LyfeAccounting

NOVEMBER 17, 2020

I missed payroll tax filing deadlines that cost me thousands of dollars. Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In this post, I’m going to fully explain the difference between payroll taxes and income taxes. And in a way, they certainly do!

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Xero

JUNE 8, 2023

So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end. So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end.

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Basis 365

JUNE 29, 2023

But do you need both or can you get by with just one? In this blog, we'll explore the differences between a bookkeeper and a controller and help you determine which role(s) you need for your business. They may also manage payroll and prepare sales tax filings. When managing your company's finances, several roles come into play.

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ThomsonReuters

FEBRUARY 6, 2024

The more common types of direct tax are: Individual income tax Corporate income tax Capital gains tax Estate tax Property tax Payroll tax Individual income tax One type of direct tax is individual income tax, which is also known as personal income tax. What is direct tax? While some have to calculate their income tax provision , some U.S.

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Xero

SEPTEMBER 27, 2023

Invoicing, paying bills, reconciling transactions, or running payroll are but a few that spring to mind. Covering the cost of staff attending professional training in business finance or payroll may result in these tasks, and your business, running more smoothly and efficiently.

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Xero

SEPTEMBER 5, 2022

Figured works hand in hand with Xero to help farmers and their accountants get a true picture of the farm’s profitability and performance,” says James Higgie, Business Development Manager at Figured. . We do this by getting closer to the operational and transaction-level data supported by Xero. One of those apps is Figured.

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ThomsonReuters

APRIL 6, 2023

By definition, accounts payable (AP) refers to all the expenses of a business, except payroll. The amount is recorded under accounts receivable until the balance is paid. On the other hand, accounts payable represent unpaid purchases for goods or services. Accounts payable is not an asset.

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Ronika Khanna CPA,CA

DECEMBER 7, 2023

With so many choices out there, it can be difficult to know what to do. If they are able to save one hour per month by using the software along with reducing the frustration of having to do their accounting manually, then it makes sense to use it. This post has a smattering of QuickBooks Online affiliate links.

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ThomsonReuters

JANUARY 4, 2024

You’re tasked with doing a full audit for one of your firm’s biggest clients and are told you’ll have 60 days to complete it. Delegating and outsourcing can help you avoid that scenario and the stress that can result from trying to fit in just one more thing on your to-do list. Shifting deadlines.

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Xero

JULY 3, 2022

Do I need an accountant and a bookkeeper, or just one of the two? . Because running a business is complex, and without the guidance of a qualified professional, things like tax, payroll and compliance could land you in hot water. How do I know if I’ll end with a tax bill or a tax refund? Good question.

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Basis 365

AUGUST 29, 2023

This blog will help business owners choose the best-outsourced bookkeeping service by highlighting important factors like industry experience, service offering, reputation, integration of technology, and testimonials from clients. Consider services beyond basic bookkeeping, such as payroll management and financial advisory services.

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ThomsonReuters

JANUARY 4, 2024

With so much change inside and outside the profession, now is the perfect time to reflect on your goals, how they’ve changed, and what you can do to incorporate new learnings to make this your best year yet. But where do you begin building your tax planning strategy? Partial outsourcing is also an option.

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Xero

JULY 18, 2022

We know many accountants lament the loss of strategic, hands-on work that helps build long-lasting and trusted relationships with clients. . What do we mean by digitalisation? The post How digitalisation can make your practice invaluable to your clients appeared first on Xero Blog. More authentic interaction with clients.

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ThomsonReuters

NOVEMBER 8, 2022

How do you choose the right accounting technology? Features like an instant tax prep checklist and pre-populated returns can maximize your productivity, while cloud-based software that combines write-up, trial balance, payroll, and financial statement analysis can help streamline your operations. The result? Advisory services.

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Ryan Lazanis

SEPTEMBER 1, 2023

21) Procurify Do your accounts payable need to be routed through an approval process first? The mobile app extracts the data and syncs with the best small business accounting software apps on the market, eliminating manual data entry. That, plus other great financial automation and accounting features too to help you track expenses.

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xendoo

MARCH 17, 2022

In this blog post, we will discuss how online bookkeeping works and how it is crucial to business growth! Historically, small business owners would partner with a local accounting firm, hire an in-house bookkeeper, or do the bookkeeping themselves with a calculator, pencil, and paper. . Going Digital. 24/7 Financial Visibility.

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ThomsonReuters

NOVEMBER 21, 2023

If you reset your pricing to 20% higher, for example, you might lose a handful of clients but gain the bandwidth to better serve the ones who remain. From there, create on-demand blogs or videos on these topics that clients can consume in their own time. Or, you might consider switching to a value pricing model.

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LyfeAccounting

JUNE 11, 2021

S-Corporations became a popular tax status because you do not have to pay self-employment taxes on its earnings, so long as you pay yourself a reasonable salary. On the other hand, an LLC might choose S-Corp status to avoid self-employment taxes, because self-employment taxes do not apply to corporations.

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ThomsonReuters

JANUARY 26, 2023

2020 final rule As the administration changed hands, the 2020 final rule was placed under scrutiny. The proposed rule would return to a totality-of-the-circumstances analysis of the economic reality test in which the factors do not have a predetermined weight and are considered in view of the economic reality of the whole activity.

