What is Communication Service Tax?
The Communications Service Tax (CST) is a tax imposed on various communications services, including telephone, mobile, internet, and satellite. Introduced to generate revenue for governments, CST ensures that companies providing these services contribute a fair share to public finances. As technolog...
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How to Pay No Taxes on Rental Income?
Taxes in California can take a big bite out of the profits you earn from your rental properties. Real estate investors are always looking for ways to reduce the tax impact on their income. While it’s unlikely to completely avoid paying taxes on rental income, with the right strategies and a solid ...
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What is MUD Tax? How Does it Work?
We have to hand it to the name givers. You might be wondering: Previously, we discussed phantom tax and now mud tax. Since when did taxes get muddy? Mud taxes are not what you see on a rainy day; they can impact you significantly, especially if you own a property.
Mud tax is the primary revenue sour...
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What Percentage Does A Small Business Pay In Taxes?
Tax season- the time of year that can turn even the most enthusiastic small business owner into a bundle of nerves. But not to worry fellow entrepreneurs! Understanding the ins and outs of small business taxes is the first step toward getting on this complex terrain with confidence.
So, grab a cup o...
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5 Things to Look at When Choosing Payroll Services in Los Angeles
Payroll is a crucial part of owning a business. It can cost you if you do it wrong. The IRS penalizes businesses that incorrectly calculate their payroll taxes. Businesses should consider varying salaries, benefit contributions, shift differentials, and other elements when paying employees.
However,...
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What is Phantom Tax, and How Does It Work?
Phantom tax often occurs in partnerships, investments, and real estate transactions. It refers to a taxable gross income the taxpayer has not received as cash. It typically occurs when taxable income is generated but not distributed to the taxpayer.
For example, in a real estate investment trust (RE...
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Should Your AEC Firm Use QuickBooks Bookkeeping Services?
You may think that the AEC (Architecture, Engineering, and Construction) industry has so much more to do than choosing bookkeeping services. Still, efficient finance management is critical to managing accurate budgets and project timelines to ensure overall business health.
Bookkeeping is crucial, i...
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What is Tax Liability?
If you pay taxes, you’ve definitely asked yourself this question at some point. We don’t want to fill you in on the details and explanations of accounting jargon. However, to understand tax liability, you must first familiarize yourself with assets and liabilities.
A Tax Account in Los An...
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How To Report ERC (Employee Retention Credit) On Tax Return 1120s?
Are you a small business owner wondering how to navigate the complexities of reporting the Employee Retention Credit (ERC) on your tax return 1120S? You’re not alone! Understanding the ins and outs of ERC can be daunting.
But don’t you worry! We’re here to guide you through it ...
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Steps You Should Have Taken to Maximize Your Tax Refund in 2024
The time for income taxes is closing in, and careful planning could help you receive a bigger tax refund.
We hope you remember that income taxes are due April 15, 2024. While you have another two months, it may be beneficial to check your financial scenario and make necessary adjustments to ...
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