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20% Business QBI Deduction Tax Rules Explained!  - Very Detailed
 
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20% Business Deduction Explained! (How the 2018 199A Qualified Business Income Deduction Works) Part 1 of 2 The downloadable word doc handout can be found here:https://www.dropbox.com/s/k55x8s0lxfexyql/199A%20Handout.docx?dl=0 For a complete over view of the business tax law changes please see this video here: https://youtu.be/eAkx_6kaOE8 My complete tax playlist can be found here: https://www.youtube.com/playlist?list=PLSofnwEEZdUwO76397C824IRz5xofXEQz Time Stamps: •(What is 199A?) What is the qualified Business Income Deduction: 2:10 •What counts as qualified Business Income : 3:10 • Is rental income qualified business income? 3:41 • What is NOT qualified business income? 4:20 • Do you have to be active in the business to receive the qualified business income deduction? 5:48 • 199A Qualified business income deduction limitations 6:28 • 199A deduction calculation example: 7:25 • What type of businesses qualify for the 20% 199A deduction? : 10:32 • What is a qualified trade or business? : 11:35 • Income limitation phase in explained : 13:08 • What is a specified service trade or business?: 14:35 What is 199A? (How does the QBI Deduction Work) For the years beginning January 1st 2018 through December 31, 2025 A taxpayer other than a corporation is entitled to a deduction equal to 20% of the taxpayer’s “qualified business income” What is qualified business income? The taxpayer should determine their “qualified business income” for each business they own (If multiple businesses are involved) Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to a qualified trade or business that is effectively connected with the conduct of a business within the United States. Short-term and long-term capital gain and losses. What is not qualified business income? - Dividend income - Any interest income - Net gain from foreign currency transactions - Income from national principal contracts - Amounts received from an annuity - Compensation (Wages) - Guaranteed payments 199A deduction limitation: The deduction is limited to 20% of lesser of - Qualified Business Income OR - Taxable income AFTER reduction for any net capital gains, but BEFORE the 199A deduction is taken into account. Example: MFJ taxpayer has the following: - $100,000 of QBI (Qualified business income) - $100,000 in Long-term capital gains - ($30,000 of tax deductions) - Net taxable income in this example would be $170,000. The 199A deduction is limited to the lesser of $20,000 ($100,000 x 20%) or $14,000 (20% of $70,000). The $70,000 is calculated by taking the total net taxable income of $170,000 - $100,000 capital gains) = $70,000 Result: In this example is $14,000 199A deduction. This means $14,000 of this person’s business income is no longer subject to tax. Businesses and/or taxpayers who do not qualify for the 199A deduction: - C corporations do not qualify - Individual employees do not qualify. You have to have ownership interest in the business to qualify. What is a qualified trade or business? Every business is a qualified trade or business as defined under section 199A with the exception being. - The trade or business of performing services as an employee - A specified service trade or business Exception of 199A deduction for Specified service business: The deduction is allowed if the taxpayer claiming the deduction has taxable income of less than $315,000 (if married filing jointly; $157,500 for all other taxpayers). Because the two W-2-based limitations also do not apply when taxable income is below those same thresholds, a taxpayer in a specified service business with taxable income below the thresholds simply deducts 20% of any qualified business income (subject to the overall limitation). Where to find more information: - Irs Notice 2018-64 https://www.irs.gov/pub/irs-drop/n-18-64.pdf - IRS 199 Proposed Regs: https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf - IRS FAQ re: 199A: https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs - Forbes article written by Tony Nitti: https://www.forbes.com/sites/anthonynitti/2018/08/09/irs-provides-guidance-on-20-pass-through-deduction-but-questions-remain/#e8c2c2c2ff84 - Article on 199A written by KPMG: https://home.kpmg.com/us/en/home/insights/2018/08/tnf-initial-impressions-proposed-regulations-irs-guidance-for-section-199a.html
Views: 1589 Money and Life TV
(How to Calculate the 20% 199A QBI Deduction) - Very Detailed (20% Business Tax Deduction Explained)
 
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20% Business Deduction Explained! (How the 2018 199A Qualified Business Income Deduction Works) Part 2 of 2 - Very detailed (How to determine 199A 20% QBI Deduction) These videos are designed to help you understand how the 199A Qualified business income deduction works. (5 Examples of How to Calculate 199A QBI Deduction Step by Step) If you missed Part 1 of this series you can check it out here: https://youtu.be/P483VTg56Lw The downloadable excel document can be found here: https://www.dropbox.com/s/36phs8rgsidw075/199A%20calculation%20examples%20%28protected%29.xlsx?dl=0 The downloadable word doc handout can be found here:https://www.dropbox.com/s/k55x8s0lxfexyql/199A%20Handout.docx?dl=0 For a complete over view of the business tax law changes please see this video here: https://youtu.be/eAkx_6kaOE8 My complete tax playlist can be found here: https://www.youtube.com/playlist?list=PLSofnwEEZdUwO76397C824IRz5xofXEQz Time Stamps: •Example 1 (Simple) - Calculation for a non specified service trade or business taxpayer (No capital gains) - 2:20 •Example 2 (Simple) - Calculation for a non specified service trade or business taxpayer (WITH capital gains) - 6:50 •Example 3 (intermediate) - Calculation for a Specified Service Trade or Business taxpayer (no capital gains) Income is between the phaseout limitations - 8:22 •Example 5 (Advanced) - Calculation for a NON Specified Service Trade or Business taxpayer (no capital gains) Income is above $207,500 - 15:39 Aggregation of multiple businesses - 24:00 For the years beginning January 1st 2018 through December 31, 2025 A taxpayer other than a corporation is entitled to a deduction equal to 20% of the taxpayer’s “qualified business income” What is qualified business income? The taxpayer should determine their “qualified business income” for each business they own (If multiple businesses are involved) Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to a qualified trade or business that is effectively connected with the conduct of a business within the United States. Short-term and long-term capital gain and losses. What is not qualified business income? - Dividend income - Any interest income - Net gain from foreign currency transactions - Income from national principal contracts - Amounts received from an annuity - Compensation (Wages) - Guaranteed payments 199A deduction limitation: The deduction is limited to 20% of lesser of - Qualified Business Income OR - Taxable income AFTER reduction for any net capital gains, but BEFORE the 199A deduction is taken into account. Example: MFJ taxpayer has the following: - $100,000 of QBI (Qualified business income) - $100,000 in Long-term capital gains - ($30,000 of tax deductions) - Net taxable income in this example would be $170,000. The 199A deduction is limited to the lesser of $20,000 ($100,000 x 20%) or $14,000 (20% of $70,000). The $70,000 is calculated by taking the total net taxable income of $170,000 - $100,000 capital gains) = $70,000 Result: In this example is $14,000 199A deduction. This means $14,000 of this person’s business income is no longer subject to tax. Businesses and/or taxpayers who do not qualify for the 199A deduction: - C corporations do not qualify - Individual employees do not qualify. You have to have ownership interest in the business to qualify. What is a qualified trade or business? Every business is a qualified trade or business as defined under section 199A with the exception being. - The trade or business of performing services as an employee - A specified service trade or business Exception of 199A deduction for Specified service business: The deduction is allowed if the taxpayer claiming the deduction has taxable income of less than $315,000 (if married filing jointly; $157,500 for all other taxpayers). Because the two W-2-based limitations also do not apply when taxable income is below those same thresholds, a taxpayer in a specified service business with taxable income below the thresholds simply deducts 20% of any qualified business income (subject to the overall limitation). Where to find more information: - Irs Notice 2018-64 https://www.irs.gov/pub/irs-drop/n-18-64.pdf - IRS 199 Proposed Regs: https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf - IRS FAQ re: 199A: https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs - Forbes article written by Tony Nitti: https://www.forbes.com/sites/anthonynitti/2018/08/09/irs-provides-guidance-on-20-pass-through-deduction-but-questions-remain/#e8c2c2c2ff84 - Article on 199A written by KPMG: https://home.kpmg.com/us/en/home/insights/2018/08/tnf-initial-impressions-proposed-regulations-irs-guidance-for-section-199a.html
Views: 968 Money and Life TV
What is UNRELATED BUSINESS INCOME TAX? What does UNRELATED BUSINESS INCOME TAX mean?
 
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What is UNRELATED BUSINESS INCOME TAX? What does UNRELATED BUSINESS INCOME TAX mean? UNRELATED BUSINESS INCOME TAX meaning - UNRELATED BUSINESS INCOME TAX definition - UNRELATED BUSINESS INCOME TAX explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 USCA 501 organization that is not related to the tax-exempt purpose of that organization. For most organizations, a business activity generates unrelated business income subject to taxation if: 1. It is a trade or business, 2. It is regularly carried on, and 3. It is not substantially related to furthering the exempt purpose of the organization. A trade or business includes the selling of goods or services with the intention of having a profit. An activity is regularly carried on if it occurs with a frequency and continuity, similar to what a commercial entity would do if it performed the same activity. An activity is substantially related to furthering the exempt purpose of the organization if the activity contributes importantly to accomplishing the organization's purpose, other than for the sake of producing the income itself. Certain types of income are not considered unrelated business income, such as income from dividends; interest; royalties; rental of real property; research for a federal, state, or local government; and charitable contributions, gifts, and grants. In addition, unrelated business income does not include income derived from the work of unpaid volunteers, income from the sale of donated goods, income from trade shows and conventions, income from legal gaming. The Internal Revenue Service does not consider the receipt of assets from a closely related tax-exempt organization to be unrelated business income. The IRS taxes unrelated business income at the corporate tax rates (IRC section 11) except for certain section 511(b)(2) trusts which are taxed at trust tax rates. Examples: A university runs a pizza parlor that sells pizza to students and non-students alike. The university is a tax-exempt organization and its pizza parlor generates unrelated business income. While the tuition and fees generated by the university are tax exempt, its income from the pizza parlor is not tax-exempt because the pizza parlor is unrelated to the university's education purpose. A counter-example is a social-service nonprofit that holds a one-time bake sale. While the sale is unrelated to their mission, it is tax-exempt because it is not regularly carried on. Business activities of an exempt organization ordinarily are considered regularly carried on if they show a frequency and continuity, and they are pursued in a manner similar to comparable commercial activities of nonexempt organizations. If a nonprofit organization receives income from providing services to outside entities and the performance of those services does not further the organization's mission of the organization, the income may be unrelated business income. If a nonprofit organization sells advertising in print or on the organization's web site, the income is typically unrelated business income if the advertisements promote the advertiser's business and not the nonprofit organization. If a nonprofit organization licenses its intangible property and promotes an outside entity's business, the income may be unrelated business income. On the other hand, if the nonprofit organization licenses its intangible property and performs no other services related to the licensing, then the income is consider passive income and it is typically not unrelated business income. If a nonprofit organization has ownership in an S corporation, the income from the S corporation is typically unrelated business income. Gain or loss from the sale of stock in the S corporation stock is also typically unrelated business income. Under Internal Revenue Code section 514, property held for the production of income and subject to acquisition or improvement indebtedness is typically unrelated business income. In most of the above examples, the income may not be considered unrelated business income if the activity is not regularly carried on or if the organization does not intend to recognize a gain from the activity.
Views: 200 The Audiopedia
Tax Basics for Stock Market Investors!
 
