Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Using the T5 slip obtained in one of the methods above, you are required to fill out both a T5 slip and complete the following boxes for 2022,2021, 2020 and 2019 (2018 amounts are represented in brackets).

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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.

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LyfeAccounting

JUNE 17, 2021

Keep reading to learn more about the child tax credit portal update! 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. These people can now use the online tool to register for monthly child tax credit payments.

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LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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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

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

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.

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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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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

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 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. But if you have any questions regarding your specific tax situation, give us a call today.

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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

JULY 28, 2021

And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. So for 2020, that is $12,400.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. 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….

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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.

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LyfeAccounting

APRIL 23, 2021

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. So we’re not going to use a bunch of tax jargon you will read on other blogs. And that deduction in 2020 is 57.5 cents per mile.

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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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LyfeAccounting

MAY 8, 2021

For 2020, the prescribed rate is $5 per square foot with a maximum of 300 square feet. And remember, the space MUST be used for rental or other related business activities. And if you need help with your real estate tax planning , then don’t hesitate to contact us today and let our tax experts help you.

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