Cadesky Tax’s Post

GET YOUR TAXES DONE FREE SOLOMON N RICH is proud to serve the community, just recently launched a COMMUNITY VOLUNTEER TAX CLINIC for those qualify The newly launched CVTC is a place where eligible people can get their tax returns done for free by volunteers. They are hosted by community organizations across Canada through the Community Volunteer Income Tax Program (CVITP) and the Income Tax Assistance - Volunteer We offer a few different options of how we may work with you, and here are our options: - Walk-in: get your tax return completed during our business hours on a first-come, first-served basis. No appointment needed. - Drop-off: income tax documents are dropped off during business hours, Your tax return will be completed by a volunteer, and then you will pick it up at a later time. You will have to prove your identity when you pick up your tax return and documents. - By appointment: a scheduled appointment is needed to file your tax return. Appointments can be in person or virtual. - In person: a volunteer will do your tax return at a scheduled time. - Virtual: a volunteer will do your tax return at a scheduled time by videoconference or by phone. - Virtual – Northern communities: if you are a resident in a prescribed --zone, a volunteer who may or may not be located within your province or territory, will do your tax return at a scheduled time by videoconference or by phone. 

We are so excited about the release of our Innovations Briefs. In partnership with Prosperity Now, the Tax Equity Funders Network has been working with network members and field leaders for the past year to identify and write about innovative strategies that can help maximize the number of individuals and families who have access to tax credits and non-predatory tax preparation services. Six briefs have been written by field experts and answer the question: What are innovations that would dramatically improve the ability of low- and moderate-income taxpayers to access all the tax benefits they are eligible for? Paper topics include: Effective Engagement Strategies for Funders and Partners Future Government Funded Free Tax Filing Assistance Improvements to the Current VITA Program Increased Access to Assisted FreeSelf-Filing (FSA) Regulating Paid Preparers UsingArtificial Intelligence to Make Systemic Improvements at the IRS Read all about it here: https://lnkd.in/gNVnaen4

Circuit Split Coming Soon on Whether Tax Exemption is An Expenditure https://lnkd.in/eWfWtrx7

Tax obligation preparation costs can be a substantial cost for people and organizations alike. Fortunately, there are methods to potentially reduce the influence of these fees on your tax costs. Executive Tax Solution is an expert tax consulting firm that can assist you figure out if tax obligation prep work costs are deductible, in addition to recognize various other deductions you may be qualified for.First, it is very important to recognize the guidelines surrounding tax obligation preparation fees. Generally, taxpayers can subtract fees paid for tax prep work services, consisting of software and also e-filing fees, if they go beyond 2%of their modified gross income (AGI ). However, there are some restrictions as well as exceptions to this policy. For instance, independent people can normally deduct these costs as an overhead on time C rather than as an assorted itemized reduction subject to the 2 %floor.Executive Tax obligation Remedy can assist you navigate these regulations as well as figure out if you get a reduction. They can likewise assist you determine various other reductions you may be eligible for, such as philanthropic contributions, office expenses, and also education and learning expenses. By making the most of all readily available deductions, you can possibl

As we approach tax season, I thought it might be useful to re-post an article I wrote in 2021 on how trusts are taxed. Though the tax brackets have changed, the same general rules and principles of trust taxation still apply. For those looking to reduce the tax rate on 2023 trust income, the trustee may 1) distribute income to trust beneficiaries before March 5 this year, 2) claim an income distribution deduction for these distributions on the trust’s 2023 tax return and 3) shift some of the trust’s 2023 income tax burden to the trust beneficiaries, who would be taxed at lower rates than the trust. This is known as the 65-day rule and applies only to complex trusts (trusts that pay their own taxes). Learn more in this article.