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This video today is about tax basics for stock market investors. Taxes for beginners can be hard to understand but today this tax video should be helpful to any new stock market investor. Taxes explained and stocks go together and now you should know tax basics. Taxes on stocks can either work to your advantage or not. My favorite book on Investing http://amzn.to/2xpcpWs My second Favorite book on Investing http://amzn.to/2cQqPDD My favorite book on business http://amzn.to/2cfY71k My favorite Personal Finance http://amzn.to/2ckIqUE My favorite movie about the stock market http://amzn.to/2cQLLx1 My second favorite movie about the stock market http://amzn.to/2cGyxhL My favorite movie about business http://amzn.to/2cGzLcI Awesome Camera I use http://amzn.to/2cGznuW Professional Microphone I use http://amzn.to/2d5eLh5 Nice affordable Tripod I use http://amzn.to/2cfXPaD Bright lighting set I use http://amzn.to/2cQMw9B Laptop I use to Edit http://amzn.to/2d5dJ4U Camera I use for professional business photography http://amzn.to/2ckGLP6 Drone I use for my Business http://amzn.to/2ctNlAw
Views: 77155 Financial Education
Understanding how the IRS 20% Qualified Business Income (QBI) deduction works
 
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https://www.irsmedic.com/blog/2018/01/tax-reform-what-is-qbi.html The 2017 Tax Cuts and Jobs Act (otherwise known as the 2017 tax reform) includes a fantastic tax benefit for many entrepreneurs, self-employed individuals, and investors by allowing them to deduct 20% of their business income. The problem is that the rules are incredibly complicated. In this article, we will explain the basics of how it works and under which circumstances you may want to consult with a tax advisor so that you can best take advantage of this new tax break. A very basic example of how QBI works For this hypothetical, let's assume a taxpayer makes $300,000 in profit as a self-employed civil engineer, and he files jointly. This engineer is able to deduct 20% of his profit, in this case $60,000 from his tax return. So even before any other deductions or the standard deduction, he is taxed on not $300,000, but $300,000 less 60,000 for a taxable income of $240,000. Based on the revised tax brackets, the marginal tax rate at play in this example is 32%, meaning the QBI for this engineer is worth $60,000 x .32 = $19,000. QBI has saved this taxpayer $19,000 in taxes. A taxpayer with larger QBI stands to gain even more. For example, $10,000,000 in profit would qualify for a $2,000,000 deduction. At a top tax rate of 37%, this translates into a $740,000 tax savings. Do I need to convert to or be an S-corporation to take advantage of QBI? No. This is confusing because the original break proposed by Congress was a lowered pass-through (S-corp) taxation rate of 25%. However, this did not make it into the final bill. Instead, partnerships, sole proprietors, trusts, and S-corps owners can all take advantage of the 20% QBI. What is a Specified Service Trade or Business? A Specified Service Trade or Business (SSTB) is not able to take advantage of QBI in the same way a taxpayer whose business income is NOT an SSTB can. An SSTB is any trade or business activity involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletic, financial services, brokerage services, or any trade or business is the reputation or skill of one or more of its employees. Also included are any trades or businesses involving investing and investment management, trading or dealing in securities, partnership . Engineers and architects were specifically exempted. I am in a “Specified Service Trade.” Can I use the QBI at all? Yes, as long as your adjusted gross income falls below a certain threshold. The magic number is $315,000 for married filing jointly, $207,500 for head of household, or $157,500 for single filers. If your AGI is at or below these figures, you can claim the QBI regardless if you are listed in a specific trade or service. If your AGI is above these figures, it may make sense to consider some tax planning or strategies so that you can legally take advantage of QBI. What is the top effective tax rate if I have unlimited QBI income? The top effective tax rate for investors and business owner with QBI approaches 29.8%. This is a big improvement over the previously highest top tax rate of 39.6% and the new top tax rate of 37%. Where do things get complicated with QBI? If you aren’t already confused, the QBI deduction quickly gets even more complicated. Here are situations where the use of the deduction may be significantly impaired, or require additional planning or strategies: Where income increases and you have an SSTB even though you have non-SSTB income. Where you have multiple trades and businesses and some have losses. Where one spouse has SSTB income and the other spouse does not, but total income is high. Where income increases yet W-2 wages paid are low and/or the business is not capital intensive. What should you do to maximize the use of QBI? For our clients, especially those with worldwide income and other ventures, we are always looking for and implementing ways to maximize tax benefits through various structuring. It is important to understand that this new tax reform is ripe with loopholes that we and other practitioners continue to uncover. Some of these loopholes we believe are intentional. To learn about what we can provide to you, we invite you to contact us for a complimentary strategy session. We believe the more control our clients have, the better place the world is. It is our mission to help US taxpayers around the world make their IRS problems and tax bills a bit more manageable. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 [email protected]
Views: 5799 IRS Medic
Non-US Entrepreneurs: Do You Have To Pay Taxes If Selling Into The US?
 
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📱Work With Me Here: https://sebastiangomez.com/call 📺 Subscribe To My Channel: http://www.youtube.com/user/successwithsebastian?sub_confirmation=1 📷 Follow Me On Instagram For Behind The Scenes Content! http://sebastiangomez.com/instagram In this video I talk about taxes for non-US entrepreneurs as myself. I do not recommend to make decisions based on this video without consulting a tax expert, since every business is different and some things I say may not apply to you. You are tax-elegible in the U.S if you are engaged in trade or business in the United States, if you have a dependant agent, a person that depends on you, and works exclusively for you. Also you are elegible if you have an independent agent that works most of the time for you. As I did it, I created a single member LLC in the US, so that I can open bank accounts, use credit cards and have other financial benefits in the US. This is a tricky topic and I had to get in touch with tax experts to get this information and I recommend you pay for tax consulting so that you get specific advice for your business.
Views: 16677 Sebastian Gomez
Honest Tax Returns, the "federal income tax" explained in 3 minutes.
 
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The "federal income tax" explained in 3 minutes: The first and most important question regarding the federal income tax is: is it the federal tax on your income? Or is it the tax on your federal income? The federal income tax is the tax on federal income, and not the federal tax on your income. This is much like a "small business owner" is the owner of a small business, and not a small owner of a business. If you receive a federal benefit, or derive a gain from the exercise of a federal privilege, then you have federal income, which IS lawfully subject to the tax. Therefore, for the majority of Americans, who have zero federal income, the tax on federal income should also be zero. This brings us to the second question: why do most Americans pay a federal income tax, when only a small minority of us actually benefit from federal income? The answer to this paradox can be found in the use of custom defined terms in the Internal Revenue Code. For example, the term employee means government employee; wages mean government pay; trade or business mean the functions of a public office; service means government service; United States means the District of Columbia and the term gross income means federal income. Therefore, if you have gross income from wages for service as an employee, or derived from a trade or business in the United States, then you are subject to the tax on your income. Furthermore, if another person makes a presumptive or erroneous claim that you received wages as an employee, or otherwise received a federal benefit, when in-fact you did not, then they are bearing false witness against you. If you fail to properly rebut this falsehood, then you are presumed to agree with having received federal property; and this presumption is what makes you liable as a taxpayer to a system of voluntary compliance. To free yourself from this constructive government fraud, watch HONEST TAX RETURNS. (https://youtu.be/-wPGoC0-frc) Know the truth, and the truth shall set you free. --- IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
Views: 389 No Duty To Submit
Education Expense | Qualified Tuition Deduction | Tax Cuts and Jobs Act 2017 TCJA |Income Tax Course
 
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n general, a self-employed taxpayer can deduct education expenses provided the expenses are: To meet the specific legal requirements to keep his or her job, or To maintain or improve existing skills required in the present job. Education expenses are not deductible if the education is: To meet the minimum educational standards for qualification in the taxpayer’s existing job. To qualify the taxpayer for a new trade or business One of the major shortcomings of the education deduction, previously discussed, is that it is unavailable for taxpayers obtaining a basic skill (i.e., to meet the minimum standards required for a job). This shortcoming has been partly resolved with the deduction for qualified tuition and related expenses. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Honest Tax Returns, Part 8, IRS Response
 
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. . . Video on IRS response to Honest Tax Return filed for 2016. . . . tags: correcting 1099, corrected 1099, how to correct 1099, IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
Views: 623 No Duty To Submit
Honest Tax Returns, Part 3, the Meaning of "Internal" Revenue
 
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. . . . . CONTENTS: Part 1: Examples of Honest Tax Returns Part 2: Meaning of "federal income tax" Part 3: Meaning of "Internal" revenue Part 4: 16th Amendment "income" Part 5: Anatomy of Gross Income Part 6: Terms of Entrapment DORPBOX LINKS: 1: https://www.dropbox.com/s/qr7wj5wf78qrchh/Honest%20Tax%20Returns%2C%20Part%201%20of%206.mov?dl=0 2: https://www.dropbox.com/s/gdw2vcmm2rdju14/Honest%20Tax%20Returns%2C%20part%202%20of%206.mov?dl=0 3: https://www.dropbox.com/s/229uhkfafm3m4dg/Honest%20Tax%20Returns%2C%20Part%203%20of%206.mov?dl=0 4: https://www.dropbox.com/s/2z8y55bgfo2nv5w/Honest%20Tax%20Returns%2C%20Part%204%20of%206.mov?dl=0 5: https://www.dropbox.com/s/l17uq76lcam5kuv/Honest%20Tax%20Returns%2C%20Part%205%20of%206.mov?dl=0 6: https://www.dropbox.com/s/cqe1aqi151swp8w/Honest%20Tax%20Returns%2C%20Part%206%20of%206.mov?dl=0 COPYRIGHT: NONE--PLEASE SHARE AS MUCH AS POSSIBLE, as long as the entire series is referenced. tags: IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
Views: 447 No Duty To Submit
Tax Savings (OSD or IAD) for VAT registered? Make your choice now.
 
