CPA Practice

APRIL 17, 2023

As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes. Dedicated tax-planning services are a must-have for most business owners, as the IRS’s tax codes are bloated with ever-newer reporting requirements.

Tax

LyfeAccounting

NOVEMBER 4, 2020

Corporations. S Corporations. Sole proprietorship small business tax filings are actually the same as single-member LLCs. For tax purposes, there isn’t a difference between the two and they require the same tax forms filed and taxes paid. Form Schedule C is not actually a separate business tax return.

business tax

MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. Get business tax & bookkeeping help by contacting us today!

Tax

Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Ongoing subscriptions like dropbox, google, Quickbooks, etc (assuming they are used for business) and business publications If you belong to a professional or industry organization, these would be deductible as long as they directly relate to your business. Corporations are required to file a separate corporate tax return.

Tax

Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

corporation tax

Ronika Khanna CPA,CA

FEBRUARY 9, 2024

However, most accounting software, will only produce a non official summary report that then has to be transcribed onto the actual form which can then be mailed.

payroll

Ronika Khanna CPA,CA

DECEMBER 12, 2024

A lack of knowledge, imperfect accounting systems and the business of running a business sometimes interfere with the timeliness of filings. One of the easiest ways to at least reduce the possibility of interest and penalties is to register for my business account with CRA and MRQ and sign up for notifications).

income tax

Ronika Khanna CPA,CA

MAY 26, 2023

Some of the information that can be found on a notice of assessment includes: Personal income tax returns (including small business tax returns on a T2125 ): Summary of the income tax return that was filed which includes certain key line items such as total income, deductions and credits , and final tax amount payable or refund.

tax return

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. April 15, 2021. Advertising and marketing expenses.

Tax

LyfeAccounting

NOVEMBER 9, 2020

If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC. However, on the other hand, let’s say you’re a C Corporation. If you made $100,000 as a C Corporation, your business would be taxed on that income first. If the corporate tax rate is 20%, then you would pay $20,000 in taxes.

Tax

LyfeAccounting

APRIL 22, 2021

Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website. Amazon makes business decisions that will provide them with the biggest tax benefit. In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government.

Tax

Ronika Khanna CPA,CA

JUNE 25, 2021

Alternatively, a customer or client might only do business with a corporation. tax optimization If your business is doing well, you might want to leave money in the corporation or have some flexibility in how you pay yourself i.e. salary vs dividends so that you can better optimize your taxes through tax deferral opportunities.

general ledger

Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. How do you file your GST/HST returns?

tax return

LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. After all, you want to write off as many business tax deductions as possible.

Tax

LyfeAccounting

OCTOBER 29, 2020

Now in my opinion, business deductions are great because they help support the economy and reward business owners who take on all the risk. Corporate Tax Rates. Currently, under President Trump, the corporate tax rates which will be referred to as C corporations are taxed at a flat rate of 21%.

tax planning