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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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

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

OCTOBER 27, 2020

So as we already explained, tax payments are due 4 times per year and it’s usually due on the 15th of the next quarter. So in the beginning of 2020, the schedule was set up like this. For the period of January 1st to March 31st, the quarterly tax payment due was April 15, 2020. Step 2: Calculate Your Income Taxes.

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LyfeAccounting

NOVEMBER 3, 2020

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…. My client is a small business in the construction industry.

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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!

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LyfeAccounting

JULY 28, 2021

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. However, it is only tax-free if you pay them under the standard deduction. So for 2020, that is $12,400. However, y ou can’t just pay them any amount.

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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.

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Ronika Khanna CPA,CA

JANUARY 7, 2022

I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. Let’s discuss some of the key aspects of T4s that small business owners and administrators should know: What is a T4 (RL-1)?

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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. The post Tax Credits vs Tax Deductions: Which One Is Better in 2021?

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LyfeAccounting

FEBRUARY 19, 2021

Now because SMLLC can be classified as a disguised entity, the responsibility for paying income taxes is passed through to the owner. This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities. Self-employment Taxes. The 2021 self-employment tax rate is 15.3%.

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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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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 that deduction in 2020 is 57.5 Crazy right?

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LyfeAccounting

JANUARY 7, 2021

According to GovExec, Federal Contract spending was expected to exceed over $600 billion over 2020. That’s a lot of money going into the hands of businesses that are set-up to get government contracts. In this post, I’m going to teach you how to make the government a customer of your business by getting government contracts.

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