LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC. But not really.

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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. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. February 12, 2021.

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LyfeAccounting

JUNE 11, 2021

New IRS Unemployment Tax Refund Update. If you, or anyone you know, paid any taxes on unemployment last year, read on because we have some very important news for you. It is regarding 2020 tax refunds and those who paid taxes on their unemployment compensation last year. Who Should Be Receiving a Tax Refund.

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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. These tax documents (also called tax slips) are referred to as a T4 (and an additional slip called the RL1 in Quebec).

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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. A grave mistake. Found Property.

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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. According to the IRS, you do not need to file an amended return if you fall into one of these categories: 1.

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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. How Do You Claim Tax Deductible Donations? In general, you cannot exceed 60% of your adjusted gross income. Contact us today at 470-240-1437!

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LyfeAccounting

OCTOBER 27, 2020

Now some people see this every year on their tax return and think it’s just another required payment to the IRS. But an estimated tax penalty is something that you DO NOT have to pay and can be completely avoided. Also, I’m going to show you how to calculate and pay your federal estimated taxes.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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LyfeAccounting

NOVEMBER 16, 2020

But for the 1% of small businesses who have not taken advantage of the PPP loan then let me quickly review what it is. The CARES act which was passed in March 2020 established the Paycheck Protection Program for small businesses. For example, if you file your 2020 tax return BEFORE forgiveness is determined: A.

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return. Child Tax Credit.

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LyfeAccounting

APRIL 29, 2021

Now a quick note on tax brackets, tax brackets are adjusted annually to reflect changes in the cost of living also known as inflation. normally rises, we typically see the tax brackets rise as well y ear over year. So let’s go ahead and discuss how tax brackets work for each filing status.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. It really just depends on your income and filing status. As of 2020, for example, if you are single and you make $40,000 or less, then you would pay 0% long-term capital gain tax. Businesses. Collectibles.

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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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LyfeAccounting

MAY 8, 2021

Well, because these tax write offs for rental property that we’re going to share with you today have the potential to show a LOSS on your property allowing you to reduce your tax liability to zero. Active vs Passive Income Tax Example. And that is even if you had positive cash flow. But here’s the catch.

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