Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. As the saying goes, the best offense is a great defense.

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LyfeAccounting

FEBRUARY 19, 2021

This type of LLC has only one owner. A single-member LLC is usually a business registered in the state where the company does business. The phrase “single member” is an admission that the LLC has one owner, and that owner is referred to as a member. A single member LLC has so many benefits that are shared with other LLCs.

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LyfeAccounting

JUNE 9, 2021

You decided that becoming an LLC was the best option. But what are the costs associated with starting an LLC? So today, we will go over LLC costs – the necessary costs of starting one and the costs that you can avoid. This is a necessary cost for your LLC as e very state has its own filing fee. LLC’s address.

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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LyfeAccounting

MAY 18, 2021

7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. After all, you want to write off as many business tax deductions as possible. Well, it depends.

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LyfeAccounting

DECEMBER 1, 2020

Not to be confused with an LLC. C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Fiscal year of the corporation for tax and bookkeeping purposes. Someone there will be able to help you complete the form.

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ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

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LyfeAccounting

FEBRUARY 9, 2021

?. What are the tax benefits of S-Corps? And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business.

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ThomsonReuters

DECEMBER 9, 2021

Staffing, LLC, 2021 WL 5741961 (D. She then received an election notice in November 2020, prompting her to send another $1,800 along with her enrollment form. The post No Penalties for “Late” COBRA Notice Provided During COBRA-19 Outbreak Period appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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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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LyfeAccounting

JULY 3, 2021

But we can’t ignore that it has some incredible tax benefits for its members and managers. For example, 501(c)(3) organizations are completely tax-exempt, which allows them to use more money towards their desired social causes. So you win in both ways, you save on taxes and you support your favorite social cause.

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LyfeAccounting

JUNE 11, 2021

Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway. An S-Corporation is a tax entity.

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LyfeAccounting

OCTOBER 16, 2020

Pros: The pros here is that you can get started without filing forms which require annual fees. The pros and cons of a partnership are similar to the sole proprietorship except you have to share control, taxes, lawsuits, profits and losses with your partners. Now let’s cover the 5th and last entity which is the LLC.

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LyfeAccounting

FEBRUARY 4, 2021

The PPP revisions allow these borrowers to complete a modified one-page forgiveness application form. The form is still in the process via the SBA. The SBA form 3508S is a simplified application form that for the most part requires the business owner to answer some questions. For loans of $150,000 or less.

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payroll Tax small business accounting accounting and finance 52

5 Minute Bookkeeping

APRIL 22, 2021

A cleanup starts with your client’s messy or incomplete books and follows a process – which includes reviewing the books, catching them up, fixing problems, and reconciling – and ends with books that are complete, accurate, and tax-ready. Tax form that’s being filed ( depends based on entity type and location).

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LyfeAccounting

NOVEMBER 17, 2020

Who knew that Uncle Sam came in so many forms? I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. With that said, let’s talk about taxes.

income tax 52

income tax payroll tax payroll Tax 52

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.

business tax 52

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ThomsonReuters

JUNE 15, 2021

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. To avoid financial reporting woes, accounting teams said the SPAC-IPO marketplace should be mindful of the following: #1.

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LyfeAccounting

MAY 27, 2021

By incorporating a business or forming an LLC, you create a business that is legally separate from the owner. As mentioned above, a business federal tax identification number, also called an EIN, is a nine-digit number that acts like the social security number for the business. Step 3: Open a business bank account.

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LyfeAccounting

JULY 8, 2021

In fact, when we started our first business, the only money one of our founders had was a $250 deposit into a business checking account. It was just a deposit he had to make to ensure the account would get opened without incurring fees. You’re going to need an EIN number to set up a business bank account, pay employees, etc.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

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corporation tax Tax income tax Non-Profits 52

ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? Managing an LLC As a business structure, the primary purpose of an LLC is to protect the owners’ personal assets from debt collection and lawsuits aimed at the LLC. How are LLCs taxed? How are LLC members taxed?

Tax 52

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ThomsonReuters

OCTOBER 19, 2023

The law was largely ignored by accounting professionals at first. This presents a unique opportunity for accounting firms and tax accounting professionals to enhance their revenue streams by diversifying their service offerings. Who does the Corporate Transparency Act affect?

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MazumaBusinessAccounting

AUGUST 12, 2021

In this blog, we will review 5 different types of business entities along with their advantages and disadvantages so you can decide which works best for your business. Many small business owners form a sole proprietorship when they’re just starting out. When it comes to your business taxes, filing is quick and easy.

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LyfeAccounting

OCTOBER 12, 2020

And that is: Should I be an S-Corp or an LLC? I just saved one of my clients over $95,000 in tax expenses from making a simple entity change from an LLC to an S-Corp. We found out that they have been overpaying in taxes for years. I’ll also include some easy to follow examples of the taxes paid by an LLC and an S-Corp.

income tax 52

income tax Tax Legal CPA 52

LyfeAccounting

MAY 12, 2021

Wondering If Your Business Should Be An LLC Or C-Corp? LLC vs C-Corp – do you know the difference between the two? Keep reading because this post will take a deep dive into LLC vs C-Corp, and also discuss which might be best for your business. After all, taxes are your biggest expense! So let’s dive in.

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Sole proprietor vs LLC vs S-Corp vs. C-Corp – which one should you choose? Now, your tax expense can greatly vary based on the entity you select here. Legal vs Tax Entity. Your tax entity is the entity that you elect to file as with the IRS.

Tax 52

Tax Legal tax return Non-Profits 52

LyfeAccounting

NOVEMBER 4, 2020

?. In today’s post, I’ll be going over everything you need to know about tax filings for your small business and how to stay out of trouble with the IRS. Similar to yourself as an individual, your small business has tax requirements that must be met in order to avoid unwanted penalties and interest from the IRS. Sound good?

business tax 52

business tax Tax tax return payroll tax 52

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

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payroll Vermont Tax Connecticut 98

ThomsonReuters

MARCH 8, 2021

The Senate version continues to include the extension of the paid sick and family leave and employee retention tax credit extensions. IRS forms and publications. The IRS released revised instructions for the 2021 Form 1042-S (Foreign Person’s U.S. Unemployment tax rate rollback. State and Local News.

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ThomsonReuters

FEBRUARY 22, 2021

It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. There is another COVID-19 relief bill from the Biden Administration that is expected to be signed into law, in one form or another, in the near future. IRS forms and publications.

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