Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

Tax

LyfeAccounting

MAY 27, 2021

They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed. You are due a larger or smaller refund.

tax return

ThomsonReuters

FEBRUARY 8, 2022

Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need. Respondents also indicated interest in receiving other services from their accounting firms.

Tax

LyfeAccounting

JUNE 18, 2021

There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud. Each and every year, any tax return that claims a refund is automatically run through a specific IRS system that is designed to detect fraudulent wage or identity theft-based claims. This process has prevented over $2.5

Tax

LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

Tax

LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. The IRS commission, Chuck Rettig said: “We have been working hard to begin delivering the monthly Advance Child Tax Credit to millions of families with children in July. Simply contact us today!

Tax

LyfeAccounting

MAY 24, 2021

. $300/month for people who qualify for the $3,600 and $250/month for those people who qualify for the $3,000 child tax credit. Now, these are tax credits. Let us repeat, tax credits, which means this is not a stimulus check. You can think of this more as an advance on your 2021 tax return. Contact us today!

Tax

LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”.

income tax

LyfeAccounting

JUNE 29, 2021

And this could be a legitimate reason because you’re getting an advance on your child tax credits. So technically, you will have less tax credits to offset any tax liability that you have when you file your tax return. You may not qualify for child tax credits. Contact us today!

Tax

LyfeAccounting

APRIL 8, 2021

In 2019, the IRS audited 0.4% of all individual tax returns. How much you owe in taxes will depend on whether you held for more than a year before you sold and if you had any losses to offset your gains. In any case, most taxpayers must report the gain on Schedule D of their tax return.

audit

inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts.

business tax

LyfeAccounting

JANUARY 20, 2021

There are two ways to demonstrate a 25% or greater reduction in gross revenue: First, you can compare any quarter in 2019 with a comparable quarter in 2020. Second, you can use your 2019 and 2020 annual tax returns to confirm the revenue reduction. You can demonstrate a minimum 25% or greater reduction in gross revenue.

Non-Profits

xendoo

NOVEMBER 23, 2020

Out-of-pocket medical expenses, such as doctor and hospital fees, in-home care, and medications, can be deducted on your 2018 return if they exceed 7.5% In 2019, that minimum goes up to 10%. You can also deduct bank fees and charges on business accounts. of your adjusted gross income. Child and Dependent Care.

Tax

Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. Smaller firms cannot pay competitive salaries because the graduates must be expensively retrained in small business accounting needs.

Education

LyfeAccounting

JANUARY 19, 2021

The borrower must demonstrate that there was a 25% reduction from the gross receipts of the entity during the same quarter in 2019. They may ask for personal tax returns, bank statements, pay stubs, etc. The post New PPP Loan for 2021 appeared first on Small Business Accounting & Finance Blog.

payroll

Going Concern

JULY 15, 2024

After graduating from Kent State University in 2016 with a bachelor’s degree in business accounting, Otto joined the firm full-time in December 2016. But “recognizing the strong professional environment and growth opportunities at Payne Nickles, he returned to the firm in October 2019,” the statement read.

accounted