CPA Practice

FEBRUARY 1, 2024

CPAs and accountants are uniquely positioned to help their clients out with a variety of advisory services. The primary focus for small business owners in 2024 is generating more revenue, with many small businesses wanting to add to their payrolls. That hasn’t changed. Here are the highlights. #1:

E-commerce 64

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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!?) .

accounting software 52

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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?

accounting basics 52

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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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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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Snyder

JANUARY 16, 2023

Every business wants to make sure they‘re utilizing the resources and business processes they’ve implemented to the fullest. Whether it’s hiring employees, getting new accounting software , or relocating, business owners want to make sure that whatever they do contributes to more stability in profits.

Account 52

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LyfeAccounting

NOVEMBER 13, 2020

Regardless of what happens to that 20 dollars next, these transactions have started bookkeeping and accounting processes. But a lot of people are still confused when it comes to bookkeeping vs accounting. At LYFE Accounting, we’ve helped companies with their bookkeeping and accounting processes. Why do I need them?

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LyfeAccounting

NOVEMBER 4, 2020

Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th. One of those differences is in the tax form that is filed. Let me explain.

business tax 52

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LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. Case Investigations & EIDL Fraud appeared first on Small Business Accounting & Finance Blog.

Florida 71

Florida tax return Washington Gambling 71

xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Choose an Accounting Method. An invoice dated in December would go on December’s books, even if it gets paid in January.

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LyfeAccounting

JANUARY 20, 2021

Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. You had paid salaries and payroll taxes or paid independent contractors. Your businesses has fewer than 500 employees whose principal residence was in the United States. aka PPP loan 2021. 10 million.

Non-Profits 52

Non-Profits payroll Healthcare Hospitality 52

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.

payroll 52

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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. Only employees are paid wages.

CPA 52

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LyfeAccounting

MARCH 5, 2021

Sole proprietorship and partnerships are both taxed the same, they just file in different places on their tax returns. Sole proprietors report business income on their individual tax returns, or 1040. And they use Schedule C to report the business income or loss from your business.

Tax 52

Tax Legal Non-Profits tax return 52

LyfeAccounting

JANUARY 19, 2021

Just a little disclaimer though, this post is not financial advice and we always recommend you consult with your specific accountant or lawyer. The PPP loan is for payroll and other qualified expenses. They may ask for personal tax returns, bank statements, pay stubs, etc. And if you have an existing PPP loan.

payroll 52

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LyfeAccounting

JULY 12, 2021

This simply means that business profits, losses, and any taxes, pass through to your personal tax return where you pay for those taxes. Second, the self-employed pay taxes on their net earnings also known as profit, and not their revenue. Other Taxes To Keep In Mind When Self Employed.

Tax 52

Tax income tax payroll tax tax return 52

Ronika Khanna CPA,CA

SEPTEMBER 3, 2021

Others decided it made sense to use accounting software right at the outset of their businesses. In many cases, using a spreadsheet is perfectly fine and sufficient for small business or self employed individuals where you simply need a way to determine your income and expenses. Digital Download. Amazon Print Version.

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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. These tax documents (also called tax slips) are referred to as a T4 (and an additional slip called the RL1 in Quebec).

quickbooks 52

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Ronika Khanna CPA,CA

OCTOBER 4, 2024

Before I started my own business, and despite my accounting background, I would receive a paycheque without really questioning or understanding the deductions. Once, I ventured into the arena of small business accounting, however, I had to learn how to create a paycheque and the accompanying year end slips (T4s and RL1).

payroll 52

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LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. The “What” and “Why” of Business Tax Credits.

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