Tax obligation prep work fees can be a significant expense for people and services alike. The good news is, there are ways to potentially minimize the impact of these costs on your tax obligation costs. Executive Tax Solution is a professional tax obligation consulting firm that can help you establish if tax obligation preparation fees are deductible, along with identify other deductions you might be eligible for.First, it is essential to recognize the guidelines bordering tax obligation prep work charges. In general, taxpayers can deduct fees paid for tax obligation prep work solutions, including software and e-filing costs, if they surpass 2%of their adjusted gross earnings (AGI ). However, there are some constraints and exceptions to this regulation. As an example, independent people can normally subtract these charges as an overhead on Schedule C as opposed to as a various itemized deduction subject to the 2 %floor.Executive Tax Solution can aid you navigate these policies and also identify if you get approved for a deduction. They can additionally assist you identify various other reductions you may be eligible for, such as philanthropic contributions, home office costs, and also education costs. By making the most of all offered deductions, you can potentially reduce you

Tax obligation prep work charges can be a substantial expenditure for individuals and services alike. Fortunately, there are ways to possibly lower the influence of these costs on your tax obligation costs. Executive Tax Solution is an expert tax consulting company that can help you identify if tax obligation prep work fees are deductible, along with determine various other deductions you may be qualified for.First, it is essential to comprehend the guidelines surrounding tax prep work charges. Generally, taxpayers can subtract costs paid for tax preparation services, including software as well as e-filing costs, if they exceed 2%of their modified gross earnings (AGI ). Nonetheless, there are some restrictions as well as exemptions to this rule. For example, independent people can generally subtract these fees as an overhead on time C as opposed to as a miscellaneous itemized reduction based on the 2 %floor.Executive Tax Remedy can help you navigate these regulations and also identify if you qualify for a reduction. They can additionally help you determine various other deductions you may be qualified for, such as philanthropic payments, office expenditures, as well as education and learning costs. By benefiting from all available reductions, you can potentially lower your tax

On May 15, 2024 the four coalition parties (PVV, VVD, NSC and BBB) published their general agreement and the budgetary appendix provide insight into the main features of the tax plans of the new coalition government. In this memo we discuss the tax measures. Great news, improving the Dutch business climate is the main priority. No change in the corporate tax rate. The generic interest deduction limitation (earnings stripping measure) for corporate income tax purposes (Section 15b Corporate Income Tax Act 1969) has a threshold: EUR 1 million or 20% of the adjusted profit (EBITDA), whichever is higher. The percentage of 20% will be increased to 25%; this corresponds to the EU average. The measure to end, as of 2025, the share redemption tax relief for listed companies for dividend tax purposes will be reversed. The tax measures for donations (the donation deduction for personal and corporate income tax purposes and company donations) will be limited in the coming years. A first step will be taken in 2025. As of 2028 the donation deduction for personal income tax purposes will be made uniform so that different donations are treated the same. For details see below.

Taking Advantage of the Tax Benefits of Chapter 2 of Act 60 (Act 22): Opportunities for Investors Residing in Puerto Rico. In the current business scenario, Puerto Rico stands out as an attractive destination for investors seeking to take advantage of tax opportunities and enhance their financial growth. Chapter 2 of Act 60 (also known as Act 22) offers a series of tax benefits for individual investors who choose to establish their residence on the island. At Gierbolini Consulting Group (GCG), we are committed to providing expert advice to maximize tax benefits and guide investors on their path to financial success. Eligibility for Tax Benefits: To qualify for tax benefits under Chapter 2 of the Incentives Code, applicants must be bona fide residents of Puerto Rico for the entire taxable year. This chapter applies to individual investors who become residents of Puerto Rico on or before the taxable year ending December 31, 2035, provided they have not been residents of the island between January 17, 2006 and January 17, 2012. Requirements to be a Bona Fide Resident of Puerto Rico: Under Sections 933 and 937 of the U.S. Internal Revenue Code, a bona fide resident of Puerto Rico must meet three key tests: 1. Presence Test: The individual must meet certain presence requirements in Puerto Rico during the calendar year, demonstrating a "significant connection" to the island. 2. Proof of tax domicile: The location of the individual's regular place of business, which is used for income tax deductions for travel expenses while outside of Puerto Rico, must be on the island. 3. Proof of Closer Connection: The individual must demonstrate a closer connection to Puerto Rico than to the United States or any other foreign country, considering several factors. See More https://lnkd.in/gP4WtQGt

📢 Stay Compliant: Changes in Income Tax Reporting! 📆 Attention to organizations that used to self-assess their income tax exemption status! Now, it's essential to submit an annual self-review report (a return) to the Australian Taxation Office (ATO). Dive into the article for crucial details on important dates and impacted categories of organizations. Contact us for more assistance👉https://bit.ly/contact-lzr #TaxCompliance #ATOReporting #tax #accountants