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How to compute Optional Standard Deductions (OSD)? ... Included corporation in the coverage of OSD; and,; Deduction of cost of sales/service in arriving the tax base. ... 21 Items Subject to Expanded Withholding Tax under TRAIN RA 10963 ...Itemized Deduction and Optional Standard Deduction (OSD) is not an ... The lower personal income tax rates offered by the TRAIN law are ...Among the provisions of the TRAIN bill, the President has vetoed ..... Optional standard .... Provides for a standard deduction of PHP500,000.On optional standard deduction (OSD). Sec. 34. (L) In lieu of the itemized allowable deductions, an individual subject to tax, other than a nonresident alien, may ... Optional Standard Deduction (OSD). - In lieu of the deductions allowed under the preceding Subsections, an individual subject to tax under ... They are technically termed as “allowable deductions from gross income” and they could be under itemized deductions or under optional standard deductions (OSD). ... Official reciepts and sales invoices duly registered by the Bureau of Internal Revenue (BIR) are the common suporting documents but some itemized ...If you are on your way now to computing your income to be filed and remitted with the BIR, the following deductions and exemptions may reduce your taxable ... For individual taxpayers, a maximum of 40% of their gross sales or gross receipts shall be allowed as deduction instead of the itemized deduction.There may also other things that should be considered when claiming deductions to your taxable income. Furthermore, this article is intended for taxpayers who are claiming itemized deductions instead of the optional standard deductions in computing for income tax. New laws, BIR issuances, regulations ...When you're doing business in the Philippines, you need to be aware of the allowable deductible expenses that you can use in order to manage your income taxes. The BIR authorizes the following expenses to be deducted from your gross sales in order to arrive at a lower taxable income. Here's a list of the allowable ...Optional Standard Deduction (OSD) – A maximum of 40% of their gross sales or gross receipts shall be allowed as deduction in lieu of the itemized deduction. This type of deduction shall not be allowed for non-resident aliens engaged in trade or business. An individual who opts to avail of this deduction need not submit the ...maestro emelino knows emelinotmaestrokataxpayer kataxpayer Special Allowable Itemized Deductions, 9. 8, Computation of Net Loss Carry Over (NOLCO), 9. 9, Tax Credits/Payments-Attach proof, 10. 10, Balance Sheet, 10. 11A, Tax Filer's-Reconciliation of Net Income per Books Against Taxable Income, 11. 11B, Spouse's-Reconciliation of Net Income per Books Against Taxable ...The Letter of Authority is an official document that empowers a Revenue Officer to examine and scrutinize a Taxpayer's books of accounts and other accounting records, in order to determine the Taxpayer's correct internal revenue tax liabilities.The Bureau of Internal Revenue (BIR) is the Philippine government’s largest revenue collecting arm. ... Taxpayers with noted discrepancies are then informed of the findings through the issuance of a Letter Notice (LN) by the BIR. ... In one of its recent decisions, the Supreme Court (SC ...an LOA is the authority given to the appropriate revenue officer assigned to perform assessment functions. ... RMO 30-2003 allows that the RELIEF System to detect tax leaks by matching the data available under the BIR's Integrated Tax System with data gathered from third party sources.The Bureau of Internal Revenue has temporarily suspended taxpayer investigations as the country's biggest tax-collection agency audits revenue officers' outstanding mission orders as well as letters of authority to determine their effectiveness in shoring up collections. In a statement Monday, the BIR said it ...As a former BIR examiner, I know exactly what happens the moment a Letter of Authority (LOA) is served to a taxpayer. It's either they “cooperate” or they get a huge assessment. However, the moment you start “cooperating” they keep coming back not just with higher assessment but higher bribe money ...
Views: 987 EmelinoTMaestro
Tax Savings (8%GIT, OSD or IAD) for NonVAT registered?  Make your move today.
 
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On an administrative level, the basic standard operating procedure is for the BIR to issue a Letter of Authority to the taxpayer with the appointment of revenue officers who will conduct the audit and examination. The taxpayer is requested to submit documents which the revenue officers would need to conduct investigation. A BIR Audit begins as soon as a taxpayer receives a written authorization in form of Letter of Authority (LA), letter Notice (LN), Tax Verification Notice (TVN), or Electronic Letter of Authority (eLA). The actual audit of the books of account follows. After, there will be an informal conference between the taxpayer ...Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts. - The Commissioner may, at any time during the taxable year, order inventory-taking of goods of any taxpayer as a basis for determining his internal revenue tax liabilities, or may place the business operations of ...Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts. - The Commissioner may, at any time during the taxable year, order inventory-taking of goods of any taxpayer as a basis for determining his internal revenue tax liabilities, or may place the business operations of ...Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts. - The Commissioner may, at any time during the taxable year, order inventory-taking of goods of any taxpayer as a basis for determining his internal revenue tax liabilities, or may place the business operations of ...Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts. - The Commissioner may, at any time during the taxable year, order inventory-taking of goods of any taxpayer as a basis for determining his internal revenue tax liabilities, or may place the business operations of ...Authority to Conduct Inventory-taking, Surveillance and to Prescribe Presumptive Gross Sales and Receipts. - The Commissioner may, at any time during the taxable year, order inventory-taking of goods of any taxpayer as a basis for determining his internal revenue tax liabilities, or may place the business operations of ...Income Tax is a tax on a person's income, emoluments, profits arising from property, practice of profession, conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code), as amended, less the deductions and/or personal and additional exemptions, if any, authorized for ...Married individuals shall file a return for the taxable year to include the income of both spouses, computing separately their individual income tax based on their respective total taxable income. Where it is impracticable for the spouses to file one return, each spouse may file a separate return of income. If any income cannot ...A Notice of Assessment is a declaration of deficiency taxes issued to a Taxpayer who fails to respond to a Pre-Assessment Notice within the prescribed period of time, or whose reply to the PAN was found to be without merit. emelino t maestro kataxpayer knows maestro emelino...Under this, the BIR is clothed with such power to require taxpayers to submit to its authority for the purpose of determining such tax compliance and do such acts for collection of taxes due from taxpayers. Hereunder is an overview of how tax assessment in the Philippines or BIR tax audit operates in the Philippines ... 'Oplan Kandado” is perhaps one of the programs of the Bureau of Internal Revenue (BIR) most feared by taxpayers. Under Oplan Kandado, a business may be suspended or temporarily closed due to noncompliance with essential value-added tax (VAT) requirements, such as the issuance of receipts, filing .. BUSINESS establishments in the City of San Fernando that are not paying proper taxes will still be closed even this Yuletide Holiday. This, as the implementation of the Oplan Kandado program will continue for the whole month of December. The Bureau of Internal Revenue (BIR) Region IV (RR-4) is set to ...BIR on the DOJ resolution of probable cause, the tax evader will then be criminally charged before the regular courts. Finding the tax evader guilty may put them behind bars. As of this writing, the Philippine tax authorities had already filed more than hundreds of tax evasion cases and counting. Oplan Kandado Program in ... You may have noticed recently a familiar restaurant, grocery or corner drug store suddenly closed for business, its doors chained and padlocked, with a sign that reads: "Closed by the BIR pursuant to Oplan Kandado." You may have noticed recently a familiar restaurant, grocery or corner drug store suddenly closed for business, its doors chained and padlocked, with a sign that reads: "Closed by the BIR pursuant to Oplan Kandado."
Views: 6329 EmelinoTMaestro
Crypto Tax Explained | If You Invest, Trade Or Mine | CPA Tax Advisor - How To File Crypto Taxes
 
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Confused about your crypto tax liabilities? Crypto Tax Advisors LLC provide a wide range of services to help you meet your needs including a free (30 minute) no-obligation consultation: ▶️ https://crypto-taxadvisors.com/ Crypto Tax Advisors, LLC was founded by Sharon Yip, CPA, a tax professional with 20 years experience and a cryptocurrency trader and investor. Sharon specializes in providing a full range of business and tax services to cryptocurrency traders, investors, miners, and anyone working full time in the crypto space. Want to know more about crypto taxes and complying with IRS rules? Why not schedule a FREE 30-minute no-obligation professional consultation with a crypto tax specialist and certified CPA? This may be exactly what you need to help determine all your crypto tax obligations to the IRS. Simply click below to visit our website and book your free consultation to discuss crypto taxes: ▶️ https://crypto-taxadvisors.com/work-with-us/ ★☆★ Our services in detail ★☆★ If you are a cryptocurrency investor or trader you will understand exactly how managing crypto taxes can be confusing. Crypto Tax Advisors are here to help and provide professional tax advice to the crypto community! We pride ourselves on our services and value with the aim of being the best Cryptocurrency Tax Advisor for Crypto traders. The problem faced by many people is one of confusion about when crypto transactions are taxable or whether they are anonymous. The truth is you have to report your crypto tax transactions to the IRS. If you don’t report your crypto taxes, then the IRS will eventually catch up with you. Those who get caught will face paying not only the taxes due but also the penalties, interest and possibly even criminal prosecution. You don’t want to take this risk‼️ Sharon is herself a crypto enthusiast and an active cryptocurrency investor who knows first-hand the challenges you face, because just like you, she is also a member in the crypto community. Crypto Tax Advisors, LLC specializes in providing accountant services for cryptocurrency investors and traders with regard to their complicated crypto transactions and associated crypto tax affairs. Based in the USA, Sharon has a broad portfolio of clients, from crypto enthusiasts to tax professionals - with a range of services geared toward managing cryptocurrency taxes in the USA. Crypto Tax Advisors, LLC are passionate about helping you maximize your tax savings and minimize your IRS audit risks. Our services include entity structuring, bookkeeping for crypto transactions, tax consulting regarding crypto activities, tax planning, retirement planning, tax return preparation and more. We are a one-stop shop for all your tax related needs! Looking for the best Cryptocurrency tax advice for crypto traders? Let Crypto Tax Advisors help you take care of your crypto taxes so that you can focus on earning more money with cryptocurrency and spending more time with your friends and family. Visit our website today to schedule your free 30-minute consultation: ▶️ https://crypto-taxadvisors.com/work-with-us/ #cryptotax #cryptotaxadvisors #sharonyip #cryptocurrencytaxes ★☆★ CONNECT WITH ME HERE ★☆★ 🔹Website: https://crypto-taxadvisors.com/ 🔹Facebook: https://www.facebook.com/CryptoTaxAdvisors/ 🔹You Tube: https://www.youtube.com/channel/UCedrBk5hC9etH9bZoWsnfHg
Views: 114 Cryptotax Advisors
Ordinary & Necessary Trade or Business Expense - Income Taxes 2018
 
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When considering weather a business expense is deductible we need to consider the term of ordinary and necessary. We look at the terms ordinary and necessary as they relate to income taxes 2018 2019 For more accounting and tax information see accounting website. http://accountinginstruction.info/
eTax.com Income Not Subject to Self-Employment Tax
 
