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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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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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. business tax deductions. Taxable income.

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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

NOVEMBER 23, 2020

?. The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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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

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

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

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 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

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. So as a sole proprietor, you get an extra month to file your taxes.

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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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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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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

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. 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….

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LyfeAccounting

JANUARY 5, 2021

To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR. If you are not familiar with itemizing, there are two ways you can take deductions on your federal income tax return: you can itemize deductions (meaning list out every single deduction you want to take), or.

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LyfeAccounting

OCTOBER 27, 2020

With that said, Jimmy’s total taxable income is $57,800. 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.

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LyfeAccounting

MARCH 5, 2021

And because C-Corporations are subject to double taxation and S-Corporations are not, it shines a bright light on S-Corporations as a good entity choice to save on this tax. So let’s look at each entity closely so you can determine which makes the most sense for your business. Tax Differences: Sole Proprietor vs LLC vs S-Corp.

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LyfeAccounting

OCTOBER 29, 2020

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. What an Effective Tax System Looks Like. A fair tax system should produce similar outcomes.

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