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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PYMNTS

JUNE 12, 2019

Consumer tax solutions provider H&R Block is ramping up its position in the small business financial services market with the takeover of Wave. H&R Block said the acquisition will strengthen its position in the small business space and introduce new growth opportunities for the firm.

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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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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. Unfortunately, a large portion of tax refunds being flagged for identity fraud is not actually fraudulent. This process has prevented over $2.5

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LyfeAccounting

MAY 21, 2021

And, specific accounting advice should come from your contact attorney or CPA. So let’s go ahead and dive into the biggest tax write offs for LLC businesses. 12 Biggest Tax Write Offs For LLC Businesses. If it is a necessary and ordinary tool or technology to run your business, you should write it off.

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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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LyfeAccounting

JULY 16, 2021

A little background, in case you didn’t know, due to the recent passage of the American Rescue Plan of 2021… …the IRS has now considered the first $10,200 of unemployment compensation received in 2020 as non-taxable. We hope you found this post helpful to better understand what is going on with your money and tax refunds.

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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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tax return Tax accounting and finance tax preparation 52

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 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

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. For example, like investing that cash. But not really.

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MyIRSRelief

NOVEMBER 19, 2021

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Tax credits to look out for.

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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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