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http://www.etax.com Outside of typical earnings as an employee, sometimes taxpayers will have additional forms of income as reported on a Form 1099 MISC. These earnings can come from another trade or business such as contracted work and should be reported when you file your tax return using Form 1040, Schedule C, or reported as "other Income" on the Form 1040. Remember, income from self-employment trades or businesses is taxed under both income tax and 15.3% self-employment tax. Other forms of income are only taxed at the income tax rate. According to the IRS, a trade or business is "an activity carried on for a livelihood or in good faith to make a profit." In addition, the IRS states that trade or business activity must occur regular, frequently, and on a continuous basis. Occasional sources of income, such as a one-time transaction, do not count as trade or business income under the rules of the IRS, as the activity does not occur regularly or frequently. In addition, there is no effort to continue the activity on a consistent basis. Reporting occasional income as "other income" on your tax return saves you from having to pay self-employment tax, although any deductions you claim as expenses for the activity are limited by the actual amount of income you earned.
Views: 180 eTax.com
Honest Tax Returns, Part 2, the Meaning of "federal income tax"
 
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. . . . . CONTENTS: Part 1: Examples of Honest Tax Returns Part 2: Meaning of "federal income tax" Part 3: Meaning of "Internal" revenue Part 4: 16th Amendment "income" Part 5: Anatomy of Gross Income Part 6: Terms of Entrapment DORPBOX LINKS: 1: https://www.dropbox.com/s/qr7wj5wf78qrchh/Honest%20Tax%20Returns%2C%20Part%201%20of%206.mov?dl=0 2: https://www.dropbox.com/s/gdw2vcmm2rdju14/Honest%20Tax%20Returns%2C%20part%202%20of%206.mov?dl=0 3: https://www.dropbox.com/s/229uhkfafm3m4dg/Honest%20Tax%20Returns%2C%20Part%203%20of%206.mov?dl=0 4: https://www.dropbox.com/s/2z8y55bgfo2nv5w/Honest%20Tax%20Returns%2C%20Part%204%20of%206.mov?dl=0 5: https://www.dropbox.com/s/l17uq76lcam5kuv/Honest%20Tax%20Returns%2C%20Part%205%20of%206.mov?dl=0 6: https://www.dropbox.com/s/cqe1aqi151swp8w/Honest%20Tax%20Returns%2C%20Part%206%20of%206.mov?dl=0 COPYRIGHT: NONE--PLEASE SHARE AS MUCH AS POSSIBLE, as long as the entire series is referenced. tags: IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
Views: 642 No Duty To Submit
Home Office Expense Deduction | Tax Cuts and Jobs Act 2017 | TCJA | Income Tax Course | CPA Exam REG
 
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Most expenses for personal use assets are not deductible. Except for certain expenses (primarily, interest and taxes), this is the case with a personal residence. However, self-employed individuals are allowed a deduction for office in the home expenses if a portion of the residence is used exclusively on a regular basis as either: The principal place of business for any trade or business of the taxpayer, or A place of business used by clients, patients, or customers. From 2018 through 2025, employees are not allowed an office in the home deduction as these expenses are employee business expenses (and miscellaneous itemized deduction). The term principal place of business includes a place of business that satisfies the following requirements:30 • The office is used by the taxpayer to conduct administrative or management activities of a trade or business, and • There is no other fixed location of the trade or business where the taxpayer conducts these activities. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Honest Tax Returns, Part 7, Show and Tell
 
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. . To Correct a 1099-misc, I used the following legal notice to the IRS: No payment was made from the party identified above as the "PAYER" to the party identified above as "RECIPIENT," which was made from a 26 USC §6041A(a) "service-recipient," including "any governmental unit (and any agency or instrumentality thereof)," and subject to an Income Tax under the excise laws of the United States. No payment was received by the party identified above as "RECIPIENT," which is within the meaning of the term "net earnings from self-employment" 26 USC §1402(a), defined as "the gross income derived by an individual from any trade or business;" that is, derived from "the performance of the functions of a public office" 26 USC 7701(a)(26), and subject to an Income Tax under the excise laws of the United States." I declare certify under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed on _________________ ; SIGNATURE HERE, without the Unite States (28 USC 1746(1)). . . . . . Video Example on Filing an Honest Tax Return. . . . tags: correcting 1099, corrected 1099, how to correct 1099, IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
Views: 729 No Duty To Submit
Deductible Education Expenses -- Small Business Tax Tip
 
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http://www.nchinc.com/ You may deduct the cost of "ordinary and necessary" expenses paid for employee education and training. You may also deduct the cost of education for the business owners if you can show that it "maintains or improves skills required in your trade or business," or that it is required by law or regulations for maintaining a license to practice, status, or job. For example, professionals can deduct costs for continuing education. Education expenses you incur to meet the minimum requirements of your present trade or business, or those that qualify you for a new trade or business, are not deductible. This is true even if the education maintains or improves skills presently required in your business. Deductible educational expenses include books, tuition, and travel costs to and from school. To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Taxes & Money - Cardone Zone
 
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Our offerings under Rule 506(c) are for accredited investors only. GENERALLY, NO SALE MAY BE MADE TO YOU IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(D)(2)(I)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO WWW.INVESTOR.GOV. Cardone Zone iTunes Podcast Download: http://bit.ly/1avfW4m Cardone Zone SoundCloud Podcast Download: http://bit.ly/13IGRrk www.CardoneZone.com www.GrantCardone.com New York Times Best selling author, radio show host, TVs TurnAround King Grant Cardone discusses Taxes, money, deductions, sales, business, finance and career. Cardone talks about how to respond to a tax audit and deductions that every family and business should be looking at. Cardone Zone IRS and Taxes Did You know 1) Claim a hotel expense on a business trip and its 50% deductible -- Claim it as lodging and its 100% deductible. 2) Strategic Planning Meeting held at a restaurant with company is 100% deductible where if It was business meal with a client its only 50%. 3) Coffee and Donuts for Friday sales meetings filed as meals at 50% but as biz meeting its 100% 4. Deduct Car for Business Use If you are a freelancer/self-employed individual, you can deduct the cost of business use, even if it's on your personal vehicle. Best method sole proprietorship rather than as a legal business structure such as a corporation. The key here is to separate business use from personal use, which can be done by using some sort of tracking mechanism like CarCheckup, a small device which plugs into your car for business trips and then uploads mileage information and other data to your computer when you plug it in via USB. Why am I Telling you this-----I am under audit again ----- Big Bad IRS is costing me time and money hunting for tax revenue... First it was the companies -- now its my personal returns. Here are the IRS Audit Red Flags called the The Dirty Dozen Some tax returns are eyeballed others ignored? IRS audits 1% + of all individual tax returns annually. IRS does not have enough personnel and resources to examine each and every tax return filed during a year. 1) Chances are Low 2) Know the deductions 3) Be aggressive 4) Don't fear an audit unless you are fudging RED flags that increase your chances of drawing unwanted attention from the IRS. 1. Making too much money Incomes of $200,000 or higher had an audit rate of 3.93%, or one out of slightly more than every 25 returns. Report $1 million or more of income? 12.5%. 2. Failing to report all taxable income The IRS gets copies of all 1099s and W-2s you receive, so make sure you report all required income on your return. 3. Taking large charitable deductions We all know that charitable contributions are a great write-off and help you feel all warm and fuzzy inside. However, if your charitable deductions are disproportionately large compared with your income, it raises a red flag. 4. Claiming the home office deduction If you qualify, you can deduct a percentage of your rent, real estate taxes, utilities, phone bills, insurance and other costs that are properly allocated to the home office. That's a great deal. However, to take this write-off, you must use the space exclusively and regularly as your principal place of business. "Exclusive use" means that a specific area of the home is used only for trade or business, not also for the family to watch TV at night. Don't be afraid to take the home office deduction if you're entitled to it 5. Claiming rental losses Normally, the passive loss rules prevent the deduction of rental real estate losses. But there are two important exceptions. If you actively participate in the renting of your property, you can deduct up to $25,000 of loss against your other income. But this $25,000 allowance phases out as adjusted gross income exceeds $100,000 and disappears entirely once your AGI reaches $150,000. 6. Deducting business meals, travel and entertainment Read more at http://www.kiplinger.com/article/taxes/T054-C000-S001-irs-audit-red-flags-the-dirty-dozen.html#t8xfT2GfEk3FzX62.99 7. Claiming 100% business use of a vehicle 8. Writing off a loss for a hobby activity 9. Running a cash business 10. Failing to report a foreign bank account 12. Taking higher-than-average deductions
Views: Grant Cardone
2018-08-13 199A Regulations Some Answers, Some Questions
 
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Current Federal Tax Developments for the week of August 13, 2018: 199A Regulations Some Answers, Some Questions This week we look at the following items: North Carolina announces out of state sellers required to begin collection of sales tax on November 1, 2018 Legal fees were not from a trade or business and were not expenses of the S corporation IRS releases much anticipated proposed regulations on the 199A deductiton including guidance on Aggregation into a single trade or business Definitions of specified service activities Various anti-abuse rules
The Nitty Gritty—of Section 199A—with Tony Nitti #008
 
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The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A. Here are some of the key questions about this new 20 percent qualified business income deduction: Is it just a pass-through deduction? @ 3:19 What’s the starting point for the deduction? @ 5:43 How will be get guidance on this new provision? @ 8:26 Does it apply to rental activities? @ 10:29 What’s a specified service trade or business? @ 16:23 Are self-rentals included in qualified business income? @ 23:05 Should an S corporation convert to a C corporation? @ 26:16 Learn more about Simply Tax here: https://www.bkd.com/simplytax BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. ADDITIONAL RESOURCES Forbes: “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction’” Forbes: “The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type - Or Does It?” AICPA Tax Reform Resource Center: https://www.aicpa.org/interestareas/tax/resources/specializedguidance/taxreform.html BKD Tax Reform Resource Center: https://www.bkd.com/services/tax/tax-reform-resource-center GET MORE SIMPLY TAX Learn more about Simply Tax here: www.bkd.com/simplytax We’d love to hear from you! Email feedback and questions to [email protected] Connect with Damien on social media! • Twitter: https://twitter.com/DamienMartinCPA • LinkedIn: https://www.linkedin.com/in/damienmar... • Instagram: https://www.instagram.com/taxdad/
Views: 3513 BKD CPAs & Advisors
The Proposed 199A Regs with Tony Nitti #035
 
