Veronica Sas, EA

Tax Day is here! If you've already filed, send me a copy of your tax return. We can look at specific strategies that may help your tax bill for 2024. Make sure you thank your tax preparers - they've been working hard! If you need some insights to prepare for next year, check out Chapter 4 of my book, Profit Not Loss. Conquer your taxes like a boss.  https://lnkd.in/gw84U5p6 #taxday #womanpreneur

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🍽️ Understanding the TCJA: Business Meals vs. Entertainment Expenses 💼 The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the general deduction for business entertainment expenses under Sec. 274(a). However, it left the deductibility of food and beverage expenses largely intact at 50% of the expense amount. Due to the historical treatment of meals and entertainment as congruent, practitioners needed guidance on how to separate the two. 📜 In October 2020, the IRS provided this crucial guidance. Taxpayers and advisers must meticulously follow the final regulations to substantiate business food and beverage expenses for deductions. 🔍 Key Points to Remember: 1. Documentation is Crucial: Adequately document all business meal expenses. 2. Tax Home vs. Away from Home: The required documentation differs slightly for expenses incurred in the taxpayer's "tax home" compared to those incurred while traveling "away from home." Stay compliant and ensure your business meal expenses are properly documented to secure those deductions! 📝 #TaxTips #TCJA #BusinessMeals #TaxDeduction #TaxStrategy #SterlingTaxAndAccounting # Accountant #SRQTax #CPA

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Can any tax pro connections explain to me how the current administration proposes to NOT RAISE TAXES on anyone making under $400K yet let all of the parts of the TCJA expire including the QBI Deduction? I'm not a tax professional myself - I only partner with CPA, Accounting & Advisory firms on their talent management issues But no matter how I try to cut it, I don't see how the statement of "𝙒𝙚 𝙖𝙧𝙚𝙣'𝙩 𝙜𝙤𝙞𝙣𝙜 𝙩𝙤 𝙧𝙖𝙞𝙨𝙚 𝙩𝙖𝙭𝙚𝙨 𝙤𝙣 𝙖𝙣𝙮𝙤𝙣𝙚 𝙢𝙖𝙠𝙞𝙣𝙜 𝙪𝙣𝙙𝙚𝙧 $400K" can be anywhere close to valid when all of the pieces of the TCJA disappear in 2025 including the QBI which is a HUGE SAVINGS to anyone with pass-through entity income under $400K And if my assumptions are correct, why hasn't anyone asked this question of any of the current administration's talking heads? This is not a politically-driven opinion or post, just a small business owner wondering why nobody has called this out assuming my non-accountant math is right I've attached a link to a fairly simple article that explains some of the pieces of the QBI for those who like me, aren't accountants but run businesses and can get lost in the technical jargon at times Thoughts from the accounting pros out there??? Chase Birky, CPA Kelly Rohrs, CPA Yuri Kapilovich, CPA Mike Payne, JD - CPA Chris Vanover, CPA Marcus Dillon, CPA David G. Barbeito, CPA Zane Stevens CA (SA) Jason M. Blumer, CPA Jacob Giroux Henry Huie, CPA Mike Manalac, CPA Marcus A. Mire, CPA, CTC John Briggs ⚡️Roman Villard, CPA

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The "Tax Gap" is why working with US Tax clients is so lucrative and the opportunities are endless. The Tax Gap is the difference between what the IRS believes it is owed and how much it collects. The GAP is close to $700,000,000 (SEVEN HUNDRED BILLION) and main purpose of the IRA (Inflation Reduction Act) passed in August of 2022 is to close the GAP. How are they going to close it? Enforcement, enforcement and then more enforcement. Tens on millions of US (and foreign citizens) will soon have an IRS agent knocking on their doors. Take into account that a majority of these individuals have no accountant and the fact that 75% of existing tax preparers are either at or close to retirement. This is an opportunity of a lifetime for accountants! Don't let it pass you by!

