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. Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax.

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. This is what sets apart an HMRC business enquiry.

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LyfeAccounting

JULY 14, 2021

Not necessarily, property taxes fund everything around you – education, emergency services, and infrastructure. The money that you pay for these taxes funds the services that your local government provides. So in theory, states with high property taxes are better funded and have more money to reinvest into their economy.

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LyfeAccounting

JANUARY 13, 2021

?. People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. Now obviously, taxes are something EVERYONE pays.

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LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. This helps make the tax system fair. How to Calculate Your Taxes. INCOME TAXED.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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South Carolina Hawaii West Virginia Delaware 52

LyfeAccounting

JULY 1, 2021

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.

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LyfeAccounting

DECEMBER 31, 2020

Employees complete Form W-4 so that you (as the employer) can withhold the correct federal income tax from employee pay. If too little tax is withheld, the employee will owe taxes when they file their tax return. If too much tax is withheld, the employee will be due a refund when they file their tax return.

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LyfeAccounting

OCTOBER 23, 2020

Tips on How to Reduce Taxable Income. Open a Retirement Account. Perhaps you’ve heard of employer 401ks where employers and employees contribute to the employee’s 401k account. The employee’s contribution is made with pre-tax dollars. But what if you own your business or your employer does not offer 401ks as a benefit?

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LyfeAccounting

NOVEMBER 16, 2020

For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness. Now obviously debt can be especially overwhelming for any person or small business.

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xendoo

APRIL 20, 2021

There are a lot of compelling reasons you need a bookkeeper, and for most small businesses, it’s generally more cost-effective to outsource the accounting and bookkeeping services to professionals like Xendoo that work with small businesses than trying to do it in-house. Choose an Accounting Method. Check Your Cash Flow.

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LyfeAccounting

JULY 9, 2021

Foreign earned income is simply the income you receive for services you performed in a foreign country during which your tax home is in a foreign country. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S. What is Not Foreign Earned Income.

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LyfeAccounting

OCTOBER 12, 2020

Both an LLC and S-Corp provide you as the business owner, limited liability. Meaning the business itself does not pay income taxes and instead, the business profits are “passed through” to the owners and the applicable taxes are paid at the individual level. Types of Taxes Paid By LLCs.

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LyfeAccounting

JUNE 11, 2021

So if you were 1 of the millions of Americans who lost their jobs in 2020 and started collecting unemployment compensation from the government, this applies to you. Who Should Be Receiving a Tax Refund. Now to be clear, this is considered a tax exclusion. You would first need to have an account set up with irs.gov.

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LyfeAccounting

JULY 16, 2021

And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. If you lost your job last year and started collecting unemployment benefits from the government, this update applies to you. For this round, the IRS identified about 4.6

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LyfeAccounting

JUNE 24, 2021

Lives with the taxpayer for more than one-half of tax year 2021. Does not file a joint return with the individual’s spouse for tax year 2021 or files it only to claim a refund of withheld income tax or estimated tax paid. Advance Child Care Tax Credit FAQs #8. Advance Child Care Tax Credit FAQs #9.

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LyfeAccounting

AUGUST 10, 2021

Not to invest in stock markets, real estate, or your business. . But no, literally, just to pay taxes to the government. It was written to grow the economy, boost jobs, provide affordable housing, and promote many initiatives that the government relies on to provide for its citizens. Be sure to read that next.

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LyfeAccounting

JUNE 15, 2021

Today’s post is all about the #1 tax write-off for real estate investors and that is real estate depreciation. Real estate is one of the most tax-advantaged investment vehicles. The federal and state governments structure tax laws to incentivize specific behaviors. Why This Write-off Exists in the First Place?

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LyfeAccounting

MARCH 10, 2021

Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). Let’s look at 3 common scenarios.

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LyfeAccounting

OCTOBER 27, 2020

So that’s how you get Jimmy’s taxable income for step number one. 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. Remember this, whatever you overpay in taxes, the government will send you a refund for that amount.

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LyfeAccounting

MAY 5, 2021

And, as you can see the max long-term capital gains tax rate in 1922 was about 12%. And as the economy grew and the government provided more infrastructure, the capital gains tax rates grew as well. During the same year, let’s say you earned $100,000 and that puts in you the 24% tax bracket.

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LyfeAccounting

JULY 30, 2021

And this is treated very differently for tax purposes. Short-term capital gains are taxed just like your ordinary income, which is the highest type of income tax that exists. Ordinary income tax brackets can range from 0-40%. So how do you pay long-term capital gains tax on your stocks?

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LyfeAccounting

JANUARY 25, 2021

Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. This meant that their wages were not taxed at all. So if they made $1600/month, that’s the exact amount that went into their bank account. You need a State Income Tax number.

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