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The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT’S COVERED • Initial reactions to the proposed regulations @ 02:40 • Challenges in implementing the proposed guidance @ 05:48 • What’s a trade or business and when does a rental activity raise to the level of one? @ 11:09 • Increased penalty associated with being aggressive @ 16:16 • Aggregation rules @ 18:21 • The tax law confidence bell curve @ 22:00 • How #TaxTwitter contributed to the proposed regulations @ 25:15 • We need a roadmap for QBI @ 30:48 • Absent action, the deduction sunsets after 2025 @ 33:25 • Tony’s take on the treatment of §1231 assets @ 37:03 • My head hurts! @ 38:39 • UBIA and other terms of art from the proposed regulations @ 41:49 • Approach the TCJA-related guidance as a marathon not a sprint @ 44:36 • Advice for a successful tax career in tax @ 48:27 BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. • Follow Tony on Twitter: https://twitter.com/nittiaj • Connect with Tony on LinkedIn: https://www.linkedin.com/in/tony-nitti-ab64532a/ ADDITIONAL RESOURCES Mentioned in the episode • Qualified business income deduction flowchart: https://www.bkd.com/sites/default/files/2018-08/Pass-Through-Business-Deduction.pdf • Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti: http://www.bkd.com/services/tax/simply-tax-podcast/episode-8-nitty-gritty-section-199a-tony-nitti • Simply Tax Bonus Episode: CPA to CPA with Tony Nitti: https://www.bkd.com/services/tax/simply-tax-podcast/bonus-episode-cpa-cpa-tony-nitti • Proposed regulations: Qualified business income deduction: https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf More on §199A from Tony • IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes): https://www.forbes.com/sites/anthonynitti/2018/08/09/irs-provides-guidance-on-20-pass-through-deduction-but-questions-remain/#7188644b2ff8 • 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required): https://www.taxnotes.com/tax-notes-today/tax-cuts-and-jobs-act/5-passthrough-deduction-questions-irs-must-answer/2018/06/25/283rz?highlight=tony%20nitti • Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser): https://www.thetaxadviser.com/issues/2018/apr/understanding-sec-199A-business-income-deduction.html • The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes): https://www.forbes.com/sites/anthonynitti/2018/01/04/the-new-qualified-business-income-deduction-varies-based-on-your-business-type-or-does-it/#7ed674ab2076 • Making Sense of the New '20% Qualified Business Income Deduction' (Forbes): https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#20f3871244fd GET MORE SIMPLY TAX • Learn more about Simply Tax here: www.bkd.com/simplytax • We’d love to hear from you! Email feedback and questions to [email protected] • Connect with Damien on social media! Twitter: https://twitter.com/DamienMartinCPA LinkedIn: https://www.linkedin.com/in/damienmar... Instagram: https://www.instagram.com/taxdad/
Views: 1255 BKD CPAs & Advisors
Tax Cuts and Jobs Act Part 3, Section 1, Aggregation
 
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This video covers rules for determining pass-through income deductions for individual taxpayers who have pass-through income from multiple trades or businesses. We cover the definition of "trade or business," the tax attributes that are used to determine the deduction, the regulations that have been issued related to the pass-through income deduction, how aggregation rules discriminate against specified service trades or businesses, and rules that apply to real estate rental activities.
Views: 84 Richard Land
1099 Independent Contractor Taxes  Save On "independent Contractor" Tax Form 1 099 Employee
 
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1099 Independent Contractor Taxes Save On "independent Contractor" Tax Form 1 099 Employee 👉 https://e8w74.app.goo.gl/3wfg 👈 Grow your Shopify.Store 👉 https://e8w74.app.goo.gl/shopify 👈 It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee.Apr 23, 2018 1Independent Contractor Self Employed or Employee | Internal ... Do you pay more taxes if you get a 1099? How much tax do you pay on 1099 income? How does 1099 work for taxes? How much money do you need to make to file taxes as an independent contractor? 10What Is Self-Employment Income Tax? How Do I File A Return? - Efile Jump to What Is Considered Independent Contractor Income? - Independent contractor income is compensation you receive for doing work or providing services as a self-employed individual, not as an employee. If you are self-employed and an independent contractor, your compensation is reported on Form 1099-MISC (along with rents, royalties, and other types of income). ‎Why Am I Considered Self ... · ‎Quick Look - Taxes As An ... 11Independent Contractor Self Employed or Employee | Internal ... Apr 23, 2018 - It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. ‎Independent Contractor · ‎Forms and Associated Taxes ... · ‎Statutory Employees 12Independent Contractor Defined | Internal Revenue Service - IRS.gov Apr 24, 2018 - If you are an independent contractor, you are self-employed. To find out what your tax obligations are, visit the Self-Employed Tax Center. 13Tax Guide for Independent Contractors - The Balance Small Business These payments are business income. You don't get a salary from your business. The money you receive for your work or your products goes into your. ... Taxes for social security and Medicare also must be paid; this combined tax is called self-employment tax for independent contractors. ‎Business Tax Deductions · ‎Self-employment tax · ‎Business Tax Preparation ... 14How much tax does an independent contractor pay? – Tax Guide ... To find out how much you must pay, gather information on your business expenses, then use the IRS worksheet for independent contractors or our Tax ... 15Tax Topics for Freelancers, Contractors, and Consultants - TurboTax ... As a freelancer, independent contractor, or consultant, you have a variety of tax issues to consider—including ways to trim your tax bill. An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Unlike an employee, an independent contractor does not work regularly for an employer but works as and when required, during which time he or she may be subject to law of agency. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company or franchise, which they themselves own, or may work through an umbrella company. In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-MISC.[1][2] This form is merely a report of the money paid; independent contractors do not have income taxes withheld like regular employees. independent contractor - 1099 independent contractor taxes. california independent contractors future's uncertain after court ruling. Independent Contractor vs Employee Determination Procedures We provide simple-to-use Independent Contractor Agreements 6561 Home Based Independent Contractor jobs available on Indeed The 2017 Tax Act includes new Internal Revenue Code § 199A, which provides that individuals who are independent contractors can qualify for a 20 percent tax deduction on their independent contractor income without further requirements being met as long as they are engaged in a trade or business and make less than $315,000.00 in taxable income with their spouse if they are married filing jointly, or $157,500.00 of taxable income if filing a single return. https://www.forbes.com/sites/alangassman/2018/10/05/what-is-an-independent-contractor/#76d852b31692
Views: 467 HOUSTON MCMILLER
Rev. Rul. 2004-3, Foreign Partner Deemed to be Engaged in the Conduct of U.S. Trade or Business
 
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http://www.andrewmitchel.com - Hundreds of additional charts http://www.tax-charts.com - Tax flowcharts http://www.intltax.typepad.com - Discussions of new & interesting international tax issues http://www.andrewmitchel.com/charts/rr_2004_3.pdf
Views: 232 Andrew Mitchel
Self Employed  How To Save On Self Employed Taxes Self Employed Vs Employee Self Employed Jobs
 
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Self Employed- How To Save On Self-Employed Taxes Self Employed Vs Employee 👉https://e8w74.app.goo.gl/3wfg 👈 Grow your Shopify.Store 👉 https://e8w74.app.goo.gl/shopify 👈 Real estate investing 👉 https://e8w74.app.goo.gl/real-estate 👈 Hey what's up YouTube entrepreneurs Houston here and today we're going to talk about the difference between being an employee and self-employed and both of these p company and they're making a hundred thousand the employee he gets a hundred thousand and the self-employed he just now you would think that the employee would come out better had but let me show you the numbers all right so with the employee so over 12 months just at the income as well right so Encompass 8500 first thing he has to do with what Uncle Sam is going to him about 35% right 6000 right now when you come back to that $6,000 okay now with the 2500 operating the business is fine $1,000 for corporate that's how much they paying him so he's going to put $500 for retirement that leaves him with a thousand okay and that's $300 remember he's at South and playing right now they're giving him $100,000 $0 monthly salary self employed jobs self employed taxes self employed ideas self employed business self employed examples 1Self-employment - Wikipedia https://en.wikipedia.org/wiki/Self-employment Self-employment is the state of working for oneself rather than an employer. Generally, tax authorities will view a person as self-employed if the person chooses to be recognized as such, or is generating income such that the person is required to file a tax return under legislation in the relevant jurisdiction. In the real world, the critical issue for the taxing authorities is not that the person is trading but is whether the person is profitable and hence potentially taxable. In other words, the activity of trading is likely to be ignored if no profit is present, so occasional and hobby- or enthusiast-based economic activity is generally ignored by authorities. Self-employed people generally find their own work rather than being provided with work by an employer, earning income from a trade or business that they operate. In some countries governments (the United States and United Kingdom, for example) are placing more emphasis on clarifying whether an individual is self-employed or engaged in disguised employment, often described as the pretense of a contractual intra-business relationship to hide what is otherwise a simple employer-employee relationship. Differences of self-employment, entrepreneurship, and startup Self-employment provides works primarily for the founders. Entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, but startups refer to new businesses that intend to grow beyond the founders, to have employees, and grow large. self-employment: an organization created with the primarily intention to give a job to the founders. entrepreneurship: all new organizations. startup: a temporary new organization created with the intention to be bigger (at least have employees). self employed - Self employed mortgage loans are often more difficult to qualify for However, if you're like me, I was all excited to research how to be self employed but had no clear direction at first 5 Financial Rules For The Self Employed - HUSTLERSMINDSET Quickbooks self employed reviews pricing popular alternatives Start being self employed now by going through these 5 steps Self Employed Accounting Software - 80% of our users felt more confident their taxes were done correctly with QuickBooks - Free 30 Day Trial Now Available Use a self employed tax calculator UK if you run your own business and need to calculate your self-assesment tax for the year or monthly We are the fastest e-file provider which makes it easy for you to file self employed tax return and small business taxes by online software being self-employed: pros & cons self employment ideas with low start how to become self employed as a millennial - how to work for yourself quitting your job to become self employed, what is it like? quickbooks self-employed review business owner? or self-employed? the difference. the reality of being self-employed 9-5 vs self employed❗️(spicy 101) how to be self-employed! (become your own boss) the most fun self employed jobs that pay well self employed examples importance of self employment self employment in india self employment essay self employed in spanish self employed synonym What is considered self employed? Is a babysitter considered self employed? Does a self employed person get a w2? What is the self employment tax rate for 2017? Self-Employment taxes simplified with one-click, year round expense tracking on auto-pilot. Turn spending into tax savings. Find more deductions. Try for free. Self-employed is a situation in which an individual works for himself or herself instead of working for an employer that pays a salary or a wage
Views: 214 HOUSTON MCMILLER
Section 179 Depreciation | Income Tax Course | TCJA 2017 | CPA Exam Regulation.  Tax Cuts 2017
 
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Section 179 is an election to Expense Certain Depreciable Business Assets. Section 179 permits the taxpayer to deduct up to $1,000,000 (in 2018; $510,000 in 2017) of the acquisition cost of specific types of trade or business property. Amounts that are expensed under § 179 reduce the asset’s basis for additional first-year depreciation and MACRS cost recovery My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
What Is The Definition Of Business Income
 
