ThomsonReuters

OCTOBER 19, 2023

A bond , which is a limited-life intangible asset, is essentially a loan agreement between the issuer of the bond (i.e., Amortized bonds differ from other types of loans and helping clients better understand bond amortization can further strengthen your role as a trusted advisor. Accountants can treat the bond like an amortized asset.

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auditor Tax accounting and finance Account 52

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. Why does my CPA suggest we extend my tax return? • What are the primary benefits of extending my tax return? •

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Inform Accounting

APRIL 21, 2022

However, if costs are incurred while the property is not let, can you deduct the costs for tax purposes? Expenses are deductible in computing the profits and losses for a property business as long as they are revenue in nature and the expenses are incurred wholly and exclusively for the purposes of the business.

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tax planning tax return Tax Government 52

Shay CPA

FEBRUARY 15, 2023

Don’t shoot the messenger: it’s time to do your taxes. Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes.

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LyfeAccounting

OCTOBER 21, 2020

?. In federal taxes you owe $78,435.72. Look, those were like your tax liabilities from last year. So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. Because like clockwork, taxes come due every year.

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ThomsonReuters

OCTOBER 5, 2023

Jump to: What is amortization in accounting? These assets vary depending on the type of business, but they often include such tangibles and intangibles as office buildings, corporate vehicles, computers, patents, copyrights, and trademarks. Some assets will fall under amortization accounting. What is an amortization schedule?

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ThomsonReuters

SEPTEMBER 22, 2022

For example, can we limit reimbursements to courses that are related to our business? Of course, there are some restrictions: The education cannot relate to a sport, game, or hobby, unless it involves the employer’s business or is required as part of the student’s degree program. Meals, transportation, and lodging cannot be reimbursed.

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LyfeAccounting

NOVEMBER 16, 2020

That’s why in this post, I want to help you forget and forgive your PPP loan. Now there are some interesting developments going on right now related to PPP. Now obviously debt can be especially overwhelming for any person or small business. Now obviously debt can be especially overwhelming for any person or small business.

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payroll income tax Tax accounting and finance 52

Withum

AUGUST 23, 2022

It will surprise no one that taxpayers are always looking to minimize their tax bill. It’s the means that is used to minimize the tax bill that gets people in trouble. Concealing domestic or foreign bank accounts, brokerage accounts, digital assets such as virtual currency or other property.

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LyfeAccounting

APRIL 13, 2021

The SEP IRA allows business owners to deduct up to $58,000 and put that money towards retirement. This is thousands of dollars more than the $6,000 contribution limit that a standard traditional or Roth IRA account allows you to deduct. And the good news is that your contribution is tax-deductible.

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LyfeAccounting

JANUARY 20, 2021

Are expenses deductible? Does my business type qualify? All we saw were headlines like “PPP loan plan a mess so far for small businesses”, or. “The Paycheck Protection Program has been a disaster” And if you were actually trying to get a loan, it was even worse. . aka PPP loan 2021.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns.

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bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns.

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bookkeeping tax return Non-Profits Tax 52

Basis 365

FEBRUARY 20, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. A balance sheet is a financial statement that provides a snapshot of your business's financial health at a particular moment in time.

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LyfeAccounting

FEBRUARY 4, 2021

Some revisions have made the process easier for businesses with smaller loan amounts. The latest stimulus relief bill passed in December of 2020 had two provisions that could help people with smaller loan amounts. For loans of $150,000 or less. For loans of $50,000 or less. Changes in EIDL and PPP Loan Forgiveness.

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LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. 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.

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Inform Accounting

APRIL 26, 2022

Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business. The flat rate percentage depends on the nature of your business. Molly runs a beauty business.

tax planning 52

tax planning Tax tax return Government 52

LyfeAccounting

APRIL 27, 2021

?. In one of our previous posts, we talked about the SEP IRA , which has some incredible tax benefits. Like being able to deduct up to $58,000 on your taxes and put that money in an investment vehicle to fund your retirement. As of 2021, you can contribute up to $58,000 in a Solo 401K account. Tax Benefits.

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Basis 365

MARCH 23, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. A balance sheet is a financial statement that provides a snapshot of your business's financial health at a particular moment in time.

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financial statements accounting and finance accounting standards accounting principles 52

LyfeAccounting

JUNE 7, 2021

We have 10 tips on how you can avoid paying taxes. Because for most people, paying taxes is such a drag, annoying, frustrating… So today, we want to talk about how to avoid taxes and give you 10 legit and legal ways to do so. Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual.

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LyfeAccounting

APRIL 27, 2021

We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. We actually have some really good posts on this blog explaining what might be the causes of that so be sure to check those out after reading this post. What is a Tax Refund? A tax refund is a refund of the taxes you OVER paid.

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. However, a small business cash flow doesn’t have to be an obstacle to going green. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. Think again!

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. However, a small business cash flow doesn’t have to be an obstacle to going green. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. Think again!

Tax 52

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LyfeAccounting

FEBRUARY 14, 2021

A CPA is a Certified Public Accountant. And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants. There is no higher designation in the finance or accounting industry than the CPA license. In one word – business.

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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LyfeAccounting

OCTOBER 28, 2020

As Warren Buffet says, accounting is the language of business. He and other savvy business owners use accounting to make investment decisions and decisions to grow the businesses they invest in. But interestingly enough, many small businesses often neglect their accounting until tax time, or don’t do it all.

accounting basics 52

accounting basics CPA Account accountant 52

Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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accounting software quickbooks Account accountant 98

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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ThomsonReuters

FEBRUARY 10, 2021

The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns.

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Tax tax return payroll Education 98

ThomsonReuters

DECEMBER 19, 2023

How to claim energy efficient tax credits from ENERGY STAR Staying up to date with energy efficient tax credits As the world increasingly embraces sustainable practices, energy efficient tax credits serve as powerful tools to motivate individuals and businesses to adopt eco-friendly measures. What is ENERGY STAR?

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LyfeAccounting

MARCH 11, 2021

We’re about to reveal the best and biggest tax breaks for homeowners. Homeownership offers some of the best tax deductions and tax credits that can save you thousands of dollars in taxes. 8 Tax Breaks for Homeowners You Need to Know. Mortgage Interest. But you’re not one of them….

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 12 Best Tax Breaks To Help You Save Money. 0% Tax on Capital Gains.

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ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans.

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income tax Kansas Kentucky Tax 64

LyfeAccounting

JULY 15, 2021

And if you choose to sell your home at that point, you would not have to pay any capital gains tax on the sale, up to $500,000 for married couples. And this is shown in the increase in the price of things like interest rates. When you own a home, you can lock in a fixed interest rate. There are tax incentives for homeownership.

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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. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link.

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LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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CTP

SEPTEMBER 16, 2022

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. Tax credits are also available, resulting in an end-of-year refund.

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tax planning Tax Real Estate Education 52