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. . Clarity: Bringing high-level advisory services to small businesses.

Technology

PYMNTS

JULY 18, 2020

The bank also applauded recent regulatory efforts to curb late B2B payments to small suppliers under the Payments Time Reporting Bill 2020, which will require the largest corporates to report on their vendor payment practices.

B2B

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.

small business accounting

PYMNTS

JUNE 18, 2019

The solution also automatically informs business owners when taxes must be paid and automatically calculates tax payments while generating reports for a user’s accountant. As the publication noted, PayFit has to build out country-specific services to account for labor laws that vary from EU member state to state.

payroll

xendoo

SEPTEMBER 4, 2020

The federal Payment Protection Program (PPP) ended on August 8, 2020. Although no new applications are being accepted, the thousands of small businesses who already received a loan — and the banks who issued those loans — must now make decisions about the process of obtaining loan forgiveness.

payroll

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

Ronika Khanna CPA,CA

DECEMBER 2, 2022

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). There is a third type of dividend referred to as a capital dividend which does not require preparation of a T5 slip.

tax return

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

SingleTrackAccounting

JULY 7, 2020

At Singletrack Accounting, we know how valuable your time and hard earned money is. Alley Rubadeau 2020-02-11T15:57:09+00:00 Did You Receive A 1099? You’re Probably Overpaying Your Taxes Alley Rubadeau 2020-02-11T15:57:09+00:00 February 11th, 2020 | 1 Comment You are your own boss. We are here to help you.

Account

LyfeAccounting

MAY 21, 2021

If it is a necessary and ordinary tool or technology to run your business, you should write it off. Business Meals. Thanks to the Consolidated Appropriations Act that went into effect on December 27, 2020, the business-related meals you eat at restaurants are 100% deductible in 2021 and 2022.

Tax

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. Keep reading to learn more about the child tax credit portal update!

Tax

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. Your businesses has fewer than 500 employees whose principal residence was in the United States.

Non-Profits

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

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

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. New IRS Unemployment Tax Refund Update. What You Need To Do.

Tax

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. ?. Tax season 2021 is here!

Tax

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

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. Talk to us today!

payroll

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.

payroll

PYMNTS

JUNE 12, 2019

H&R Block expects the takeover to generate as much as $45 million in revenue for the fiscal 2020 year. The takeover follows just weeks after Wave announced a collaboration with Visa , which sees small businesses using Wave able to directly access Visa Direct and its Instant Payouts option to obtain funds from their sales in real time.

Finance

LyfeAccounting

FEBRUARY 24, 2021

If filing taxes for 2020, married couples filing jointly who make up to $80,000 in taxable income or single filers who make up to 40,000 in taxable income. Pro Tip: This deduction is scheduled to end after the 2020 tax year but may be extended as it has in the past. So, who is applicable for the 0% tax rate? Lifetime Learning Credit.

Tax

LyfeAccounting

OCTOBER 27, 2020

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. By the way, if you want to learn more about small business tax deduction then make sure you read my post here. Step 2: Calculate Your Income Taxes.

Tax

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

LyfeAccounting

JULY 2, 2021

For those who didn’t receive all the stimulus payments they were eligible for in 2020, you can get a recovery rebate credit when you filed your 2020 tax return. The post Reasons Why Your Tax Refund is Delayed: Why You’re Still Waiting + What To Do Next appeared first on Small Business Accounting & Finance Blog.

Tax

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. appeared first on Small Business Accounting & Finance Blog. Covid-19 and the IRS shutdown are largely to blame for this. This process has prevented over $2.5

Tax

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.

Florida

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. The post Top 6 Things to Know About the New Monthly Child Tax Credit appeared first on Small Business Accounting & Finance Blog.

Tax

LyfeAccounting

MARCH 11, 2021

Currently, the private mortgage deduction ended in 2020 but may get extended by congress again as it has in the past. 22% credit for systems placed in service after December 31, 2020, and before January 1, 2022. We offer various tax solutions for small businesses and individuals so don’t hesitate to contact us today!

Tax

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. We also offer other financial solutions such as accounting, bookkeeping, CFO, and consultancy services. Contact us today at 470-240-1437!

Tax

Pooley Accounting Services

NOVEMBER 4, 2021

Before 2020, companies used 1099-MISC to file non-employee compensation. In 2020, the 1099-MISC form was restricted to reporting rents, prizes, and awards income, and a new 1099-NEC form was created for non-employee compensation. The form serves the same function as the MISC form prior to 2020. What are1099-NEC and 1099-MISC?

Tax

CPA Practice

NOVEMBER 29, 2023

With more than 20 years of brand-building and marketing experience, Ball brings a deep understanding of the small business accounting landscape and will ensure Bookkeep’s solutions align with the urgent needs of bookkeepers and finance teams. in Economics and Accounting from the University of California, Santa Barbara.

Real Estate

CPA Practice

FEBRUARY 28, 2023

The COVID-19 pandemic dramatically affected business operations across industries. Nearly 63 percent of companies with employees received some kind of financial assistance in 2020, including payroll, rent, utilities, and other expenses.

payroll

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. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. A grave mistake. Found Property.

Tax

LyfeAccounting

JUNE 2, 2021

The IRS began accepting electronically filed 1040-X forms in 2020 for 2019 and 2020 returns if the original return was also electronically filed. The post Amended Tax Return: How to File Form 1040X Step-by-Step appeared first on Small Business Accounting & Finance Blog.

tax return

LyfeAccounting

MAY 27, 2021

So if it says ‘tax year 2018’, there’s no need in worrying about 2017 or 2020, 2021, etc. Don’t bring up 2020 tax concerns when 2019 is the tax year in question. Even if your 2020 return has the same issues as 2019, only address what their letter addresses. That will specifically state what your next steps should be.

tax return

LyfeAccounting

JUNE 29, 2021

In fact, the IRS portal is going through a number of updates that will allow families to: check the status of their payment, update their bank account information (starting in August), update mailing address, and. But for now, remember you are automatically enrolled if you: Filed a 2019 or 2020 tax return with the child tax credit.

Tax

LyfeAccounting

MAY 3, 2021

So here are the standard deduction amounts for the 2020 tax year and 2021 tax year categorize by filing status. We have expert tax consultants , tax planning , and tax preparation services that you can hire for your personal and business taxes. appeared first on Small Business Accounting & Finance Blog.

Tax