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The tax amortization structure on R&D expenses has changed quickly enough to put thousands of R&D intensive small and midsized manufacturers in peril on their tax bills. Many will go into debt with the IRS as they scramble to cover taxes on much higher net income data without the deductions. It has become an unresolved debate due to the election year politics. I encourage businesses and CPAs to contact your senator, especially if they are in the Republican Caucus, to remind them of the strains 174 amortization has placed on businesses. The continued uncertainty of a 174 repeal paralyzes closely held businesses as they strive to manage daily operations and plan for future growth. Most individual small and midsized manufacturers are privately held businesses and have been an engine of growth in employment and GDP. On a macro level it jeopardizes our position as the number 1 country in R&D output. Matched with high interest rates, an economic killer is in the making. #174amortization #R&D #MadeinUSA #Manufacturing #Tech #Software #Semiconductor #SiliconValley #Jobs #USA #Economy

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𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐖𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐓𝐚𝐱 Withholding tax is the portion of an employee's wages that an employer deducts and remits directly to the government as a prepayment of the employee's annual income tax liability. Investopedia 𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬: 1. Purpose: Ensures taxes are paid throughout the year, reducing the burden of a large tax bill at year's end. 2. Calculation: Based on income level, filing status, and allowances claimed on the W-4 form. 3. Adjustment: Employees can adjust withholding by submitting a new W-4 form to their employer. 4. Regularly reviewing and adjusting your withholding can help align it with your actual tax liability, minimizing surprises at tax time. 📩 DM me for personalized tax tips or to schedule a consultation. ☎️706-410-6577 Nmls #: 2500062 📧taramcduffie@legendarytacservice.com #TaxEducation #WithholdingTax #TaxTips #FinancialLiteracy #TaxPlanning #PersonalFinance #TaxSeason #IRS #TaxWithholding #FinancialEducation #TaxAwareness #MoneyMatters #SmartMoney #TaxKnowledge #FinancialPlanning #simplybizwithladyt #bossbabemindset #pushtopurpose

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This article addresses some of the many benefits of the research and development tax credit.

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Here is what I love about being an accounting firm owner: 1. I'm not worried about getting "fired" or "laid off" 2. I can virtually generate income on demand 3. There is passive growth (referrals) 4. Lifetime Value of clients are about 8-10 years 5. There is extremely high demand for my services 6. I can WFH, which allows me to maximize my time 7. I'm building equity with every client in addition to monthly/annual income 8. I can work with the types of clients I want 9. It's low capital and high cash flow 10. I get to educate clients and peers (my dream was to be a math teacher, but they don't get paid enough in my opinion)

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Hey everyone, and welcome to Day 11 of Tax Tips! Let’s talk about standard deductions versus itemized deductions. Now, should you take the standard deduction or itemize? 🤔 Here’s the deal: The standard deduction is like a gift from the IRS to help lower your taxable income. It’s simple, stress-free, and ideal if you don’t have a lot of qualifying expenses for itemizing. But if you’re paying a substantial amount on things like: Mortgage interest Medical bills Property taxes Charitable contributions …then itemizing might help you lower your taxable income even more—as long as your itemized deductions are higher than the standard deduction. Quick tip: It’s all about running the numbers and seeing which option benefits you most! Tomorrow, I’ll be back to break down the 2024 standard deduction amounts so you can see where you stand. See you then! 😊

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CPS PC Informational: Tax Tip 2024-41: What people need to know when starting a business Credits: IRS #business #castellon #accountingservices #taxservices

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According to the 2023 Form 1040 Instructions the average total time for a nonbusiness taxpayer is 9 hours at an average cost of $150 and the average total time for a business taxpayer is 24 hours at an average cost of $560. I think this may be part of the problem with tax professionals undercharging for tax work if they are using the Form instructions as a pricing guide. Source: 2023 Form 1040 Instructions "Estimated Average Taxpayer Burden for Individuals by Activity"

