Remove 2025 Remove accounted Remove small business accounting Remove tax return
article thumbnail

Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

LyfeAccounting

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.

Tax 52
article thumbnail

Top 6 Things to Know About the New Monthly Child Tax Credit

LyfeAccounting

. $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.

Tax 52
article thumbnail

President Trump vs Biden Tax Plan Proposal in 2020

LyfeAccounting

With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. A fair tax system should produce similar outcomes. Child Tax Credits. Why does it matter?