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.”

Real Estate 52

Real Estate audit cpas tax consultant 52

LyfeAccounting

OCTOBER 28, 2020

Tax Tip #1 – Contribute to your retirement account. If you haven’t already done so, max out your annual contributions in your 401k or IRA account. For 401ks, you can contribute up to $19,500 in 2020. For IRAs, you can contribute up to $6,000 in 2020. The post 5 Year End Tax Tips for 2020 and Beyond!

Tax 40

Tax tax planning accounting and finance tax preparation 40

LyfeAccounting

OCTOBER 29, 2020

With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. I’ll put up on the screen the current capital gain tax rate as of 2020. What are the differences?

tax planning 52

tax planning Tax corporation tax Real Estate 52

Snyder

DECEMBER 21, 2022

What is a business budget? So, what does a business budget stand for? By definition, it’s an estimation of future business incomes and expenses based on the evaluation of the business finances over a certain past period. Usually, a business budget gets created annually. Then you sum up all the revenue.

quickbooks 72

quickbooks NetSuite E-commerce accounting and finance 72

Xero

MAY 30, 2022

decline (year to December 2020). The shift towards working from home has more businesses than ever transitioning to the cloud – and to a new level of automation, streamlining, data accuracy, and insight. . Datamolino streamlines and automates the accounts payable process.

bookkeeping 108

bookkeeping Technology accounts payable accounting and finance 108

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. In a deal announced Tuesday (June 11), H&R Block has acquired Wave Financial, a small business FinTech firm offering accounting, payroll, invoicing, payments and bookkeeping services.

Finance 64

Finance bookkeeping bookkeeping services tax preparation 64

PYMNTS

JULY 18, 2020

“While we have extended payment terms on certain orders, in the immediate term we are providing low cost financing to our vendor partners, and are working with our banking partners to increase the amount of funds available within the program as we move forward,” the firm said in a statement.

B2B 85

B2B accounting and finance accounts payable Finance 85

LyfeAccounting

AUGUST 3, 2021

If you got a PPP loan, May 15, 2020, and you had a 24 week covered period, that would mean your cover period comes to an end on October 30, 2020. And 10 months from October 30, 2020 is August 30, 2021. The post PPP Loan Forgiveness Deadline is September 2021 appeared first on Small Business Accounting & Finance Blog.

Tax 52

Tax small business accounting accounting and finance payroll 52

LyfeAccounting

NOVEMBER 23, 2020

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. Well in short, it means that compared to 2020, next year’s tax rates jumped about 1%.

Tax 52

Tax income tax tax planning Start-ups 52

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.

Tax 52

Tax Entertainment tax return tax preparation 52

LyfeAccounting

JUNE 17, 2021

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. Now let’s talk about some of the other tools that are coming soon for people who did file their 2020 taxes. Bank account information (if you have one). Current mailing address.

Tax 52

Tax tax return Maine tax preparation 52

LyfeAccounting

JUNE 11, 2021

It is regarding 2020 tax refunds and those who paid taxes on their unemployment compensation last year. So if you were 1 of the millions of Americans who lost their jobs in 2020 and started collecting unemployment compensation from the government, this applies to you. You would first need to have an account set up with irs.gov.

Tax 52

Tax tax return tax preparation accounting and finance 52

LyfeAccounting

JANUARY 30, 2021

And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Contact us today!

Tax 52

Tax tax return bookkeeping bookkeeping services 52

LyfeAccounting

MARCH 19, 2021

Due to everything that has happened in 2020, the IRS is seeing some major mail delays which could hinder them from being able to process your mail in your tax return quickly. That’s why here at LYFE Accounting, we always recommend simply doing an e-file or electronic filing if you want your return to be received as soon as possible.

Tax 98

Tax tax return accounting and finance tax accountant 98

LyfeAccounting

DECEMBER 7, 2020

And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. It doesn’t matter if you have one employee, 10 employees, 50 employees or haven’t even started your business yet, you are going to want to read this post in its entirety. That will have to be paid back.

payroll tax 52

payroll tax payroll Tax income tax 52

LyfeAccounting

NOVEMBER 25, 2020

That was the plan back in April 2020. Now, fast forward to November 2020 and it’s time to get our loans forgiven. Also, as a disclaimer, I have to say that this is not financial advice and you should always consult with your specific accountant or lawyer. Choose between a 24 week or 8 week period. Talk to us today!

payroll 52

payroll accounting and finance cpas bookkeeping 52

LyfeAccounting

JANUARY 20, 2021

Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. Your businesses has fewer than 500 employees whose principal residence was in the United States. Your businesses was in operation on February 15, 2020 and is currently operational. aka PPP loan 2021.

Non-Profits 52

Non-Profits payroll Healthcare Hospitality 52

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.

Tax 52

Tax tax return accounting and finance tax preparation 52

LyfeAccounting

APRIL 29, 2021

Now compared to 2020, in 2021, we saw a tax bracket increase anywhere between 0.71% to 1%, with an average increase of 1% percent. T hat is an increase of about $75 when compared to 2020. After that, any income b etween $9, 951 and $40,525 would be taxed at 12%, which is a $400 increase when compared to 2020.

Tax 52

Tax tax consultant income tax tax return 52

LyfeAccounting

JUNE 24, 2021

Question: If my 2020 tax return has not processed yet, will I still get the advance child tax credit payments? Answer: In the scenario where your 2020 tax return has not processed yet, the IRS will use your 2019 tax return for all payments dates until it is processed. Information you entered on Get My Payment in 2020.