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What is the definition of business income KNOW MORE ABOUT What is the definition of business income Here is how the canada revenue agency defines business income there are many different kinds of income, and almost all them or services received have been held to be within definition tions will applied in other spheres activ ity as well in, for example, measurement. Isbn 978 0 07 299650. How to define business income and canadian taxthe meaning of an international chicago booth. Business income or business interruption coverage can be one of the most misunderstood all property coverages in accounting, revenue is that a has from its normal activities, 199. May 2018 you be surprised at what all qualifies as business income in canada. There are differences between the 17 apr 2018 business income may include received from sale of products or services. Some income from tangible and 20 jul 2015 the section 2(13) of tax act, 1961, contains an inclusive definition term business. Business income is a type of earned and classified as ordinary for tax purposes financial compensation generated from company or trade operations. English shoes and italian actresses business simply means any economic activity carried on for earning profits2(3) has defined the term as trade, commerce, manufacturing income is all arising from transactions activities in course of a taxpayer's regular trade or. Meaning of 'business or professions' as per income tax act business vsdifference between terms & profession for. For example, fees received by a person from the regular 3 apr 2018 term trade or business generally includes any activity carried on for production of income selling goods performing services definition. Business income represents money gained from transactions before any expenses or other financial obligations are deducted the of a business current production as sometimes distinguished incidental extraneous (as investments manufacturer). Commercial property insurance covering loss of income suffered by 30) and the business coverage form without extra expense (cp 00 32) 6 feb 2002 there are many different kinds income, almost all them received have been held to be within definition overview. Govbusiness income defined, tax strategies article understanding business and extra expense icw groupdifference in gross annual revenue & net. Googleusercontent search. Definition of business income by merriam webster. Non business income includes from dividends, interest, rents, 29 jun 2018 calculate or professional income, get industry codes, and report various types. Business income is any realized as a result of business activity. Business or professional income overview. Both hint at having money to pay the bills, but not so subtle 4 jan 2018 qbi is your income allocated you from business. This definition is based on ias 18 to many new business owners, the words revenue and income seem almost interchangeable. Business income investopedia terms b businessincome. Business inc
Views: 2 Cynthia Cynthia
BIR Form 1701Q for Itemised Allowable Deduction (1st Quarter, IAD)
 
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This video explains the two (2) important documents which will guaranty that you will no longer receive an additional deficiency tax assessment from the BIR. Thanks for sharing this video to others.☎️☎️☎️☎️☎️☎️ Call 02-9216107 to know when and where the Free Tax Event (No Fee to Be Collected) about BIR Open Cases Specialista and BIR Lifestyle Checking Specialista will be held near your place while availing the Buy Book Policy, you may attend (for free) the BIR Tax Mapping Specialista so that you will no longer close shop whenever the BIR Tax Mapping Operations are on-going in your area. Bonus: ETM will protect you from BIR Tax Mapping's harassment, abuse and harm. JUST ATTEND THE BIR TAX MAPPING SPECIALISTA EVENT AND GET THE ETM-PROTECTION FOR 12-MONTH PERIOD. (Comment now the place where you want ETM to conduct the above and important TAX EVENTS). Email him at [email protected] The BIR authorizes the following expenses to be deducted from your gross sales in order to arrive at a lower taxable income. Here's a list of the allowable deductible expenses: Advertising and Promotions. Amortizations. In computing for the income tax in the Philippines, certain deductible expenses are subtracted from gross income. They are technically termed as “allowable deductions from gross income” and they could be under itemized deductions or under optional standard deductions (OSD). Deductible Expenses (Allowable Deductions) in the Philippines. Personal, living or family expenses. Substantiation Requirements. Bribes, Kickbacks and Other Similar Payments. Losses and interest incurred/paid to related parties. Interest expense (tax arbitrage). Bad debts expense. Taxes. Entertainment, amusement and ... the excess of allowable deduction over gross income of the business in a taxable year: “Provided, That for mines other than oil and gas wells, ...The Bureau of Internal Revenue (BIR) has issued new guidelines on ... many of them deduct expenses and record income illegitimately. What are allowable deductions from gross income? Except for taxpayers earning compensation income arising from personal services ...) The term 'withholding agent' means any person required to deduct and withhold any tax under the provisions of Section 57. (L) The term 'shares of stock' ...) The term 'withholding agent' means any person required to deduct and withhold any tax under the provisions of Section 57. (L) The term 'shares of stock' ...A taxpayer engaged in trade or business may be entitled to claim, as business deductions, casualty losses incurred for properties actually used in the business enterprise that were damaged and reported as losses in the appropriate declaration filed with the BIR. The declaration of loss should be substantiated with evidence which the taxpayer should gather immediately after the occurrence of the casualty or event causing the loss. These include the following documents which should be kept by the taxpayer for BIR verification. 1. ... Taxpayer must be engaged in trade or business.In the case of casualty losses, the BIR has various issuances outlining the policies and guidelines in claiming tax deduction from such losses. ... Furthermore, under Section 4 of RR 12-77, declaration of loss is one of the essential requirements of substantiation of a claim for a loss deduction.In relation to this, the Bureau of Internal Revenue (BIR) has prescribed policies and guidelines that govern the declaration of casualty losses incurred by taxpayers, and the reporting of such losses filed at the concerned Revenue District Offices (RDOs) through the issuance of Revenue Memorandum Order ... maestro emelino knows emelinotmaestrokataxpayer emelino t maestro
Views: 9913 EmelinoTMaestro
Material participation rules | Passive Activity Loss Limits | Income Tax Course |CPA Exam Regulation
 
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Any trade or business or income-producing activity in which the taxpayer does not materially participate. • All rental activities, subject to certain exceptions pertaining to real estate . To understand the meaning of the term passive activity and the impact of the rules, one must address the following issues, each of which is the subject of statutory or administrative guidance: What constitutes an activity? What is meant by material participation? When is an activity a rental activity? Even though guidance is available to help the taxpayer deal with these issues, their resolution is anything but simple. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Net Operating Loss NOL | Tax Cuts and Jobs Act 2017 | Income Tax Course |CPA Exam Regulation | TCJA
 
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To provide partial relief from this inequitable tax treatment, a net operating loss (NOL) deduction is allowed. NOLs for any one year can be offset against taxable income of other years. In general, only losses from the operation of a trade or business and casualty and theft losses can create an NOL. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
IRS Locked In Letter Phone Recording Part 1
 
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Recorded 23DEC15. I received the "Locked-In Letter" from an email attachment on my private company's email - my work email server. The IRS "Public Office" was a woman = ID# 1000173278 You must read all the Definitions within the 26USC before understanding the Law, as come USC words are not "coloquial" websters dictionary or even "Common Law" defined as such. Definitions are found several Chapters within 26USC; 7701 (most of definitions) and Backup Withholding is only required if the party is: 1) Involved in a Trade or Business = Public Office in the U.S. Government. Need Employee and Employer relationship. "The United States is located in the District of Columbia" - 9USC, 307)(h) 2) has "reportable payments" received as a Federal Privelege. Reportable Payment is effectively connected with "Trade or Business": in the "U.S." wages earned as Public Office within the US Government" 26USC, 3406, 6041, 6049, 6042, 6044 Am I an Employee? 26USC, 3401 Definitions: (c) Employee For purposes of this chapter, the term “employee” includes an officer, employee, or elected official of the United States, a State, or any political subdivision thereof, or the District of Columbia, or any agency or instrumentality of any one or more of the foregoing. The term “employee” also includes an officer of a corporation. “The United States is located in the District of Columbia” – UCC 9, 307(h) If you are not employed by the Federal Government - i.e. your paycheck doesn't come from The Department of Treasury, you are NOT AN EMPLOYEE, and your company is NOT AN EMPLOYER!!!!!!!!!!!!!! You may be liable for the Income Tax if you take a Federal PRIVELAGE like benefits from Federal Company Stock, etc.
Views: 1295 Jihadi Scottie
IRS 1040 You Should Probalby File
 
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At the very least you must renege or rebuke all information returns filed against you on your "Tax and Income Transcript" if they are non-"Trade or Business" (remuneration earned as the function of a public office). The IRS threatens everyone with fines if they don't comply...it doesn't cost them much to file against you but it costs you big time, as some of those forms are illegal "income" used against you. You must rebuke all forms - even the interest deduction on your home. You are not a public official with such benefits?
Views: 38 Jihadi Scottie
Tax Court rules foreign partner’s gain from partnership liquidating distribution not ECI
 
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Learn more at PwC.com - http://pwc.to/2u58zhv The Tax Court issued its opinion in Grecian Magnesite Mining, Industrial & Shipping Co., SA, v. Commissioner, 149 T.C. No. 3, holding that a foreign partner’s gain from its disposition (through redemption) of an interest in a partnership that was engaged in a US trade or business was not effectively connected income. The decision is notable because the Tax Court declined to follow Rev. Rul. 91-32, in which the IRS ruled that a foreign partner disposing of an interest in a partnership that is engaged in a US trade or business will always have effectively connected income to the extent the gain is attributable to partnership assets that are used in the conduct of the partnership’s US trade or business. PwC's Steve Nauheim and Todd McArthur discuss the details.
Views: 343 PwC US
1031 Exchange  •  Never Pay Capital Gains Taxes and Beat the IRS
 
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A 1031 Exchange allows for tax free real estate investing. A legal tax loophole to avoid paying capital gains is the 1031 Exchange. It allows for tax free real estate investing. A 1031 exchange gives us a way to move out of an asset, and an exit strategy if you will need to relinquish your property without paying the taxes which are ordinarily due when you liquidate an asset. The key is that you have to exchange it for another property of "like kind". What do I mean by like kind? Real estate for real estate, it could be a house for a condo, condo for a warehouse, or warehouse for an apartment complex… as long as it is real estate for real estate – the key is you cannot accept any cash. Three main rules to follow: 1. But the relinquished and acquired property must be of productive use in a trade or business or for investment (owner occupied residences are in eligible). 2. Both the property exchanged in the one receipt must be of like kind (meaning real estate for real estate). 3. The exchange must occur. The owner cannot sell one property for cash immediately use cash proceeds to purchase another property. That is to say, the owner cannot touch cash. Two deadlines to meet with a delayed exchange: The IRS allows the owner of the relinquished property up to 45 days to identify a replacement property The second deadline to close the next transaction within 180 days after the property is relinquished Subscribe: https://bit.ly/2QiweFg
Views: 388 Finance 101
Section 199A specified service trade or business insight introduction
 
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Learn more at PwC.com - https://pwc.com PwC's Kate Abdoo, Director, NTS Federal Tax Services, introduces an insight discussing the definition of specified service trade or business under Section 199A.
Views: 339 PwC US
Current Federal Tax Developments - August 27, 2018
 
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Topics covered: -Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails -IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs -Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule -Guidance provided on applying the rules to compute UBTI separately for each trade or business Current Federal Tax Developments is brought to you by Kaplan Professional Education and MOCPA.
What Is An Fdap Payment
 
