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

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. Errors on Your Return. Past Due Returns.

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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

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.

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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

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud.

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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!

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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. Business Owner Tax Mistakes of Overpaying.

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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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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? You should itemize only if itemizing provides the greatest reduction in your tax.

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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

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!

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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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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.

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LyfeAccounting

JANUARY 20, 2021

If you did not receive round 1 of PPP loans or returned your loan, you are eligible to receive PPP for the first time if you meet the following conditions: Your businesses was in operation on February 15, 2020 and is currently operational. You had paid salaries and payroll taxes or paid independent contractors.

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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. Case Investigations & EIDL Fraud appeared first on Small Business Accounting & Finance Blog.

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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

FEBRUARY 19, 2021

To report and pay federal income taxes on your single member LLC business, you will need to complete a Schedule C, which is a profit or loss business form. This is attached to your personal federal tax return that you file with the IRS. And that should give your taxes owed. Single Member Tax ID Numbers.

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LyfeAccounting

NOVEMBER 3, 2020

It was our first time filing his taxes, so we asked to see his financial statements and tax returns from prior years. For one, he reported his total revenue as his income on his tax return in prior years. This means that he had deducted absolutely NOTHING on his tax returns. So let’s jump into it.

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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. 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. Remember that short-term capital gains are taxed at ordinary income. Businesses.

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MyIRSRelief

NOVEMBER 19, 2021

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

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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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LyfeAccounting

APRIL 23, 2021

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. And that deduction in 2020 is 57.5 Your tax deduction would be about $17,250.

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LyfeAccounting

MAY 8, 2021

But people often misclassify repair costs on their tax return which can be a serious red flag for the IRS if you ever go through an audit. 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.

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