Self-Employed Health Insurance Deduction Details Tax Preparation 2023-2024
"Calling all self-employed individuals! Dive into the intricacies of the Health Insurance Deduction for the self-employed in Tax Year 2023-2024. Our comprehensive guide breaks down the details of this valuable deduction, empowering you to maximize your tax savings while ensuring compliance with IRS regulations. Whether you're a freelancer, entrepreneur, or small business owner, understanding these tax nuances is essential for optimizing your financial strategy. Watch now to uncover key insights and streamline your tax preparation process!" ... https://www.youtube.com/watch?v=XygHW5vmg1U
IRS announces 2021 PTIN fees for tax return preparers
https://www.irs.gov/newsroom/irs-unveils-dirty-dozen-list-of-tax-scams-for-2020-americans-urged-to-be-vigilant-to-these-threats-during-the-pandemic-and-its-aftermath
The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.
This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.
"Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers," said IRS Commissioner Chuck Rettig. "The IRS provides the Dirty Dozen list to help raise awareness about common scams that fraudsters use to target people. We urge people to watch out for these scams. The IRS is doing its part to protect Americans. We will relentlessly pursue criminals trying to steal your money or sensitive personal financial information."
Taxpayers are encouraged to review the list in a special section on IRS.gov and be on the lookout for these scams throughout the year. Taxpayers should also remember that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer.
The IRS urges taxpayers to refrain from engaging potential scammers online or on the phone. The IRS plans to unveil a similar list of enforcement and compliance priorities this year as well.
An upcoming series of press releases will emphasize the illegal schemes and techniques businesses and individuals use to avoid paying their lawful tax liability. Topics will include such scams as abusive micro captives and fraudulent conservation easements.
Here are this year's "Dirty Dozen" scams:
Phishing:
Taxpayers should be alert to potential fake emails or websites looking to steal personal information. The IRS will never initiate contact with taxpayers via email about a tax bill, refund or Economic Impact Payments. Don't click on links claiming to be from the IRS. Be wary of emails and websites − they may be nothing more than scams to steal personal information.
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https://www.youtube.com/watch?v=EiEGhcCn454
Spanish audio https://youtu.be/Wgt9Drc7i6Q
Forms
QuickBooks Pro Desktop 2020
https://accountinginstruction.info/wp-admin/post.php?post=6732&action=edit
This presentation, we want to take a look at some terminology related specifically to QuickBooks in this case focusing in on the term of forums as it relates to QuickBooks within QuickBooks Pro 2020, QuickBooks desktop 2020. Here we are in our get great guitars file, we currently have the open windows open, you can open the open windows by selecting the view drop down and the open windows lyst.
0:23
We have the Home tab open in order to open the home page, you would go to the company drop down and the homepage. Now we want to talk a little bit more about the term of form. Within QuickBooks. We've discussed this a bit as we've gone through the vendors Center and the customer centered the flows of the activity, we want to emphasize it more here because it's really important to understand the terminology that you'll be using. Because when you talk to different people, they're going to be thinking about different kind of terminology.
0:54
And even within the field of accounting, it will change. For example, if you're talking about an accountant, that's business learning, accounting theory, they're learning in terms of debits and credits, and not so much through the data input forms. So when we as an accountant, as a bookkeeper talk to someone who's mainly focusing in on financial transactions being recorded, which could include people like auditors, then we need to be we need to understand that the different types of terminology that we will be talking about.
1:25
So the term form, in this case, then when we think about QuickBooks will mean these data input screens, so things like bills, things like the pay bills, which will in essence be checks, the create the invoice, the receive payment, the Create sales receipt, these for QuickBooks, or the forms now and you know, if I was not in QuickBooks, and other accountants might see these screens as basically data input screens or something like that, QuickBooks will typically call these forms.
1:56
And for QuickBooks, then the forms which are these basically data input screens are going to be the things that drive financial transactions. If I was on the accounting side of things, or if I was learning, just basically financial accounting, possibly when you're talking to auditors, or other people in the accounting field that do not work specifically with QuickBooks, or other accounting software that uses similar terminology, then they would think of financial transactions, basically, with debits and credits, the actual transactions are the actual increases and decreases in in accounts that basically the accounting equation going up and down.
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https://www.youtube.com/watch?v=4MNmSCLCYgw
IRS Tax Tip
Here’s what taxpayers need to know about reporting tip income on their tax return
https://www.irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-reporting-tip-income-on-their-tax-return
https://accountinginstruction.info/
Generally, income received from any source, including tips, is taxable. Here's some information to help taxpayers report tip income.
All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes:
Tips directly from customers.
Tips added using credit cards.
Tips from a tip-splitting arrangement with other employees.
The value of non-cash tips, such as tickets, passes or other items of value is also income and subject to tax.
Three things can help taxpayers correctly report their tip income.
Keep a daily tip record.
Report tips to their employer.
Report all tips on their income tax return.
Use the Interactive Tax Assistant
This tool provides answers to tax law questions. Taxpayers can use the Interactive Tax Assistant on IRS.gov to find out if their tip income is taxable.
If an employee receives $20 or more in any month, they must report their tips for that month to their employer by the 10th day of the next month. The employer must withhold federal income, Social Security and Medicare taxes on the reported tips.
More information:
Is My Tip Income Taxable?
Form 4137, Social Security and Medicare Tax on Unreported Tip Income
Publication 1244, Employee's Daily Record of Tips and Report to Employer
Tip Recordkeeping and Reporting
Publication 531, Reporting Tip Income
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https://www.youtube.com/watch?v=woyrOVscynU
Job Cost Vs Process Cost
Resources: https://1drv.ms/u/s!Ap8mLpFX7uo9rxVbIuMaTW4OtnfC?e=bjQe9H
Job Cost System Playlist
http://bit.ly/2GH8Nmv
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https://www.youtube.com/watch?v=bGg3hJaN0Mk
Overview of Itemized Deductions Part 2 Income Tax 2023
You can also join our Accounting Instruction Free Month Membership here:
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https://www.youtube.com/watch?v=pwhw7YVzFjM