xendoo

JULY 6, 2023

However, there are exceptions—like underreporting or foreign income mistakes—where the IRS may audit your returns from the past six years or anytime (if the IRS suspects fraud). Businesses can take steps to avoid triggering an audit. Again, it isn’t because of the income alone.

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xendoo

JULY 6, 2023

However, there are exceptions—like underreporting or foreign income mistakes—where the IRS may audit your returns from the past six years or anytime (if the IRS suspects fraud). Businesses can take steps to avoid triggering an audit. Again, it isn’t because of the income alone.

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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.

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MazumaBusinessAccounting

AUGUST 28, 2022

Do small businesses get tax refunds? It’s one of the most common questions we receive —in the same way that there are many types of taxpayers, you’ll find there are more than a few types of small business tax entities. Which Businesses Are Eligible for Refunds?

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

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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. What is a business tax enquiry / hmrc corporate enquiry ?

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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. Similar interest and penalty provisions apply.

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LyfeAccounting

JULY 20, 2021

Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes. Using your personal bank account as your business bank account can have some legal consequences. Instead, open a business bank account.

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Ronika Khanna CPA,CA

NOVEMBER 3, 2023

Similar to the federal registration there are three options for registering a payroll number with Revenue Quebec: ONLINE: If you already have a business number, you should register for a Clic Sequr (My Business Account) with Revenue Quebec. Simply click on this option and follow the instructions.

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ThomsonReuters

DECEMBER 19, 2023

By allowing taxpayers to subtract a certain percentage of their qualified expenditures on renewable energy systems from their federal income taxes, renewable energy tax credits result in a reduction of tax liability, thus making sustainable choices more financially appealing to individuals and businesses.

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Ronika Khanna CPA,CA

MARCH 24, 2022

The space designated as your home office is used to earn business income and/or you meet clients or customers on a regular basis. For example, you cannot deduct expenses relating to the workspace in your garage which is used for home improvement projects from which you do not earn income.

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LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. Other Reasons for Tax Refunds. Earned Income Tax Credit.

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LyfeAccounting

DECEMBER 7, 2020

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. – Medicare. Quick Recap.

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LyfeAccounting

JANUARY 13, 2021

?. People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. business tax deductions. Taxable income.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

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. In addition to income tax, it is essential to consider whether or not you should register and collect GST/HST and provincial sales taxes.

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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. Let’s discuss some of the key aspects of T4s that small business owners and administrators should know: What is a T4 (RL-1)?

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LyfeAccounting

NOVEMBER 23, 2020

?. The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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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. Wrapping Up Tax Season 2021. Contact us today!

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LyfeAccounting

DECEMBER 31, 2020

Employees complete Form W-4 so that you (as the employer) can withhold the correct federal income tax from employee pay. If too little tax is withheld, the employee will owe taxes when they file their tax return. If too much tax is withheld, the employee will be due a refund when they file their tax return.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

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LyfeAccounting

OCTOBER 12, 2020

Both an LLC and S-Corp provide you as the business owner, limited liability. Meaning the business itself does not pay income taxes and instead, the business profits are “passed through” to the owners and the applicable taxes are paid at the individual level. Types of Taxes Paid By LLCs.

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LyfeAccounting

MAY 3, 2021

Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. However, there are some tax credits where you can get a refund. The popular ones that you probably are aware of are the: Earned Income Tax Credit. Child Tax Credit. Hence, “nonrefundable”.

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Going Concern

OCTOBER 11, 2022

The lack of new entrants comes from two factors: first a nationwide decline in accounting students (none of whom get hired by small firms); and second because small firms charge too little for their services to be able to pay comparable salaries. Educate the media about small business. We aren’t Doctors.

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LyfeAccounting

MARCH 5, 2021

And because C-Corporations are subject to double taxation and S-Corporations are not, it shines a bright light on S-Corporations as a good entity choice to save on this tax. So let’s look at each entity closely so you can determine which makes the most sense for your business. Tax Differences: Sole Proprietor vs LLC vs S-Corp.

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LyfeAccounting

JULY 28, 2021

So why is hiring your children a beneficial tax strategy for you and your kids? You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. However, it is only tax-free if you pay them under the standard deduction. It’s simple.

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LyfeAccounting

OCTOBER 27, 2020

With that said, Jimmy’s total taxable income is $57,800. So that’s how you get Jimmy’s taxable income for step number one. By the way, if you want to learn more about small business tax deduction then make sure you read my post here. Step 2: Calculate Your Income Taxes.

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LyfeAccounting

JUNE 22, 2021

For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. Instead, you will file a Schedule C when you file your personal tax return. So as a sole proprietor, you get an extra month to file your taxes.

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LyfeAccounting

JANUARY 5, 2021

To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR. If you are not familiar with itemizing, there are two ways you can take deductions on your federal income tax return: you can itemize deductions (meaning list out every single deduction you want to take), or.

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LyfeAccounting

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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LyfeAccounting

OCTOBER 29, 2020

increase in taxes if you’re making over $400,000 under Biden‘s proposal. On the other hand, Trump would like to keep the 37% tax rate and has hinted at adjusting the middle income tax payer rate to 15%. So you can expect a 2.6% Biden‘s plan prioritizes fairness as it justifies a higher rate for higher earners.

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inDinero Accounting

JANUARY 9, 2023

While it’s true that startups and small businesses operate at the same scale, a startup has its sights set on larger horizons than a small business – with big implications Because of this difference, the administration and financing strategies of startups and small businesses are very different.

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inDinero Accounting

JANUARY 9, 2023

While it’s true that startups and small businesses operate at the same scale, a startup has its sights set on larger horizons than a small business – with big implications. Because of this difference, the administration and financing strategies of startups and small businesses are very different.

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Snyder

JANUARY 19, 2023

In this article, we’ll share some tips on how to organize and manage your activities throughout the busy tax season taking advantage of some handy apps that’ll ease your survival and minimize the amount of stress in the future. We need a tight workflow to stay on track to survive this busy time.

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