LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

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LyfeAccounting

MAY 25, 2021

And here on our blog, we’ve talked about a few of them such as PPP loans , EIDL loans , business grants you can get for your business, and so on. This free money coupled with a lack of production/supplies is what is leading to a hidden inflation tax in 2021. Crazy Inflation Predictions. Contact us today for more details.

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Going Concern

SEPTEMBER 9, 2022

listed Chinese biotechnology company to carry out a “brazen” $400 million accounting fraud. Ex-Hillandale Farms accountant admits to $6.8 Weston, a former accountant at Hillandale Farms, engaged in the scheme with his late secretary and bookkeeper — known in court records only as VP — to steal $6.8 VP died in 2019.

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LyfeAccounting

JANUARY 20, 2021

Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. aka PPP loan 2021. PPP Loan 2021 Most Commonly Asked Questions (And Our Answers!). Your businesses has fewer than 500 employees whose principal residence was in the United States. Independent contractors.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. March 15, 2021.

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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. Right now we know the IRS has created a special advanced tax credit 2021 page, but as of this moment, there is nothing to really use it for. Bank account information (if you have one).

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LyfeAccounting

JANUARY 28, 2021

So in this post, I want to take some time to talk about what accredited investing is some new changes that took effect in 2021, share some examples and talk a little bit about some tax advantages. New 2021 SEC Accredited Investing Rules. So as of 2021, the government has certain incentives in place for companies that invest in the US.

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Xero

JUNE 6, 2022

As many of us continue to respond to the impacts of climate change, it’s important to consider how the small business landscape will change, not just for our small business customers but our accounting and bookkeeping partners too. Who do small businesses go to when they have questions? What’s driving this?

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. 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

APRIL 30, 2021

.” When you use your vehicle for business purposes, you are able to write off the mileage or the actual expenses of the vehicle. With the mileage approach, you can write off 56 cents in 2021 for every business mile you drove. Let us explain. Though, it does not fluctuate too much higher or lower than the current rate.

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LyfeAccounting

JULY 3, 2021

How to start a nonprofit organization in 2021 – otherwise known as a 501(c)(3) organization. So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. Keep reading!

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Nancy McClelland, LLC

FEBRUARY 6, 2022

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. account “as soon as possible” and you won’t be able to log in with your existing IRS username and password starting in summer 2022. Why would this matter?

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LyfeAccounting

FEBRUARY 4, 2021

So there you have it, we gave you some quick updates for the PPP forgiveness application in 2021. The post PPP Forgiveness Application: 2021 Updates and FAQ appeared first on Small Business Accounting & Finance Blog. If you need more assistance with your financial management or tax filings, we’ve got your back.

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LyfeAccounting

JUNE 23, 2021

Top 10 Passive Income Ideas For 2021. Bank Certificate of Deposits or CDs is a low-risk savings account offered by banks. Most bank CDs require you to hold your funds in the account for at least 6 to 18 months but can be as long as 3 or 5 years. The post Top 10 Passive Income Ideas for 2021 | Earn Money While You Sleep!

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LyfeAccounting

JUNE 13, 2021

So in this post, we want to dive straight into how businesses can handle inflation in 2021, 2022, and pretty much at any time. Let’s not waste any time and jump straight into how to handle inflation as a business owner. 5 Ways on How to Handle Inflation as a Business Owner. Keep reading!

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LyfeAccounting

MARCH 10, 2021

Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. So it’s clear that more people need to know about tax penalties in 2021, especially if you are a small business owner and need capital to survive. Delay taxes for a stimulus check?

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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. Now, this is the power of leveraging the tax code and why accountants and CPAs get paid so much money. Use your car for business content creation.

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LyfeAccounting

JANUARY 18, 2021

Lastly, you can earn a one-time $500 cash bonus when you spend $4,500 on the card in the first 3-months of opening your account. As if that wasn’t enough, The American Express Blue Business Cash Card also comes with a feature known as Expanded Buying Power which allows you to spend beyond your credit limit when needed. Quick Recap.

