The IRS has canceled $1 billion in penalties for millions of taxpayers with debts up to $100,000 for the 2020-2021 tax returns! 👥 This affects 4.7 million individuals, businesses, trusts, estates, and non-profit organizations. 💰 The relief will amount to about $206 per tax return. The penalties will be removed automatically. Those who have already paid late penalties will receive a refund or credit. ❌ The penalty cancellation applies to 0.5% of the unpaid tax amount for each month (but no more than 25%). 📜 Taxpayers with penalty exemptions may still be subject to penalties for failure to file. ⚖️ The penalty for late filing is 5% of the unpaid tax amount for each month (up to a maximum of 25%). #IRSPenaltyRelief #TaxRelief #IRSAnnouncement #TaxpayerBenefits #PenaltyCancellation #TaxDebt #FinancialRelief #TaxUpdate #TaxFiling #TaxPenalties #IRSNews #TaxRefunds #NonProfitTax #BusinessTax #TrustAndEstateTax
About us
Free Online Financial Calculators
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https://accounting.pro/
External link for Accounting.Pro
- Industry
- Financial Services
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- 11-50 employees
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- Self-Employed
- Founded
- 2024
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Updates
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Did you know that your state might have a marriage tax penalty? If so, married couples filing jointly pay more taxes than if they filed as two separate individuals with the same combined income Our calculators will help you solve many tasks! #MarriageTaxPenalty #TaxFacts #MarriedFilingJointly #TaxPenalties #StateTaxes #IncomeTax #TaxAwareness #FinanceTips #TaxPlanning #KnowYourTaxes
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Overpayment of Taxes: When you receive a tax refund, it really means that you gave the government an interest-free loan. That money could have been working for you throughout the year. Potential Profit: If that money had been invested or even just placed in a savings account with interest, it could have earned income. With current interest rates, one could have earned about 5%. Financial Literacy: People often celebrate tax refunds because they are perceived as an unexpected bonus or additional income. However, a more sensible approach is to try to pay taxes accurately according to calculations to get the most benefit from your money throughout the year. In general, the idea is to manage your finances better by avoiding tax overpayments and making the most of your funds. Do you agree? #TaxRefund #FinancialLiteracy #MoneyManagement #InterestFreeLoan #TaxOverpayment #FinancialPlanning #InvestWisely #SmartMoney #PersonalFinance #SaveAndEarn #Accountingpro #USA
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Tax Holidays in August 2024! August is back-to-school month, and many states in the US offer tax holidays on purchases. State Sales Tax Holidays: Arkansas (August 3 - August 4): Clothing up to $100, accessories up to $50, school supplies, and computers. Connecticut (August 18 - August 24): Clothing and footwear up to $100 (protective and athletic clothing are taxed). Iowa (August 2 - August 3): Clothing and footwear under $100. Maryland (August 11 - August 17): Clothing and footwear up to $100, the first $40 on the sale of a backpack or bag. Massachusetts (August 10 - August 11): Nearly every personal item up to $2500. Missouri (August 2 - August 4): Clothing up to $100, school supplies up to $50, software up to $350, computers up to $1500. New Jersey (August 24 - September 2): Computers under $3000, school computer supplies under $1000, school supplies. New Mexico (August 2 - August 4). Oklahoma (August 2 - August 4): Clothing and footwear up to $100. South Carolina (August 2 - August 4): Clothing, accessories, and footwear, school supplies, computers and peripherals, bedding, and bath furniture (no price limit). Texas (August 9 - August 11): Clothing, footwear, and backpacks under $100, cloth masks, school supplies under $100. Virginia (August 2 - August 4): School supplies up to $20, clothing and footwear up to $100, hurricane preparedness items, Energy Star™ and WaterSense™ products. West Virginia (August 2 - August 5): Clothing and footwear up to $125, school supplies up to $50, school instructional materials up to $20, sports equipment up to $150, laptops and tablets up to $500. Prepare for the new school year and save on taxes! #TaxHoliday #BackToSchool #SalesTax #TaxFreeWeekend #TaxSavings #SchoolSupplies #Clothing #Footwear #Computers #August2024 #USStates #ShopSmart #TaxExemptions #Accountingpro #USA