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What is an Fdap payment KNOW MORE ABOUT What is an Fdap payment Trade or business and, 1) rental income gross up for expenses real estate taxes paid by tenant rev 21 oct 2015 it is also important to note that the payment of 30. Gov taxpayers fixed determinable annual periodical fdap income "imx0m" url? Q webcache. Fdap income? Westchester mamaroneck, ny accounting fixed, determinable, annual, periodical (fdap) income. Withheld fdap 20 jan 2012 is an abbreviation for fixed, determinable, annual or periodic income. What is fdap income? Westchester mamaroneck, ny accounting what an payment? Youtubedifferent sources of income matter vdundon ii fixed or determinable annual periodical (fdap) irszilla. Source fdap income to foreign persons are generally subject 30. Withholding tax requirements on payments to nonresidents fdap what does stand for? The free dictionary. S; Such persons will be subject to 30but, fdap can effectively connected with a u. Payments of us source income to foreign parties withholding non resident aliens must understand fdap & eci achieve rules fatca ivins, phillips barker u. Fixed, determinable, annual, or periodical (fdap) income is all income, except gains fixed when it paid in amounts known ahead of time 31 jan 2018 a payment considered to have been made whether directly the withholding on fdap generally at statutory rate 30. 2431, fixed, determinable, annual, or periodical (fdap) income fdap. Fdap income includes interest, 10 apr 2017 llc made two payments to taxpayer the first in 2008 and second 2009. This tax applies to payments of fdap income and gross proceeds from the in lieu proper documentation present at time payment, a withholding looking for online definition or what stands for? Foreign investors can elect out into eci regime so only pay on ensure collection must be withheld payment by agent ( 2455). Jan 2016 the distributable net income of an estate or trust that is fdap and must be distributed currently, has been paid credited during tax year. International taxation fdap income grossman yanak & ford llpfdap alacra. In general, the gross amount of a foreigner's fdap income is 14 jul 2016 irs guidance on withholding under chapter 3 to be subject nra regs, payment must made non u. Irs guidance on fdap withholding under chapter 3. Fixed, determinable, annual, periodical (fdap) income. Googleusercontent search. Fdap income distributed by a partnership that, or such an amount although not actually distributed, is includible in the gross of foreign partner 28 aug 2014 withholding on payments to non resident aliens uil codenon alien claims for refunds. Tax law for the closely held business. The following items are examples of fdap incomedividends, including dividend equivalent paymentsoriginal the definition income is very broad and defined by internal determinable whenever there a basis for figuring amount to be paid 24 jan 2017 unless treaty or other exception, payments u. Fdap income? Westchester mamaroneck, ny accounting. Fdap income applies to foreign persons earning in the u. Jan 2015 fdap income can include that is fixed or otherwise determinable and paid annually periodically in 30. Internal fdap income irs.
Views: 1 Cynthia Cynthia
LGU Tax Exemption Can Be a Good Business Opportunity (Emelino T Maestro)
 
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A freight forwarder does not actually move your freight itself. The freight forwarder acts as an intermediary between a shipper and various transportation services such asocean shipping on cargo ships, trucking, expedited shipping by air freight, and moving goods by rail.A freight forwarder, forwarder, or forwarding agent, also known as a non-vessel operating common carrier (NVOCC), is a person or company that organizes shipments for individuals or corporations to get goods from the manufacturer or producer to a market, customer or final point of distribution.Every company and business establishment in the Philippines requires a business permit in order to operate legally in the country. A business permit or license from the Local Government units (LGU's) is one of the most important prerequisites before someone can start his/her business in the country. LGU's can be cities or ..Requirements for the Issuance of Mayor's Permits. For Business Permits New Business. 1. Barangay Clearance 2. Locational Clearance 3. Fire Safety Inspection Certificate 4. Electrical Inspection Certificate 5. Sanitary Permit (for food related establishments) 6. Pollution Clearance (for manufacturers) 7. Cultural Tourism ...Income Tax. All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to Business Structures to find out which returns you must file based on the business entity established.Income Tax is a tax on all yearly profits arising from property, profession, trades or offices or as a tax on a person's income, emoluments, profits and the like. Percentage Tax is a business tax imposed on persons or entities who sell or lease goods, properties or services in the course of trade or business whose gross annual ...A tax assessed and levied by a local authority such as a county or municipality. A local tax is usually collected in the form of property taxes, and is used to fund a wide range of civic services from garbage collection to sewer maintenance. The amount of local taxes may vary widely from one jurisdiction to the next.The collection of local taxes, fees, charges and other impositions shall in no case be let to any private person;. (4) The revenue collected pursuant to the provisions of this Code shall inure solely to the benefit of, and be subject to disposition by, the local government unit levying the tax, fee, charge or other imposition ...emelino t maestro knows maestro emelino
Views: 281 EmelinoTMaestro
Taxation Tacos - Tax Tips for the Self Employed
 
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Maths Guide now available on Google Play. . Taxation Tacos - Tax Tips for the Self Employed Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals Tax Center. Estimated Tax. Self-employed taxpayers generally need to make quarterly estimated tax payments. IRS Publication 505, Tax Withholding and Estimated Tax, has details on making those payments. Schedule C or C-EZ. Self-employed taxpayers must file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040. For expenses less than $5,000, use Schedule C-EZ. Each form’s instructions provide the rules for which form to use. SE Tax. For those making a profit, self-employment and income tax may need to be paid. Self-employment tax includes Social Security and Medicare taxes. Use Schedule SE, Self-Employment Tax, to figure the tax. Allowable Deductions. Taxpayers can deduct expenses paid to run a business that are both ordinary and necessary. An ordinary expense is one that is common and accepted in the industry. A necessary expense is one that is helpful and proper for a trade or business. When to Deduct. In most cases, taxpayers can deduct expenses in the year paid or incurred. Some costs must be ‘capitalized,’ however. This means deducting the cost over a number of years. All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return. Tags ...... Website : http://www.sskadvisory.com/ http://siddharthkadakia.com/ Blog : https://knowledgeplatter.blogspot.in/ Facebook : https://www.facebook.com/SSKAdvisory/ Twitter : https://twitter.com/AdvisorySsk Google Plus : https://plus.google.com/108001189090984558470 Linkedin : https://www.linkedin.com/company/ssk-advisory/ https://play.google.com/store/apps/details?id=com.ssk.mathsguide
Views: 48 Knowledge Platter
SPECIFIED SERVICE TRADES OR BUSINESSES
 
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This is part of my series on the 20% deduction of Qualified Business Income for pass through entities under the new tax law. This video discusses the provisions for "specified service trades or businesses". This video includes an introduction of the beautiful scenery by my wife.
Reporting Business Conventions on Your Taxes
 
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Visit http://www.freetaxusa.com to see how easy and inexpensive it is to file your taxes! Any travel expenses you incur for attending a convention related to your trade or business are deductible. Any unreimbursed employee expenses you have will be a miscellaneous itemized deduction and go on Schedule A. If you have a business, the expenses go on Schedule C. Any travel expenses you have for attending conventions related to your investments or financial planning are NOT deductible. Before any travel expenses for attending foreign conventions become deductible, there is a variety of rules that must be met. However, conventions held in North America (Canada, Mexico, etc.) are NOT considered foreign conventions.
Views: 43 FreeTaxUSA
Are Gifts To Business Clients Tax Deductible?
 
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Holiday gift giving and tax deductions for business gifts. This chapter explains the limits and rules for deducting costs of gifts. Deductibility provisions for gifts to business clients by businesses tax implications of client and employee gifting receiving how deduct the cost bench. Ensuring your client gifts are tax deductible accountancy matters. If you give gifts in the course of your trade or business, can deduct all part cost. Business diary and must not be food, will allowed for tax, as long the total expenditure party, 24 jul 2014 sometimes doing business entails making gifts to customers, clients, unfortunately, tax rules limit deduction a 19 aug first, you can deduct clients associates, but are (it may time new act change this rule. Is it tax deductible to give my clients a christmas or thank you gift when are business gifts taxable? Tax mason rich. Getting around the $25 deduction limit for business gifts. You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year are like these deductible expenses? Yes, but they subject draconian limits. Googleusercontent search. 23 apr 2013 giving gifts to clients and business associates are a great way to generate good will. Gov publications p463 ch03. Otherwise, the $20 graduation gift for a client's child counts as an gifts to clients, employees, vendors, prospects and other business partners are legitimate deductions within certain parameters. Gifts ross martin tax consultancy. First of all, the tax 10 oct 2016 deductibility gifts to clients. The irs sets a $25 cumulative cap on gift expense deductions per recipient year. But can holiday gift giving also general tax deductions? . Taxation determination td 2016 14 states that a taxpayer carries on business is entitled to deduction Publication 463 (2016), travel, entertainment, gift, and car expenses. Html url? Q webcache. The cost of business related travel, meals, and entertainment can add up to 21 feb 2012 a gift is an item value which presented recipient without obligation, express goodwill or appreciation. Businesses generally offer gifts to their clients set up review what costs are business expenses, and find out when taxable. If you give someone a gift for business purposes, your expense deduction is limited to $25 per person year. The are holiday business gifts to customers tax deductible? Free can be deductible expenses, but irs limits strict. Publication 463 (2016), travel, entertainment, gift, and car expenses irs. Business gifts and awards tax deductible? Kostecke cpa. Any amount over the $25 limit is not deductible irs allows your business to deduct up for gifts you give any if and spouse both a gift same recipient, tax many businesses customers clients small promotional items such as 19 jun 2016 all or part of cost can actually become deductions. Deductibility for gifts to clients and airport lounge membership fees. Dec 2014 as the gift is an expense to your business it gen
Views: 106 Trix Trix
Trade or Business Wages = Public Official Employee and  U.S.  Personal Services
 
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Trade or Business? 26 U.S. Code § 7701 - Definitions: (26) Trade or business "The United States is located in the District of Columbia" - UCC9, 307(h) The term “trade or business” includes the performance of the functions of a public office. 26 U.S. Code § 864 - Definitions and special rules (B) is attributable to a sale or exchange of property or the performance of services (or any other transaction) in any other taxable year, the determination of whether such income or gain is taxable under section 871(b) or 882 (as the case may be) shall be made as if such income or gain were taken into account in such other taxable year and without regard to the requirement that the taxpayer be engaged in a trade or business within the United States during the taxable year referred to in subparagraph (A). (7) Treatment of certain property transactionsFor purposes of this title, if— (A) any property ceases to be used or held for use in connection with the conduct of a trade or business within the United States, and (B) such property is disposed of within 10 years after such cessation, the determination of whether any income or gain attributable to such disposition is taxable under section 871(b) or 882 (as the case may be) shall be made as if such sale or exchange occurred immediately before such cessation and without regard to the requirement that the taxpayer be engaged in a trade or business within the United States during the taxable year for which such income or gain is taken into account. (C) In the case of a foreign corporation taxable under part I or part II of subchapter L, any income from sources without the United States which is attributable to its United States business shall be treated as effectively connected with the conduct of a trade or business within the United States. (D) No income from sources without the United States shall be treated as effectively connected with the conduct of a trade or business within the United States if it either— (i) consists of dividends, interest, or royalties paid by a foreign corporation in which the taxpayer owns (within the meaning of section 958(a)), or is considered as owning (by applying the ownership rules of section 958(b)), more than 50 percent of the total combined voting power of all classes of stock entitled to vote, or (ii) is subpart F income within the meaning of section 952(a). (i) consists of rents or royalties for the use of or for the privilege of using intangible property described in section 862(a)(4) derived in the active conduct of such trade or business; LostHorizons.com SEDM.org FamilyGuardian.org
Views: 42 Jihadi Scottie
When to Issue a 1099-MISC Form - TurboTax Tax Tip Video
 
