xendoo

MARCH 18, 2021

A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. And cost can definitely feel like a huge barrier here – it can be hard for a small business to afford to hire an accountant. Or the interest!?) .

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CPA Practice

NOVEMBER 29, 2023

Bookkeep Names Accounting Veteran Alison Ball as Vice President of Marketing and Communications Bookkeep, the leading accounting automation platform for ecommerce and retail, today announced the hiring of Alison Ball as Vice President of Marketing and Communications.

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xendoo

MARCH 16, 2022

As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it might seem mundane, good accounting is integral to the success of any business. However, we know that money can be tight for new business owners. .

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LyfeAccounting

DECEMBER 28, 2020

See, what most people don’t understand is that the government uses the tax code to motivate people to take actions related to their economic agenda. Yes, even many accountants I know aren’t aware of the tax incentives that small and large businesses are taking advantage of to DRAMATICALLY reduce their tax liability.

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MazumaBusinessAccounting

AUGUST 29, 2022

Do small businesses get tax refunds? It’s one of the most common questions we receive —in the same way that there are many types of taxpayers, you’ll find there are more than a few types of small business tax entities. Which Businesses Are Eligible for Refunds? Different Types of Taxes Businesses Pay.

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MazumaBusinessAccounting

AUGUST 28, 2022

Do small businesses get tax refunds? It’s one of the most common questions we receive —in the same way that there are many types of taxpayers, you’ll find there are more than a few types of small business tax entities. Which Businesses Are Eligible for Refunds? The short answer: It depends.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. For tax purposes, there isn’t a difference between the two and they require the same tax forms filed and taxes paid. Form Schedule C is not actually a separate business tax return. Partnerships.

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. The main thing you need to have is your bookkeeping done.

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LyfeAccounting

NOVEMBER 10, 2020

Also, keep in mind that every industry and business are different so what’s important is you consult your CPA for specific advice on your business. How to Increase Profit in Your Business? Bookkeeping. The very first thing that you need to do in order to increase your profit is bookkeeping. Bookkeeping?

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. If applicable, the $20,000 in savings would save you thousands of dollars on your business tax return.

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LyfeAccounting

JANUARY 13, 2021

What I’ve learned over the years is that many business owners do not know what tax deductions are. And I get it – unless you got a CPA license and Master’s degree in accounting like I do, you’ll likely never learn this stuff. And the best part is, there are several different types of tax deductions.

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LyfeAccounting

DECEMBER 1, 2020

Fiscal year of the corporation for tax and bookkeeping purposes. After you have your EIN, you’ll then be able to open a business bank account. This is critical and necessary for keeping your personal finances separate from the business. The post How to Incorporate a Business – 6 Easy Steps!

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LyfeAccounting

OCTOBER 20, 2020

To fully understand why, let’s look at the difference between a Bookkeeper and a CFO. A bookkeeper’s job responsibilities consist of preparing financial statements for you to review. This includes data-entry, revenue and expense categorization, and account reconciliations to ensure that the financial statements are correct.

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LyfeAccounting

OCTOBER 20, 2020

To fully understand why, let’s look at the difference between a Bookkeeper and a CFO. A bookkeeper’s job responsibilities consist of preparing financial statements for you to review. This includes data-entry, revenue and expense categorization, and account reconciliations to ensure that the financial statements are correct.

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LyfeAccounting

JUNE 22, 2021

For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. Instead, you will file a Schedule C when you file your personal tax return. Step 1: Operate out of a business bank account.

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LyfeAccounting

DECEMBER 7, 2020

?. 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. However, if you need help with your business taxes, LYFE Accounting is just one click away. Contact us now at 470-240-1437.

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LyfeAccounting

NOVEMBER 3, 2020

This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless…. My client is a small business in the construction industry.

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LyfeAccounting

JANUARY 5, 2021

Itemizing can take a lot more time than taking the standard deduction, but the decision ultimately depends on which deduction type provides the greatest reduction in your tax. A tax professional like the team here at LYFE Accounting will be able to help you decide what is best for you. Contact us today at 470-240-1437!

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LyfeAccounting

FEBRUARY 19, 2021

Now because SMLLC can be classified as a disguised entity, the responsibility for paying income taxes is passed through to the owner. This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities. Self-employment Taxes. The 2021 self-employment tax rate is 15.3%.

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LyfeAccounting

SEPTEMBER 15, 2020

Specifically, wages that are subject to federal taxes, state taxes, medicare, social security, and so on. . A draw is simply money you withdraw from your business. Think of a bank transfer from your business bank account, to your personal bank account. You’re receiving money that has not been taxed.

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LyfeAccounting

JANUARY 7, 2021

You can also search to see if you already have a DUNS number for your business. But when you’re registering or reviewing your DUNS account, CAREFULLY review the information. You just need to determine what industry your business is in, and find the NAICs code that best matches your business industry.

Government 59

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LyfeAccounting

NOVEMBER 2, 2020

And since this is the case, you may find that independent contractors are charging a premium hourly rate or fixed fees to account for these other expenses. Here’s a third scenario, there is a function in your business like taxes & bookkeeping that needs to be taken care of regularly and takes a few hours to complete.

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Ronika Khanna CPA,CA

DECEMBER 3, 2021

This Fujitsu scanner handles documents, receipts, business cards etc. The portable scanner comes in handy when the small business owner is away from his office at a trade show or at a client and needs access to documents (eg. accountants who don’t want to have to schlep a sheaf of documents after visiting clients).

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