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Understanding Reasonable Wages for S Corporation Owners 🚀 Own an S Corporation? It’s essential to know what counts as a “reasonable wage” to keep the IRS happy. Here’s a quick guide: 🔍 What’s a Reasonable Wage? It’s the fair market value of the services you provide. Think about how much you’d pay someone else to do your job. ⚠ Why is it Important? The IRS wants S Corporation owners who work in the business to pay themselves a fair salary before taking distributions. Salary = payroll taxes, but distributions don’t. Skimping on your salary can lead to penalties and back taxes! 📊 How to Determine It: Check industry standards. Evaluate your role and responsibilities. Look at your company’s performance. Consider your geographical location. 📝 Document Everything: Job descriptions Comparable salary data Financial statements 💡 Balance Salary and Distributions Optimize your tax savings by setting a defensible salary aligned with industry norms. 👨‍💼 Seek Professional Advice Consult a tax pro to ensure your strategy meets IRS rules and benefits your financial situation. #TaxTips #SCorporation #BusinessOwners #IRSCompliance #FinancialHealth #ZagzAccountingSolutions

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A common issue we see with corporations (both S and C). Business slows down and the owner decides to stop running payroll. The problem is you still will need to file your quarterly payroll returns and issue year end W2s. If you don’t properly file and pay your payroll returns, both federal and state, there can be personal liability bc they are trust fund taxes. But I thought this was a corporation and I was protected! Not from trust fund taxes. You can also have an issue with social security as your numbers won’t match what they have. The bottom line is running and filing payroll is big responsibility and you need to make sure it’s done properly otherwise you could have unexpected problems down the road. #taxresolution #cpa #taxattorney

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A common issue we see with corporations (both S and C). Business slows down and the owner decides to stop running payroll. The problem is you still will need to file your quarterly payroll returns and issue year end W2s. If you don’t properly file and pay your payroll returns, both federal and state, there can be personal liability bc they are trust fund taxes. But I thought this was a corporation and I was protected! Not from trust fund taxes. You can also have an issue with social security as your numbers won’t match what they have. The bottom line is running and filing payroll is big responsibility and you need to make sure it’s done properly otherwise you could have unexpected problems down the road. #taxresolution #cpa #taxattorney

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As accounting and CPA firms face rising costs, fee increases are becoming inevitable. However, how many firms are truly leveraging pricing strategies to drive growth and not just cover expenses? The latest 2024 U.S. Accounting and Tax Pricing Benchmark report reveals that while most firms plan to raise fees, a gap remains in using these increases as a proactive growth tool. This is where 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐢𝐧𝐠 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 come in. By partnering with MNCO Global, firms can offset operational cost pressures, retain client trust through value-driven pricing, and focus on revenue growth—all without sacrificing quality or service. Our tailored offshoring services streamline bookkeeping, tax preparation, CFO support, and more, enabling firms to: ✔️ Reduce costs significantly. ✔️ Enhance client relationships with predictable, value-based pricing. ✔️ Stay competitive in a rapidly changing market. 𝑻𝒓𝒂𝒏𝒔𝒇𝒐𝒓𝒎 𝒇𝒆𝒆 𝒊𝒏𝒄𝒓𝒆𝒂𝒔𝒆𝒔 𝒊𝒏𝒕𝒐 𝒔𝒕𝒓𝒂𝒕𝒆𝒈𝒊𝒄 𝒈𝒓𝒐𝒘𝒕𝒉 𝒐𝒑𝒑𝒐𝒓𝒕𝒖𝒏𝒊𝒕𝒊𝒆𝒔—𝒑𝒂𝒓𝒕𝒏𝒆𝒓 𝒘𝒊𝒕𝒉 𝑴𝑵𝑪𝑶 𝑮𝒍𝒐𝒃𝒂𝒍 𝒕𝒐𝒅𝒂𝒚! 📩 Let’s discuss how we can help your firm thrive—contact us now. #OffshoringSolutions #AccountingFirms #TaxPlanning #FeeStrategy #ValueBasedPricing #AccountingInnovation #MNCOGlobal #CPAOffshoring #BoostProfitability #CostEfficiency #CompetitiveAdvantage

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