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LLC or Corporations must register with FinCEN by the end of the year. If you have an LLC or Corporation, it needs to be registered with the Financial Crimes Enforcement Network (FinCEN) by the end of the year. Penalties for non-registration are $500 PER DAY. Here's what you need to know: ▪️ Who needs to file? You need to file a report if your company meets the definition of a "reporting company" and is not exempt from filing. LLCs, corporations, and any companies created by filing documents with the secretary of state are considered reporting companies. ▪️ Exemptions: The following are exempt from filing: 1. Inactive companies 2. Accounting firms Investment advisors 3. Large operating companies 4. Insurance companies In general, an average small business owner will most likely need to file a BOI report. #LLC #Corporation #FinCEN #Registration #BOIReport #SmallBusiness #BusinessOwners #FinancialCompliance #BusinessRegulations #CompanyRegistration #Penalties #ReportingCompany #BusinessExemptions #BusinessLaw #FinancialCrimesEnforcement #EndOfYearDeadline #Accountingpro
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CrowdStrike Outage: Impact on Financial Markets! I want to highlight the recent CrowdStrike outage, where their cybersecurity services experienced significant disruptions in service availability for a few hours. This outage has sparked discussions about its potential impact on investor confidence in cybersecurity stocks and broader market stability. Your perspectives on how such incidents could affect financial markets are crucial. Let's discuss the implications of cybersecurity disruptions on investor sentiment and market dynamics. #Cybersecurity #FinancialMarkets #InvestorConfidence #CrowdStrike #CyberThreats #USA #AccountingPro #Bank #Forbes
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💼 Why You Need a Colorado Alimony Calculator 💼 Navigating divorce can be challenging, especially when it comes to finances. A Colorado Alimony Calculator is an essential tool for anyone going through this process. It helps you: 🔹 Understand Obligations: Get a clear picture of potential alimony payments. 🔹 Plan Finances: Budget effectively post-divorce by knowing your financial commitments. 🔹 Negotiate Fairly: Use accurate estimates to support fair negotiations. Make informed decisions and ensure financial stability during this life transition. Visit our website and use it for free! Switch to our website and use it for free: https://lnkd.in/e-A929fd #DivorceSupport #FinancialPlanning #AlimonyCalculator #ColoradoLaw #FamilyLaw #InformedDecisions #USA #Divorce #Law
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Why You Need a Home Affordability Calculator 🏡 Are you dreaming of owning your own home? The journey begins with understanding what you can afford. A Home Affordability Calculator is essential for anyone looking to buy property. It helps you: 🔹 Budget Wisely: Know your price range and avoid financial strain. 🔹 Plan Ahead: Factor in down payments, taxes, and insurance. 🔹 Compare Options: Evaluate different mortgage scenarios to find the best fit. Empower your home-buying process with informed decisions! 💼💡 Switch to our website and use it for free: https://lnkd.in/e-A929fd #RealEstate #HomeBuying #FinancialPlanning #MortgageCalculator #HomeAffordability #SmartInvesting
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An Auto Lease Calculator is a valuable tool for anyone considering leasing a vehicle. It simplifies the complex process of determining monthly lease payments by factoring in the vehicle's price, lease term, interest rate, and residual value. This calculator helps you compare different leasing options, ensuring you find the most affordable and suitable deal for your budget. Additionally, it provides transparency, allowing you to understand the financial commitments involved in leasing. By using an Auto Lease Calculator, you can make informed decisions, avoid hidden costs, and confidently negotiate better lease terms, ultimately saving you time and money. #AutoLeaseCalculator #CarLeasing #LeaseSmart #FinanceTools #CarFinance #LeaseCalculator #VehicleLeasing #LeaseTips #SmartLeasing #AutoFinance #FinancialPlanning #CarBudgeting #LeaseSavings #InformedDecisions #BetterLeaseDeals #USA