Remove Account Remove business accounting Remove income tax Remove tax planning
article thumbnail

Los Angeles tax, accounting service

MyIRSRelief

How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

article thumbnail

Payroll Taxes vs. Income Taxes | What’s the Difference Between Payroll and Income Tax?

LyfeAccounting

Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Does A Tax Extension Mean For You?

Nancy McClelland, LLC

In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return. Filing an extension grants you additional time to submit your complete and accurate return, but you still need to estimate whether you will owe any taxes and pay that estimated balance by the original due date.

Tax 98
article thumbnail

Foreign Tax Credit vs Foreign Earned Income Exclusion

LyfeAccounting

So in this post, we’re going to discuss what the foreign tax credit is, break it down so we can easily understand it, and determine how to qualify for it. What is a Foreign Tax Credit? So technically, it is a non-refundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

Tax 52
article thumbnail

2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. But even basic tax planning can make a big difference in reducing future tax liability.

article thumbnail

How to Pay Dividends: Completing the T5 Slip and Summary

Ronika Khanna CPA,CA

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. and dividend tax credit of 9.0301% are the same for the years from 2019 to 2022. Ronika Khanna is a Montreal Accountant who helps small businesses achieve their financial goals.

article thumbnail

US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax.