax Relief In Disaster Situations

There have been many federal disaster situations around the U.S. these past years. See if you qualify to pay taxes and file tax returns after the original deadline. See Tax Relief in Disaster Situations. For example IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia. Check […]

Tax Tips For Traders Preparing 2022 Tax Returns

Trader tax status (TTS) is the ticket to tax savings. If you qualify, you can claim some tax breaks, such as business expenses, after the fact and elect and set up other tax breaks — like Section 475 MTM accounting (tax loss insurance) and health insurance and retirement plan deductions through an S-Corp— on a […]

Getting Your Taxes Done? Essential Documents You Should Gather Before Your Appointment

The Income Tax School

Getting Your Taxes Done? Essential Documents You Should Gather Before Your Appointment | The Income Tax School - Learn to Earn from Our Experienced Tax Pros As the tax deadline approaches, clients and tax preparers gear up for what can be a busy and stressful time of year. Amid the flurry of paperwork and financial documents, ensuring a smooth tax preparation process becomes paramount. For clients, the task begins with gathering essential tax records before their appointment, streamlining the process and… The post Getting Your Taxes Done? Essential Documents You Should Gather Before Your Appointment appeared first on The Income Tax School.

How Tax Pros Can Save Money With Comprehensive or Unlimited Courses

The Income Tax School

How Tax Pros Can Save Money With Comprehensive or Unlimited Courses | The Income Tax School - Learn to Earn from Our Experienced Tax Pros As tax professionals gear up for the challenges and opportunities of 2024, the importance of continuing education (CE) in the tax preparation field can’t be overstated. In an ever-changing landscape of tax laws and regulations, staying ahead requires a commitment to continuous learning and skill development. At Surgent Income Tax School, we understand the pivotal… The post How Tax Pros Can Save Money With Comprehensive or Unlimited Courses appeared first on The Income Tax School.

5 Reasons to Take Tax Prep Courses With Surgent

The Income Tax School

5 Reasons to Take Tax Prep Courses With Surgent | The Income Tax School - Learn to Earn from Our Experienced Tax Pros Large chains have long dominated the landscape in the tax preparation world. However, with their prominence come many drawbacks that can limit your potential as a tax professional. With their sprawling networks and ubiquitous storefronts, these industry titans have undeniably shaped the landscape of tax services. Yet, lurking beneath their veneer of convenience and reliability… The post 5 Reasons to Take Tax Prep Courses With Surgent appeared first on The Income Tax School.

5 Benefits of Taking Tax Prep Courses With Surgent

The Income Tax School

5 Benefits of Taking Tax Prep Courses With Surgent | The Income Tax School - Learn to Earn from Our Experienced Tax Pros Are you considering a career change or seeking a flexible opportunity to boost your income? Look no further than tax preparation. In today’s dynamic economy, tax preparers are in high demand, offering a pathway to financial independence and career fulfillment. At Surgent Income Tax School, we understand the unique needs of individuals like you who… The post 5 Benefits of Taking Tax Prep Courses With Surgent appeared first on The Income Tax School.

Client communication in the digital age: enhancing your online presence

Client communication in the digital age: enhancing your online presence | The Income Tax School - Learn to Earn from Our Experienced Tax Pros Effective communication is the cornerstone of success for tax professionals striving to cultivate robust connections with their clientele in today’s fast-paced business landscape. As technology continues its rapid evolution, using digital tools such as websites, social media platforms and email have become imperative in enriching client relationships and nurturing trust. Beyond possessing profound technical acumen… The post Client communication in the digital age: enhancing your online presence appeared first on The Income Tax School.

Navigating the Tax Busy Season: Actionable Tips for Success

The Income Tax School

Navigating the Tax Busy Season: Actionable Tips for Success | The Income Tax School - Learn to Earn from Our Experienced Tax Pros As tax preparers gear up for the inevitable hustle and bustle of the busy season, the looming question on everyone’s mind is, “When is tax busy season?” For new and seasoned tax professionals, the period leading up to the tax deadline can be challenging and rewarding. In this blog post, we’ll explore actionable tips and… The post Navigating the Tax Busy Season: Actionable Tips for Success appeared first on The Income Tax School.

5 tips for building and managing a successful tax practice

The Income Tax School

5 tips for building and managing a successful tax practice | The Income Tax School - Learn to Earn from Our Experienced Tax Pros In the dynamic landscape of tax preparation, where regulations are ever-evolving and client expectations are rising, owning and managing a successful tax practice requires a strategic approach. As a seasoned tax professional, you understand the challenges and opportunities that come with the territory. In this blog post, we will delve into indispensable tips on building… The post 5 tips for building and managing a successful tax practice appeared first on The Income Tax School.

7 proven strategies to gain new clients as a tax preparer

The Income Tax School

7 proven strategies to gain new clients as a tax preparer | The Income Tax School - Learn to Earn from Our Experienced Tax Pros As a tax preparer, growing your client base is essential for the success of your business. In this competitive industry, it’s crucial to have effective strategies in place to attract new clients. In this blog post, we’ll explore seven tried-and-true techniques to help you expand your clientele and build a thriving tax preparation business. Develop… The post 7 proven strategies to gain new clients as a tax preparer appeared first on The Income Tax School.

