MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. Small potatoes? New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds?

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LyfeAccounting

DECEMBER 7, 2020

Well, on August 8, 2020, the President issued an executive order stating that the employee’s portion of Social Security tax could be deferred effective September 1, 2020, through December 31, 2020 for US workers earning less than $4,000 on a pretax biweekly basis, or about $104,000 annually. As a bonus let’s talk about compensation.

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LyfeAccounting

APRIL 27, 2021

Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides. As of 2021, you can contribute up to $58,000 in a Solo 401K account. For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account.

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LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. So, if you are in the 24% 2021 tax bracket and then a $2,000 deduction saves you $480 on your tax liability (which is $2,000 x 24%).

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LyfeAccounting

OCTOBER 27, 2020

And for the period September 1st to December 31st, payment is due January 15, 2021. 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. Then, for the period of April 1st to May 31st, payment was due June 15th.

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Going Concern

OCTOBER 11, 2022

The lack of new entrants comes from two factors: first a nationwide decline in accounting students (none of whom get hired by small firms); and second because small firms charge too little for their services to be able to pay comparable salaries. September 12, 2021. Educate the media about small business.

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xendoo

MARCH 18, 2021

Additionally, if you wait until tax time to get it together, it can end up giving you a real headache – hiring an accountant at the last minute with books full of errors could cost you more than you set aside in the first place. What does online accounting software do?

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LyfeAccounting

NOVEMBER 23, 2020

The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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