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SchoolofBookkeeping

NOVEMBER 19, 2021

Do they write a handful of checks a month, or is it a large amount? Do they need to track job costing, payroll or sales tax? Will you have enough staff or time to do the project? There is a special level of expertise required to do this. Is this something you can delegate or is it better if you do it?

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ThomsonReuters

NOVEMBER 8, 2022

But how do you take full advantage of technology to streamline accounting processes? . Then, do some research to see how technology can help you overcome challenges and achieve your firm’s goals. . Take look at how tasks are handed off—whether it’s from person to person, person to system, or from system to system. The result?

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ThomsonReuters

APRIL 18, 2023

How do you find mistakes in a cash flow statement? Non-cash transactions: Non-cash transactions are often missed and improperly included in the statement of cash flows as if cash changed hands. However, there was actually no cash that changed hands. Knowing what to look for can help identify mistakes in a cash flow statement.

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Snyder

JANUARY 8, 2023

5 things your dropshipping business should do: Showcase products on a website or marketplace. Dropshipping business model promises to remove a lot of operations from a business owner’s hands – inventory and fulfillment being the main elements. All businesses that sell products online accept orders and ship goods to customers.

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ThomsonReuters

APRIL 6, 2023

This includes products or services that are purchased and invoiced. Generally, when an invoice is received, it’s recorded as a journal entry and posted to the general ledger. When the expense is approved by the authorized employee, a check is cut (digital or hard copy) based on the terms of the purchase agreement.

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ThomsonReuters

SEPTEMBER 8, 2023

On the other hand, creating a C corp can be expensive, because the complex nature of a C corp usually requires consultation with tax and legal professionals to help with state and federal filing requirements as well as documents such as Certificate of Incorporation and by-laws. How do you start a C corp? What is a C Corporation?

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Xero

JULY 21, 2022

This includes our end-to-end solution that we’ll be putting in your hands before MTD for ITSA is mandated. . Being part of our Xero beta will allow you to adopt it early for some of your clients, so do consider joining. These included updates to Xero Payroll, a demo of Xero Me and a peek at our integration with Planday.

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. Arizona’s, on the other hand, did. Recently, the high rate of inflation is a topic of importance and concern.

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LyfeAccounting

APRIL 22, 2021

But how do they do it? But more importantly, how you can learn from Amazon and do the exact same thing. By doing this, Amazon takes advantage of large deductions because they can write off the vested shares and stock options without spending a dime to give them out. The good news is that you can do the same!

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LyfeAccounting

NOVEMBER 2, 2020

Because if we’re being honest, your payroll is the number one reason why people would even consider working with you. You don’t have to pay payroll taxes or benefits that you may give a W2 worker such as health insurance, PTO or even overtime. You’re expected to pay payroll taxes as an employer. But the biggest task is pay.

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Basis 365

MARCH 30, 2023

We have previously written a blog about each of the three alternative options in more detail that may be of use. Basis 365 : We are not a CPA firm and therefore do not have a "busy season" where customer service wanes. DO THEY PERFORM ACCRUAL ACCOUNTING? They may properly accrue payroll or notes payable.

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Xero

MAY 17, 2022

However, most of us will have completed an EOFY using Single Touch Payroll (STP) before, so wrapping up the 2021/22 financial year should be smooth sailing. . If you’re using Single Touch Payroll (STP), ensure all of your pay runs have been filed to the ATO successfully. Troubleshooting tips.

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LyfeAccounting

OCTOBER 14, 2020

But the reason why the majority do not is that they are unsure as to the how. A bookkeeping service is usually responsible for the first 4 steps but you can also do it yourself. Examples are a payroll liability or a loan from a bank. ? ?. Today, I’ll be deep-diving into the bookkeeping basics for small business.

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Ryan Lazanis

FEBRUARY 3, 2023

Here’s a template: 2) Content Marketing If you are running small or big operations, accounting firms can produce content such as e-books, white papers, blog posts, social media posts, and videos that help establish most accounting firms’ reputations as leaders in the industry. followers.

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ThomsonReuters

APRIL 26, 2022

The outlook is bleak, the report warned, because many climate plans do not act until after 2030. . Global efforts as well as a handful of states are aspiring towards a just transition. The alarm has been sounding for years and yet, only a handful of states have just transition or similar policies in place. . Executive Order

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ThomsonReuters

JUNE 13, 2023

But what are advisory services all about and how do you know if your clients will respond to them? And if your firm currently offers advisory services, how do you know if you’re billing clients appropriately? Do you have unique knowledge and experience that can become part of your value proposition to clients?

tax return 93

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? What challenges do they have? How many employees do they have? How do they think? What do they appreciate? To do so: Pick your future date for the 1-year business plan. What are their revenues? Advisory Services?

bookkeeping 98

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ThomsonReuters

APRIL 6, 2023

The term accounts payable refers to all business expenses except payroll. In a large organization, accounts payable may also refer to a business department responsible for organizing and paying vendors and suppliers. It’s important to note that accounts payable does not include payroll accounting (i.e.,

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