Ronika Khanna CPA,CA

APRIL 14, 2022

Unlike a simple personal tax return with no business income, this information is generally not simply provided to you on a tax slip, such as a T4 or T5, but must be compiled and calculated. This is also true for spouses of small business owners who may only have a regular(non small business) tax return.

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CPA Practice

JUNE 28, 2023

When a Circular 230 practitioner dies, leaving behind a tax practice, there can be many questions and much uncertainty about the practitioner’s preparations beforehand and the consequences for clients and those responsible for administering the deceased practitioner’s estate. All files should be secured (e.g.,

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Ronika Khanna CPA,CA

MAY 26, 2023

Some of the information that can be found on a notice of assessment includes: Personal income tax returns (including small business tax returns on a T2125 ): Summary of the income tax return that was filed which includes certain key line items such as total income, deductions and credits , and final tax amount payable or refund.

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LyfeAccounting

APRIL 4, 2021

So we still have time and there’s no rush to file your taxes immediately. And in addition to that, many states are following suit with the extension from the federal government. Estimated Tax Payments. Business Taxes. Take Note Of This Tax Season 2021 New Update! So that’s it!

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LyfeAccounting

APRIL 22, 2021

Let’s start by understanding the number one thing Amazon does to write off taxes. How to Write Off Taxes Like Amazon. See, credits provide a dollar-for-dollar reduction of your income tax and are given by the government to reward certain types of behavior that benefit the US economy. Business Energy Tax Investment Credit.

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LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). Other Reasons for Tax Refunds.

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LyfeAccounting

DECEMBER 31, 2020

Moving on… Every quarter, an employer has to file quarterly employer tax forms to remit taxes to the appropriate government agencies. It is important to understand that when you withhold taxes from your employee’s pay that this money is NOT yours. The post A Quick Guide to Payroll Tax Filings!

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LyfeAccounting

DECEMBER 1, 2020

Step 3: Putting together your governing documents. After you have your EIN, you’ll then be able to open a business bank account. This is critical and necessary for keeping your personal finances separate from the business. Now assuming you already have a business such as an LLC and want to incorporate.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

Annual filing is recommended if your business is small and you do your accounting irregularly. Your GST/HST returns can be filed directly through a business bank account , online through CRA my business account or by completing a paper form and mailing it in along with a cheque or paying directly at a bank.

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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. Combined, 7.65% in FICA taxes. Federal Unemployment Tax Act. FUTA is a 6% tax based on the first $7,000 of wages you pay each employee.

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LyfeAccounting

JULY 1, 2021

Are you a crooked politician or someone who occasionally takes money in exchange for government contracts ? They didn’t get to enjoy their inflated income for too long before they were arrested and charged with taking kickbacks worth over 20 million dollars from contractors in exchange for large government contracts and inflating invoices.

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xendoo

MARCH 21, 2022

Crunching numbers may not be your forte, but every online business needs a strong eCommerce accounting plan. Tracking your financial matters helps you understand the health of your business and ultimately allows you to make decisions based on real numbers, not just feelings. Types of accounting software.

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LyfeAccounting

SEPTEMBER 15, 2020

Specifically, wages that are subject to federal taxes, state taxes, medicare, social security, and so on. . A draw is simply money you withdraw from your business. Think of a bank transfer from your business bank account, to your personal bank account. You’re receiving money that has not been taxed.

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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? 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. And this can be a tax savings of 30-40%!

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LyfeAccounting

JANUARY 31, 2021

All you have to be is a business owner or independent contractor – meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. If that’s you, and you work from home, then get ready to lower that tax payment to the government. How Do You Calculate Your Home Office Deduction?

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

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PYMNTS

OCTOBER 11, 2016

government inquiry called into question RBS’ tactics in dealing with its SME clients. Treasury Committee Chairman Andrew Tyrie is urging the FCA to “get on with publication as soon as possible” and is calling on the government regulator to commit to a publication date. ” Government’s Role. .

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LyfeAccounting

JANUARY 13, 2021

What I’ve learned over the years is that many business owners do not know what tax deductions are. And I get it – unless you got a CPA license and Master’s degree in accounting like I do, you’ll likely never learn this stuff. Now obviously, taxes are something EVERYONE pays. Without taxes, we’d have no government.

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. Without it, I would be steering a business without a rudder.

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LyfeAccounting

OCTOBER 27, 2020

By the way, if you want to learn more about small business tax deduction then make sure you read my post here. Step 2: Calculate Your Income Taxes. Here, you want to start multiplying your tax income by tax year’s bracket, which here they are for 2020. With that said, Jimmy’s total taxable income is $57,800.

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LyfeAccounting

OCTOBER 12, 2020

In total, it was roughly 15% being paid to the government in employment taxes. Well as a business owner, the IRS figures, well hey, you’re both the employer and the employee and need to pay us the full 15.3%. And their self-employment taxes were born. appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

DECEMBER 28, 2020

See, what most people don’t understand is that the government uses the tax code to motivate people to take actions related to their economic agenda. Yes, even many accountants I know aren’t aware of the tax incentives that small and large businesses are taking advantage of to DRAMATICALLY reduce their tax liability.

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PYMNTS

MARCH 19, 2018

Tax reform is likely to lead small businesses (SMBs) in the U.S. to pay more for accounting services, according to new analysis from the Senate. Reports in Accounting Today said Senator Ron Wyden (D-Ore.), ranking Democrat on the Senate Finance Committee, released a report on the impact of tax reform on small businesses.

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