7 cybersecurity tips for your tax prep business

The Income Tax School

7 cybersecurity tips for your tax prep business | The Income Tax School - Learn to Earn from Our Experienced Tax Pros In today’s digital age, cybersecurity is critical for businesses of all sizes and industries. Tax preparation businesses handle sensitive financial information, making them an attractive target for cybercriminals. As the digital landscape evolves, staying one step ahead of potential threats becomes an imperative duty for tax experts. This comprehensive guide will equip you with the… The post 7 cybersecurity tips for your tax prep business appeared first on The Income Tax School.

Empowering tax pros: Benefits of being an enrolled agent

The Income Tax School

Empowering tax pros: Benefits of being an enrolled agent | The Income Tax School - Learn to Earn from Our Experienced Tax Pros In the realm of tax preparation, the expertise of an enrolled agent (EA) can be a game-changer. As tax laws evolve and financial landscapes shift, professional tax preparers face the challenge of maintaining their expertise at the highest level. In this dynamic environment, the EA credential emerges as a beacon of excellence, a testament to… The post Empowering tax pros: Benefits of being an enrolled agent appeared first on The Income Tax School.

New changes to the Stage 3 Tax Cuts explained

Melissa Ferdinands

In a snapshot, it is confirmed that the government’s proposed tax changes will come into effect from 1 July 2024. Compared to the original stage 3 tax cuts, these changes give a break to low and middle-income earners by lowering the tax withheld from their take home pay. The result: Australians get more money in […] The post New changes to the Stage 3 Tax Cuts explained appeared first on Etax - Online Tax Return 2024.

What can hairdressers claim on tax?

Melissa Ferdinands

It’s common for hairdressers to pay for items like hair clippers, travel between clients and uniforms out of their own pocket without claiming them back on tax. Expenses like these are usually considered tax deductions, which means you can claim them on your tax return. But for hairdressers, there are strict rules on what is […] The post What can hairdressers claim on tax? appeared first on Etax - Online Tax Return 2024.

What is negative gearing and is it the right strategy for you?

Amanda Glass-Watson

Put simply, negative gearing occurs when an investor borrows money to buy a property, and the cost of owning and running that property exceeds the rental income it generates. As an investor of a negatively geared property, you make up the gap between the expenses on the property and the rental income. This isn’t always […] The post What is negative gearing and is it the right strategy for you? appeared first on Etax - Online Tax Return 2024.

Reportable Superannuation Contributions – what you should know…

Melissa Ferdinands

Superannuation is important when planning for your future. There are so many types of super contributions and payments, that it’s sometimes confusing and hard to know what each of them are. One part that people often don’t understand is reportable superannuation contributions. Let’s take a look at what you should know… What are reportable superannuation […] The post Reportable Superannuation Contributions – what you should know… appeared first on Etax - Online Tax Return 2024.

Claiming the tax free threshold: What you should know…

Melissa Ferdinands

The tax free threshold is a cap on how much someone can earn during the financial year before paying tax. In Australia, the first $18,200 you earn between 1 July and 30 June the next year is tax-free, regardless of which employer you earned it from. From there, you will fall into a tax bracket […] The post Claiming the tax free threshold: What you should know… appeared first on Etax - Online Tax Return 2024.

Want to raise little entrepreneurs? Start by teaching kids about money

Amanda Glass-Watson

Teaching kids about money is one of the most valuable life lessons you can give them. If you’re planning on raising money smart kids, you need to start early. In fact, the earlier the better. Your child’s understanding and attitude towards money can affect them throughout their life. If they learn how to handle money responsibly, […] The post Want to raise little entrepreneurs? Start by teaching kids about money appeared first on Etax - Online Tax Return 2024.

Etax Property Investment Tax Hub

Amanda Glass-Watson

Find out which property investment expenses can claim as tax deductions. Learn about depreciation, negative gearing, Capital Gains Tax and more. The Etax Investment Property Tax Hub has everything you need to know about owning, renting and selling an investment property. The post Etax Property Investment Tax Hub appeared first on Etax - Online Tax Return 2024.

Tax deductions for IT professionals – what you can claim

Amanda Glass-Watson

There’s no denying it, IT professionals are the unseen frontline heroes of a business. Whether you’re a developer, a support guru or a security ninja, it’s never an easy job to keep services and people working, 24/7. What is surprising is the number of available tax deductions for IT professionals. So, let’s get our IT […] The post Tax deductions for IT professionals – what you can claim appeared first on Etax - Online Tax Return 2024.

Paying GST at Settlement: What you need to know

Amanda Glass-Watson

What is GST Withholding If you buy a new residential property, or land with the intention to build a residential property and you make this purchase from a GST registered business, you need to withhold an amount for GST to pay directly to the ATO on settlement. When does the GST Residential Withholding payment apply […] The post Paying GST at Settlement: What you need to know appeared first on Etax - Online Tax Return 2024.

ATO Data Matching – What is it and will it affect me?

Ashley Debenham

You may have heard that ATO data matching technology is now being used in Australia. The ATO launched the system to find missing income from individual tax returns. It’s a new, more sophisticated way to collect more tax from taxpayers who may, either accidentally or deliberately, understate their income. What is ATO Data Matching? ATO […] The post ATO Data Matching – What is it and will it affect me? appeared first on Etax - Online Tax Return 2024.

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