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https://turbotax.intuit.com When to Issue a 1099-MISC Form - Do you operate a trade or business and are wondering whether you need to issue a 1099-MISC? There are a variety of transactions that would require you to issue a 1099-MISC, but there are some more common than others. Learn more about issuing and filing IRS 1099-MISC tax forms in this helpful TurboTax tax tip video. Subscribe! https://www.youtube.com/subscription_center?add_user=turbotax TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: http://blog.turbotax.intuit.com TurboTax Twitter: https://twitter.com/turbotax TurboTax Facebook: https://www.facebook.com/ TurboTax Pinterest: https://www.pinterest.com/turbotax/ TurboTax Tumblr: http://turbotax.tumblr.com/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Video Transcript: Hi, I'm Arye from TurboTax with some helpful information about when to issue a 1099-MISC tax form. Do you operate a trade or business and are wondering whether you need to issue a 1099-MISC? There are a variety of transactions that would require you to issue a 1099-MISC, but there are some more common than others. If you pay more than $600 in exchange for services, such as payments to an independent contractor or payments to a lawyer or law firm, then you would typically need to issue a 1099-MISC. You'll also need to issue a 1099-MISC if you pay $10 or more in royalties or issue prizes and awards of $600 or more. If you ever need to pay a lawsuit settlement other than those to compensate an individual for physical injuries or medical expenses - that’s a 1099-MISC as well. Always remember that your payment amounts are cumulative and not on a per-payment basis. For example, if you paid a plumber to fix your sink at your office for $200 and then your shower for $500 in the same year, you would need to issue a 1099-MISC as you've paid more than $600 to them in the year. In most cases, a copy of the 1099-MISC form is due to payment recipients by January 31st of the year immediately following the tax year in which you make the payments. You'll need to file the 1099 with the IRS by the end of February, although you'll have until March 31st if you file it electronically. For more information about this and other tax tips, visit TurboTax.com.
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Honest Tax Returns, Part 4, 16th Amendment "income"
 
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. . . . . CONTENTS: Part 1: Examples of Honest Tax Returns Part 2: Meaning of "federal income tax" Part 3: Meaning of "Internal" revenue Part 4: 16th Amendment "income" Part 5: Anatomy of Gross Income Part 6: Terms of Entrapment DORPBOX LINKS: 1: https://www.dropbox.com/s/qr7wj5wf78qrchh/Honest%20Tax%20Returns%2C%20Part%201%20of%206.mov?dl=0 2: https://www.dropbox.com/s/gdw2vcmm2rdju14/Honest%20Tax%20Returns%2C%20part%202%20of%206.mov?dl=0 3: https://www.dropbox.com/s/229uhkfafm3m4dg/Honest%20Tax%20Returns%2C%20Part%203%20of%206.mov?dl=0 4: https://www.dropbox.com/s/2z8y55bgfo2nv5w/Honest%20Tax%20Returns%2C%20Part%204%20of%206.mov?dl=0 5: https://www.dropbox.com/s/l17uq76lcam5kuv/Honest%20Tax%20Returns%2C%20Part%205%20of%206.mov?dl=0 6: https://www.dropbox.com/s/cqe1aqi151swp8w/Honest%20Tax%20Returns%2C%20Part%206%20of%206.mov?dl=0 COPYRIGHT: NONE--PLEASE SHARE AS MUCH AS POSSIBLE, as long as the entire series is referenced. tags: IRS, IRC, Internal Revenue, Title 26, federal income tax, income tax, tax, trade or business, gross income, Cracking the Code, tax forms, 1040, 1099, W2, W9, correct w2, correct 1099, 16th amendment, tax returns, federal zone
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Installment Sales
 
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What is an installment sale and how do I report it? In this talk, I’ll go through what an installment sale is and how it’s reported. There are two characteristics that create an installment sale. First, is that payment for your property sold is received over 2 or more tax years. Second, there is a gain on sale or disposal of the property - not a loss. Keep in mind there are specific rules for calculating a gain or loss on sale of property and for property used in a trade or business, recapture of depreciation may apply. Refer to my video on calculating gains and losses for more information. You can use the install sale method rules, to report a portion of the gain on sale, each year, when you actually receive payment. The rules define calculating that gain each year - based on the gross profit percentage, which is the percentage of the amount of profit divided by the total cost of the job. If you do not want to use the installment sale rules - you can elect out of them by simply reporting the gain in full in the year of sale. To make this election you simply report the gain in full. The installment sale method rules are advantageous because they allow you to defer paying taxes on the sale until you have actually received the money. To report the gain in full during the year of sale, simply complete the relevant form to report the gain. For property used in a trade or business complete Form 4797 Sale of Business Property or for most personal use property, report the sale on Schedule D Capital Gains and Losses and Form 8949 Sales and Other Dispositions of Capital Assets. If you are using the installment sale method to calculate the portion of gain to recognize each year, then you complete Form 6252 Installment Sale Income, first, and then the relevant amount will flow to Form 4797 or schedule D and Form 8949, as required. With an installment sale, there are few items to calculate. First, the gain on the sale of the property in total. The gain is equal to the total proceeds received minus the adjusted basis in the property. Second, is the amount of gain recognized during the current year, from the total year payments. Third, is the interest income on the sale. In brief, for calculating the gain on sale of property, everything of value you receive is considered the proceeds or sale price. This includes any property you receive, services provided or obligations like loans on the property that the buyer assumes on your behalf. Your adjusted basis in the property is subtracted from the total proceeds to equal the gain or loss. The adjusted basis begins with cost basis, which is usually what you paid for the property plus costs to get the asset ready for it’s intended use, which could be shipping and installation costs. However, there are specific rules for what can be included and excluded for different types of property. So in summary, each installment sale payment you receive will usually be made up of 3 parts - Return of adjusted basis, Gain on sale and Interest income. So why do we have to calculate these items for an installment sale? Well because the three items can all be taxed differently. The adjusted basis in the property is a return on your investment and is not taxed, while interest income is always taxed at ordinary individual income tax rates and gains on sales may have special more favorable tax rates. All of the three amounts are calculated on the installment sale form 6252 and then flow to their relevant form to be reported. The installment sale form should be completed every year a payment is received. Let’s talk a little more about the interest income. Because of the passage of time, an installment sale is effectively giving the buyer a loan. Therefore, an installment sale always has interest income. If an installment sale contract does not include interest income or it does not account for enough interest income - then imputed interest must be calculated, which is called the unstated interest on the sale. This amount should then be ‘re-characterized,’ as interest income, instead of principal payment. You may be wondering - what is an adequate amount of interest? Well, the Applicable Federal Interest Rates, abbreviated AFRs, must be used. These rates are reported for each month and you should use the rate that was reported for the month of your sale. Note that even if you have a loss on a sale of property, if payments are received over multiple years - then interest may still need to be imputed. The installment sale rules do not apply in the following situations: There is a loss on the sale of property For sale of inventory For sale of securities like stocks and bonds
How to File Income Tax Return  Online in Pakistan ? (Step by Step) Salaried
 
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Return Filing Tutorial for Citizens of Pakistan. FBR has introduced IRIS, a system, for filing income tax returns and wealth statement online. It is quite easy to file your wealth statement and return online and become a filer. This video will answer following questions. How to file your income tax return How to submit your income tax return how to prepare your annual return how to submit return in iris how to file return in fbr manua return how to claim refund how to adjust tax in return ================================================ Who needs to file the income tax returns? ========================================== Following Persons are required to file return as per law in Pakistan Every company Every person (other than a company) whose taxable income for the year exceeds Rs400,000 Every non-profit organization as defined in clause (36) of section 2 Every welfare institution approved under clause (58) of Part I of the Second Schedule Every person who has been charged to tax in respect of any of the two preceding tax years Every person who claims a loss carried forward under this Ordinance for a tax year Every person who owns immovable property with a land area of two hundred and fifty square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory Every person who owns immovable property with a land area of five hundred square yards or more located in a rating area Every person who owns a flat having covered area of two thousand square feet or more located in a rating area Every person who owns a motor vehicle having engine capacity above 1000 CC Every person who has obtained National Tax Number Every person who is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds Rs500,000 Every person who is registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan Every individual whose income under the head Business exceeds Rs300,000 but does not exceed Rs400,000 in a tax year. ====================================================== ++++++++++++++++++++++++++++++++++++++++++++++++++++ ====================================================== Please make sure that all necessary information is given before filing return otherwise, it may be declared invalid return. In this video you will learn how to File Income Tax Return Online in Pakistan (Complete Process) in Urdu. This exciting video will convey you how we can submit our FBR Annual Income tax return online in Pakistan at home by ourselves without going to Regional Tax Office or without requesting to someone to submit my income tax return. After watching this full video of filing of income tax return on fbr or iris,you will be able to submit your fbr income tax return by yourself. You only need following things. Computer Internet connection Start your computer, open the google chrome or other browser type in address bar www.fbr.gov.pk and press enter. FBR website will now click on iris so a new window will open now here enter your registration number or cnic number and below this enter your password and press enter or click on signup. When you login to you IRIS dashboard you will find 116(2)form in the above tab of Declarations. Click on this form now enter the tax period of which you want to submit annual income tax return then select the date so a new window will open.here you will see more options so the important thing is that you have to see all the options really careful that which option suits you so you have to fill that options which suits you,Like personal expenses,household effect,property,cash,vehicles, balance in account, assets in Pakistan, income etc. After completing all the information check your all information again and click on calculate two or three times. One thing remember in mind that Unreconciled amount should be 0 otherwise your income tax return will not submit. now when your information complete click on verify enter your pin,when your return verified now you can submit your annual income tax return now click on submit so your fbr income tax return will submit if you want to take copy of your income tax return so click on print button so you will get a copy of your income tax return. Now you have to submit 114(1) form too, the same procedure for this form also,like open 114(1)form enter tax period and all your information suits to you and after completing your information verify your return and then submit it. Please drop your text here in case of any confusion.
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