KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. Bonus depreciation continues as 100% for property placed in service in 2020. To reduce 2020 taxable income, consider disposing of a passive activity in 2020.

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LyfeAccounting

OCTOBER 23, 2020

In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. With tax planning, I go over the ins and outs of a taxpayer’s situation. I review all sources of income and major life circumstances, and come up with legal ways to save them thousands in taxes.

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CPA Practice

JUNE 8, 2023

CPAs and Chartered Global Management Accountants “are well positioned because of their expertise, integrity, attunement to broad business issues and commitment to lifelong learning.” Another is development of an AICPA-led national strategy to address the CPA pipeline, starting with a detailed Pipeline Acceleration Plan.

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ThomsonReuters

MAY 6, 2021

Discounted cash flow approaches are a helpful tool used in US GAAP accounting for valuation and impairment assessments. A discounted cash flow approach is a type of “income approach” or “present value technique,” two terms used frequently in the FASB Accounting Standards Codification®.

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LyfeAccounting

OCTOBER 12, 2020

?. There is one thing in business that is constant and remains the same: The need for proper bookkeeping and accounting. A CPA, which is a Certified Public Accountant, is an accounting professional that has satisfied rigorous education and experience requirements. Accounts Payable & Receivables. Tax Planning.

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LyfeAccounting

OCTOBER 28, 2020

As you can probably tell from the title – 5 year end tax tips, in today’s post, I’ll be going over tax tips and specifically year-end tax tips that will save you on your tax bill! Now I know the pure thought of taxes is not exactly fun. 5 Year End Tax Tips You Can Try. This tax tip is actually 2 fold.

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CPA Practice

NOVEMBER 29, 2023

Bookkeep Names Accounting Veteran Alison Ball as Vice President of Marketing and Communications Bookkeep, the leading accounting automation platform for ecommerce and retail, today announced the hiring of Alison Ball as Vice President of Marketing and Communications. We congratulate and welcome them to the Whitley Penn Partnership.”

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

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Going Concern

JUNE 16, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Last week, PwC named at least 67 current and former staff involved in the leak of government tax plans. Accountants love their jobs.

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SingleTrackAccounting

MAY 13, 2021

The new presidential administration has proposed a large new tax bill to offset other priorities such as improving infrastructure, funding the American Rescue Plan, combating employment inequality and tackling climate change. These are expected to be financed with increased taxes targeted at high income brackets and corporations.

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Inform Accounting

APRIL 28, 2022

This can be an easy source of finance, and also one that can be tax efficient as, if you time it correctly, it is possible to borrow up to £10,000 for up to 21 months tax-free. However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made.

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Mark Lee

NOVEMBER 22, 2022

The latest economic predictions in the UK prompted me to consider ways in which accountants could be more proactive as regards their clients. As so many were at the start of the pandemic in 2020. I know that some accountants hold back from being proactive with clients unless the fees they get paid warrant this approach.

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SingleTrackAccounting

MARCH 3, 2021

Creative types such as web and graphic designers are talented individuals that are excellent at what they do but most likely do not have the time, energy, or expertise in accounting. We want you to be as creative as possible and we help put your “boring” accounting on autopilot. Did we mention the tax man also loves your industry?

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ThomsonReuters

MAY 6, 2021

But this is just the most recent step in the increasing IRS focus on cryptocurrency tax, here’s a brief timeline on past activities: 2021 – Launch Operation Hidden Treasure. 2020 – Move Virtual Currency Question to 1040, page 1 and IRS sends out second round of notices to crypto taxpayers. Ledgible by Verady. Conclusion.

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LyfeAccounting

NOVEMBER 23, 2020

The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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LyfeAccounting

MAY 24, 2021

Right now, your best bet is to make sure that you have filed your tax return. But as long as you filed then your 2020 taxes, then you don’t have to do anything else right now – according to the IRS. If you haven’t done 2020 taxes yet, then the IRS will use your 2019 taxes. Contact us today!

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KROST

DECEMBER 15, 2020

2020 is shaping up to be one of the most unique and challenging times in recent history. Additionally, tenants who are unable to pay rent between September 1, 2020 – January 31, 2021, must pay at least 25 percent of rent due to avoid eviction… Continue here ». Now with the coming election, more uncertainties could be on the horizon.

