Bill for Hourly Services of Staff Set up Items & Enter Billable Time Excel Accounting Problem
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Get Ready for Taxes: Get ready now to file 2020 federal income tax returns
https://www.irs.gov/newsroom/get-ready-for-taxes-get-ready-now-to-file-2020-federal-income-tax-returns
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).
This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to prepare for the 2021 tax return filing season ahead.
Steps taxpayers can take now to make tax filing easier in 2021
Taxpayers should gather Forms W-2, Wage and Tax Statement, Forms 1099-MISC, Miscellaneous Income, and other income documents to help determine if they're eligible for deductions or credits. They'll also need their Notice 1444, Your Economic Impact Payment, to calculate any Recovery Rebate Credit they may be eligible for on their 2020 Federal income tax return.
Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and virtual currencies.
Taxpayers with an Individual Taxpayer Identification Number (ITIN) should ensure it hasn't expired before they file their 2020 federal tax return. If it has, IRS recommends they submit a Form W-7, Application for IRS Individual Taxpayer Identification Number, now to renew their ITIN. Taxpayers who fail to renew an ITIN before filing a tax return next year could face a delayed refund and may be ineligible for certain tax credits.
Taxpayers can use the Tax Withholding Estimator on IRS.gov to help determine the right amount of tax to have withheld from their paychecks. If they need to adjust their withholding for the rest of the year time is running out, they should submit a new Form W-4, Employee's Withholding Certificate, to their employer as soon as possible.
Taxpayers who received non-wage income like self-employment income, investment income, taxable Social Security benefits and in some instances, pension and annuity income, may have to make estimated tax payments. Payment options can be found at IRS.gov/payments.
New in 2021: Those who didn't receive an EIP may be able to claim the Recovery Rebate Credit
Taxpayers may be able to claim the Recovery Rebate Credit if they met the eligibility criteria in 2020 and:
They didn't receive an Economic Impact Payment this year, or
Their Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018) plus $500 for each qualifying child.
For additional information about the Economic Impact Payment, taxpayers can visit the Economic Impac
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Overcome the challenges of limited geographical presence with the power of statistics and Excel! ?? In this video, we'll explore how to analyze and optimize your market reach using data-driven techniques. Learn how to identify opportunities for expansion and make informed decisions to grow your business. Join us for practical tips and strategies to enhance your geographical footprint!
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https://www.youtube.com/watch?v=7VHPy8M9qIA
Farmers and fishers face March 1 tax deadline
https://www.irs.gov/newsroom/farmers-and-fishers-face-march-1-tax-deadline
https://accountinginstruction.info/
The Internal Revenue Service today reminded businesses with income from farming or fishing that have not already made their estimated tax payments to file and pay their entire tax due on or before Wednesday, March 1, 2023.
Taxpayers can pay from their bank account using their Online Account or they can schedule payments in advance using IRS Direct Pay.
Farmers and fishers who did not pay all their 2022 estimated taxes by Jan. 17 must file their 2022 tax return and pay the entire tax due by March 1.
Only those that have paid their estimated tax payments by Jan. 17 can file by the regular April 18 deadline and avoid estimated tax penalties. This special rule generally applies when income from farming or fishing makes up at least 2/3 of the total gross income in either the current or the preceding tax year.
Special rules for disaster areas
Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. Currently, taxpayers in most of California and parts of Alabama and Georgia, have until Oct.16, 2023, to file their 2022 return and pay any tax due. This extension is automatic; taxpayers don't need to file any paperwork or call the IRS to get it.
Like other taxpayers, those in a disaster area who need more time can request a tax-filing extension. Visit IRS.gov/extensions for details.
Paying online is safe, fast and easy
Online Account allows individuals to make same-day payments from a checking or savings account. Taxpayers can also see their payment history, balance and payment plan information, and digital copies of certain notices sent from the IRS.
Taxpayers can use IRS Direct Pay to schedule a payment from their bank account for their tax deadline with no registration or login required. Those who want to pay business taxes should enroll in and use the (Electronic Federal Tax Payment System (EFTPS).
For more information about these and other payment options visit IRS.gov/payments.
Forms and publications to use
Farmers
Use Schedule F (Form 1040), Profit or Loss From Farming to report income and expenses.
Use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if net earnings from farming are $400 or more.
See Topic No. 554, Self-Employment Tax, Publication 225, Farmer's Tax Guide and Agriculture Tax Center for more information.
Fishers
Use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) to report income and expenses.
Use Schedule SE (Form 1040), Self-Employment Tax to figure self-employment tax if net earnings from fishing are $400 or more.
See Publication 334, Tax Guide for Small Business for commercial fishers who file Schedule C.
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https://www.youtube.com/watch?v=DLe5xznCE5Y
Example Filing for IRS Deduction Part 2 - Income Tax 2023
You can also join our Accounting Instruction Free Month Membership here:
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Understanding FUTA (Federal Unemployment Tax Act) and SUTA (State Unemployment Tax Act) is crucial for accurate payroll processing. In this video, we'll break down the essentials of FUTA and SUTA, including key considerations for employers. You'll also learn how to calculate employee taxes correctly, ensuring compliance and avoiding costly mistakes. Whether you're new to payroll or looking to sharpen your knowledge, this guide has you covered. Don't forget to like, share, and subscribe for more insightful payroll and tax content!
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