xendoo

FEBRUARY 15, 2022

How Do Tax Advisors Set Their Prices? A tax consultant will charge a fee based on different factors. The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. Complexity of Services .

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Ronika Khanna CPA,CA

MARCH 24, 2022

The space designated as your home office is used to earn business income and/or you meet clients or customers on a regular basis. For example, you cannot deduct expenses relating to the workspace in your garage which is used for home improvement projects from which you do not earn income.

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LyfeAccounting

JULY 20, 2021

For example: Most banks require an LLC’s EIN number to open a business bank account, get a business credit card, or get a business loan. Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes.

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income tax payroll tax accounting and finance Tax 52

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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LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. Other Reasons for Tax Refunds. Earned Income Tax Credit.

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Ronika Khanna CPA,CA

JANUARY 7, 2022

I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. Let’s discuss some of the key aspects of T4s that small business owners and administrators should know: What is a T4 (RL-1)?

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LyfeAccounting

OCTOBER 29, 2020

The first way you may be taxed on a stock is if you sell a stock or security for a gain. If you sell an investment that you held for less than a year, you will pay short-term capital gains tax. The short-term capital gains tax rate equals your ordinary income tax rate – your tax bracket.

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LyfeAccounting

JULY 14, 2021

Well, although Texas has one of the highest property taxes in the country, it has one of the lowest income taxes. Texans pay ZERO income taxes, which is apparently very attractive to billionaires with a lot of income like Elon Musk. Like we said earlier, taxes may not always be a bad thing.

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LyfeAccounting

JUNE 4, 2021

Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. You are simply transferring money from your business to your personal bank account. self-employment taxes.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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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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payroll tax payroll Tax tax return 52

LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Tip #5: Max Out Your Retirement Accounts.

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LyfeAccounting

MARCH 31, 2021

If you held your cryptocurrency for less than a year, profits are taxed as regular income and are known as short-term capital gains. If you held your cryptocurrency for more than a year, profits are taxed at long-term capital gains rates which are typically lower than income tax rates. Payment via Cryptocurrency.

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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

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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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

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. Wrapping Up Tax Season 2021. Contact us today!

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LyfeAccounting

JANUARY 14, 2021

If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Who has to pay quarterly taxes?

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LyfeAccounting

JUNE 11, 2021

For example, if your business made $150,000 in profit, and you paid yourself $50,000 in wages, then you would only pay social security and medicare taxes on the $50,000 you paid yourself in wages. The remaining $100,000 would just be subject to federal and state income taxes. tax on a big portion of your income.

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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. federal income tax return.

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income tax Tax Gambling tax return 52

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.

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LyfeAccounting

JULY 16, 2021

You did not submit a Schedule 8812 with the original return to claim the Additional Child Tax Credit and are now eligible for the credit after the unemployment compensation exclusion; 2. We hope you found this post helpful to better understand what is going on with your money and tax refunds.

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LyfeAccounting

NOVEMBER 5, 2020

When you sell an investment, you will pay short-term or long-term capital gains tax depending on how long you’ve held the investment. If you hold an investment for a year or less and sell, you will pay short-term capital gains tax. The short-term capital gains tax rate equals your ordinary income tax rate — your tax bracket.

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LyfeAccounting

JUNE 22, 2021

Normally the deadline for filing a business return is March 15th, and personal deadlines are April 15th. So as a sole proprietor, you get an extra month to file your taxes. What Taxes Do You Have to Pay as a Sole Proprietor? Generally, the main taxes are Federal income taxes, State taxes, and the big-ugly-fat 15.3%

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. Today, we’re going to walk through, step by step, how to do it.

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LyfeAccounting

FEBRUARY 9, 2021

Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.

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LyfeAccounting

JULY 28, 2021

So why is hiring your children a beneficial tax strategy for you and your kids? You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. However, it is only tax-free if you pay them under the standard deduction. It’s simple.

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Snyder

JUNE 20, 2022

However, delegating doesn’t mean staying out of the loop completely, especially when it comes to business finances, primarily accounting. Accounting is the language of numbers. It shows the most accurate picture of the current state of a business and its future. What is small business accounting?

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Going Concern

OCTOBER 11, 2022

These businesses have their financial advisory needs served by hundreds of thousands of small firm accountants and CPAs nationwide. Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers.

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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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Snyder

JANUARY 3, 2023

But the most important aspect of any business is accounting. All small business owners need to be familiar with basic accounting and bookkeeping, as it gives them a clear picture of the state of their finances, allows them to make informed business decisions, and lets them react to any adverse changes faster.

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LyfeAccounting

JULY 12, 2021

Income is considered passive if the income is derived from a business you do not actively participate in during the year. Or, if the income is derived from rental activities, aka owning rental property. Be sure not to confuse Income tax and self-employment tax for being the same thing.

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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

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. Taxable income. Tax Deductions and Tax Write-offs.

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LyfeAccounting

MAY 3, 2021

Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. However, there are some tax credits where you can get a refund. The popular ones that you probably are aware of are the: Earned Income Tax Credit. Child Tax Credit. Hence, “nonrefundable”.

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