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LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year.

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LyfeAccounting

JUNE 17, 2021

Keep reading to learn more about the child tax credit portal update! It’s called the “Non-filer sign-up tool” which is for people who did NOT, we repeat, DID NOT file their 2020 taxes which would have been done in 2021. These people can now use the online tool to register for monthly child tax credit payments.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. That tax is essentially the employee and employer share of FICA. What About the Payroll Tax Deferral Under the Cares Act?

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LyfeAccounting

JULY 2, 2021

Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed. Common mistakes include ownership of the bank account not matching with the filling status or name on the return, and mistakes in routing and account numbers.

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KROST

MAY 11, 2021

Early this year, two valuable provisions were extended by Congress through 2020: Sections §45L and §179D. While the benefits can be retroactively claimed if missed on previous tax returns, many miss out on the credit or deduction due to the temporary nature of the provisions. Learn more about KROST’s Real Estate Industry Services ».

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LyfeAccounting

NOVEMBER 16, 2020

For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness. Tax Deductibility. However, that letter was sent in May 2020. What is a PPP Loan?

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. A complete guide to amending your tax return. Let’s dive right in!

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LyfeAccounting

MAY 27, 2021

Right underneath where your letter number is in the top right, is going to be the tax year it is in reference to. So if it says ‘tax year 2018’, there’s no need in worrying about 2017 or 2020, 2021, etc. If it is your first time owing additional taxes, you can actually call the IRS and request a first-time penalty abatement.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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KROST

FEBRUARY 24, 2021

During the first three quarters of 2020, the IRS published 5,045 individuals who have made the ultimate decision to expatriate and formally cut ties with the United States. The recognized gain is then reduced by the exclusion amount of $737,000 for 2020 ($744,000 for 2021). Expatriate tax return compliance.

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LyfeAccounting

APRIL 27, 2021

Tax refunds are not good because instead of that money being held by the IRS and taking 1700 years to process… …YOU could have possession of that money and use it for the things you want. Let’s say you filed your 2020 tax return and are getting a $3,500 refund. Other Reasons for Tax Refunds. But not really.

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LyfeAccounting

JULY 28, 2021

All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need.

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ThomsonReuters

MARCH 2, 2021

When you manage tax strategically, you have access to the information you need to make financial decisions from a position of strength, and you can elevate the tax department to the role of a trusted business partner for the business. Decide whether to buy or build your tax data software.

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Going Concern

MAY 25, 2022

As a website that has lurked in the shadows of the public accounting industry for nearly 13 years, we’ve seen and heard our fair share of stories about how toxic , uncomfortable, and cult-ish working at a Big 4 firm and other top mid-tier firms can be. Dhaval Jadav. The company treats most of its employees like garbage.

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LyfeAccounting

FEBRUARY 24, 2021

The 0% tax rate has been in effect since 2008 and allows you to realize the gains from your investments – completely tax-free. So, who is applicable for the 0% tax rate? To find out, simply look at the long-term capital gains tax chart. Another rare tax break available for students is the Lifetime Learning credit.

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LyfeAccounting

MAY 3, 2021

So here are the standard deduction amounts for the 2020 tax year and 2021 tax year categorize by filing status. This means if you don’t have more than $12,400 in tax deductions then you aren’t getting any benefit by adding them. But if you have any questions regarding your specific tax situation, give us a call today.

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LyfeAccounting

APRIL 23, 2021

Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. So we’re not going to use a bunch of tax jargon you will read on other blogs. And that deduction in 2020 is 57.5 cents per mile.

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LyfeAccounting

FEBRUARY 19, 2021

Now one last thing you need to know about single member LLC taxes is that you must pay tax on all profit, whether you distribute it or not. The IRS will not distinguish whether an owner of an SMLLC leaves the profits in the business bank account, reinvested profits into the business, or distributes the money as payment to the owner.

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KROST

JANUARY 13, 2021

On June 12, 2020, the IRS issued Proposed Regulations 1.1031(a)-3 (REG-117589-18) for Section 1031 to include a definition of real property in response to the TCJA’s statutory changes that limited 1031 exchanges to real property. Read the full Real Estate Issue ». Learn more about KROST’s Real Estate Industry Services ».

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