Tax 52

Tax tax return income tax accounting and finance 52

Ronika Khanna CPA,CA

JANUARY 7, 2022

When I became a small business accountant, who was now either responsible for preparing this information or providing guidance to my clients, I realized that the process was somewhat more complicated. Let’s discuss some of the key aspects of T4s that small business owners and administrators should know: What is a T4 (RL-1)?

quickbooks 52

quickbooks tax return Non-Profits income tax 52

LyfeAccounting

MAY 24, 2021

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. But, that account stays active as long as you want to receive the credit payments. When Will The Payments Be Sent?

Tax 52

Tax tax return tax planning accounting and finance 52

LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. And this issue was compounded even more in 2020. But once you do, you’ll be able to access your IRS account online and perform different activities like verifying your identity with them. Covid-19 and the IRS shutdown are largely to blame for this.

Tax 52

Tax tax return tax preparation accounting and finance 52

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. Business Meals.

Tax 98

Tax Legal tax planning accounting and finance 98

LyfeAccounting

JUNE 29, 2021

If you have an IRS account or ID.me account, all you have to do is sign in and you’re good. If you don’t have an IRS account yet, then sign up and verify your identity by providing a photo identification. But for now, remember you are automatically enrolled if you: Filed a 2019 or 2020 tax return with the child tax credit.

Tax 52

Tax tax return tax consultant accounting and finance 52

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. Now obviously debt can be especially overwhelming for any person or small business.

payroll 52

payroll income tax Tax accounting and finance 52

LyfeAccounting

MARCH 31, 2021

At the very top of the new Form 1040 , there’s a question about crypto: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Be able to find and account for every transaction you make. appeared first on Small Business Accounting & Finance Blog.

Tax 52

Tax accounting and finance income tax small business accounting 52

LyfeAccounting

MAY 18, 2021

That was until Brooks allegedly brought the business back to life in May of 2020. million dollars in PPP funding for the business Cars Direct and used fraudulent tax forms to support his application. million dollars in PPP funding for the business Cars Direct and used fraudulent tax forms to support his application.

Florida 71

Florida tax return Washington Maryland 71

LyfeAccounting

JUNE 2, 2021

As an accounting firm, we’ve filed our fair share of amended tax returns. The IRS began accepting electronically filed 1040-X forms in 2020 for 2019 and 2020 returns if the original return was also electronically filed. Want to Know How to File an Amended Tax Return? Let’s dive right in! Step 5: Track Your Amended Return.

tax return 52

tax return Tax accounting and finance tax preparation 52

LyfeAccounting

JANUARY 5, 2021

For the 2020 tax year , the CARES Act eliminated the 60% limit for cash donations to public charities and you can deduct up to $300, even if you take the standard deduction. A tax professional like the team here at LYFE Accounting will be able to help you decide what is best for you. Contact us today at 470-240-1437!

Tax 52

Tax tax return audit accounting and finance 52

LyfeAccounting

AUGUST 6, 2021

For example, in 2020 the government spent over $6.5 The post Billions of Government Contracts for Small Businesses appeared first on Small Business Accounting & Finance Blog. But before we do that, let’s talk about government contracts first. of all spending in the United States.

Government 52

Government small business accounting accounting and finance CPA 52

LyfeAccounting

MAY 27, 2021

So if it says ‘tax year 2018’, there’s no need in worrying about 2017 or 2020, 2021, etc. This would eliminate the tax penalties they added to your account. From there, they can look up your account and remove the additional fees. Don’t bring up 2020 tax concerns when 2019 is the tax year in question.

tax return 52

tax return audit Tax accounting and finance 52

LyfeAccounting

FEBRUARY 4, 2021

?. Over the course of 2020, the rules related to PPP forgiveness application have changed. Some revisions have made the process easier for businesses with smaller loan amounts. The latest stimulus relief bill passed in December of 2020 had two provisions that could help people with smaller loan amounts.

payroll 52

payroll Tax small business accounting accounting and finance 52

LyfeAccounting

JULY 5, 2021

Retirement accounts. Lastly, all balances in your accounts add up to $5,000. You can do this by opening a retirement account and maxing out your contributions. Having a retirement account does 2 things to increase your net worth. While the average student loan debt in 2020 was $37,000. Investments (stocks, bonds).

accounting and finance 52

accounting and finance Start-ups small business accounting Tax 52

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. This amount doubles for married couples and makes the first $20,400 of unemployment compensation non-taxable.

Tax 52

Tax tax return tax preparation income tax 52

LyfeAccounting

JULY 1, 2021

In 2020, a man at Diamonds State Park in Arkansas thought he found a piece of glass. In April 2020, the unemployment rate reached 14.7% – the highest rate observed since data collection began in 1948. If you have more questions about your taxes, then work with our accountants for business taxes today.

Tax 52

Tax Gambling tax return income tax 52

LyfeAccounting

APRIL 27, 2021

Let’s say you filed your 2020 tax return and are getting a $3,500 refund. Based on the average financing rate of a vehicle, which is 5%, you just paid $175 more in interest on your car payments. The post Why a Big Tax Refund is Not a Good Thing appeared first on Small Business Accounting & Finance Blog.

Tax 52

Tax income tax tax return accounting and finance 52