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LyfeAccounting

JULY 9, 2021

There is a limit of how much foreign earned income can be excluded, which for 2021 is up to $108,700. The post How to Qualify for the Foreign Earned Income Exclusions in 2021 appeared first on Small Business Accounting & Finance Blog. So the foreign earned income exclusions mean that you do not have to pay U.S.

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CPA Practice

DECEMBER 19, 2023

Because of this unusual situation, the IRS has put a plan in place—before resuming normal collection notices for tax years 2020 and 2021 in January—to help taxpayers with unpaid tax bills, including some people who haven’t received a notice from the IRS in more than a year. The IRS estimates 5 million tax returns—filed by 4.7 7, 2023.

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Xero

NOVEMBER 14, 2023

While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK.

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LyfeAccounting

JUNE 9, 2021

Like applying for your EIN, setting up your bank account, or even being your registered agent. You also don’t need to pay anyone to set up your bank account as we’re sure you’ve already set up a personal account on your own and your input is already needed to complete that anyway.

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LyfeAccounting

JULY 22, 2021

The post The 10 States With the Lowest Property Taxes in 2021 appeared first on Small Business Accounting & Finance Blog. Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today! Simply contact us to get started.

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Accounting Insight

MARCH 3, 2023

As digital transformation continues to accelerate the evolution of tax and accounting, the players who expedite their embrace of these six tech trends will have an early mover advantage. In the tax and accounting industry, customers want an improved, simplified experience. How will businesses navigate the metaverse?

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LyfeAccounting

JULY 8, 2021

In fact, when we started our first business, the only money one of our founders had was a $250 deposit into a business checking account. It was just a deposit he had to make to ensure the account would get opened without incurring fees. This is like a social security number but for your business.

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LyfeAccounting

JUNE 1, 2021

Well, there you have it – t he ultimate list of small business grants for 2021. If you have more questions regarding business grants or how you can manage your business finances in general, then consider hiring our CFO services. So, what grants you plan to apply for?

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LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. “What should my business entity be? Imagine for a second, you are networking event and you meet an investor who can help grow your business. You introduced your accounting firm to him and the investor gets excited because it is exactly what he is looking for.

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CPA Practice

MARCH 15, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, talk about the most productive and cost-efficient ways to use Microsoft 365 in public accounting firms. And you may know the current number, just like we know there’s a 300 user max on these business accounts right now, you may know the number of different Excel versions.

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Withum

FEBRUARY 2, 2022

Employers can receive up to $5,000 per employee in 2020 and up to $7,000 per employee for each of the first three calendar quarters in 2021. For example, let’s say your restaurant had $1 million in gross receipts for each quarter in 2019 and had gross receipts of $750,000 in Q1 2021 and $1 million in gross receipts for Q2 2021.

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LyfeAccounting

JULY 22, 2021

The post The 10 Best Property Taxes By States in 2021: Move Here to Save Money! appeared first on Small Business Accounting & Finance Blog. Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today!

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PYMNTS

JULY 11, 2016

India is becoming a new center stage for innovation in the corporate and small business accounting software space, analysts believe. A report published by TechSci Research late last week says India is poised to see a 14 percent combined annual growth rate between 2016 and 2021 in the accounting software space.

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PYMNTS

JANUARY 30, 2020

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. ” Lease Misunderstandings. .

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Xero

NOVEMBER 13, 2023

While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK.

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MazumaBusinessAccounting

SEPTEMBER 30, 2021

On October 11, 2021, Mazuma will launch Keep Going , a podcast that shares the struggles, insights, and everyday triumphs of business owners. In addition, Mazuma plans to give away $10,000 to help one business owner on their own business journey. We want to tell their stories—to celebrate their businesses and successes.”

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AccountingDepartment

JULY 23, 2021

Cathy Becker, CPA, Senior Controller and Project Manager here at AccountingDepartment.com, is speaking at AICPA Engage 2021, joining forces as a panelist with the Jirav team!

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Xero

MAY 30, 2022

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. . Here are five apps that have joined the new Xero App Store since launch in August 2021, and are helping small businesses seize the post-pandemic opportunity. .

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. It is essential to review the books and records for any current month activity that might not be reflected in cash or credit card account activity.

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