Ronika Khanna CPA,CA

APRIL 14, 2022

Unlike a simple personal tax return with no business income, this information is generally not simply provided to you on a tax slip, such as a T4 or T5, but must be compiled and calculated. This is also true for spouses of small business owners who may only have a regular(non small business) tax return.

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xendoo

MARCH 4, 2022

Recording sales tax refers to the tax that customers pay upon purchasing goods and services. Businesses remit sales tax to the local or state government within the specified period. They are usually pre-numbered to help bookkeepers and accountants know each invoice’s contents. Accounting software.

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LyfeAccounting

APRIL 4, 2021

So we still have time and there’s no rush to file your taxes immediately. And in addition to that, many states are following suit with the extension from the federal government. Estimated Tax Payments. Business Taxes. Take Note Of This Tax Season 2021 New Update! So that’s it!

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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

DECEMBER 3, 2019

To make sure you are prepared for the future success of your small business, here are some of the important tax forms you will need to know about: 1120 Form: Form 1120 is used to report business taxes to the IRS. With these forms, you’ll report income, gains, losses, deductions, or credits associated with your business.

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inDinero Tax Tips

AUGUST 29, 2023

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. Sole proprietors who file an annual Form 1040 to file taxes may.

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CPA Practice

JUNE 28, 2023

When a Circular 230 practitioner dies, leaving behind a tax practice, there can be many questions and much uncertainty about the practitioner’s preparations beforehand and the consequences for clients and those responsible for administering the deceased practitioner’s estate. For more information, see: Canceling an EIN – Closing Your Account.

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LyfeAccounting

APRIL 22, 2021

Let’s start by understanding the number one thing Amazon does to write off taxes. How to Write Off Taxes Like Amazon. See, credits provide a dollar-for-dollar reduction of your income tax and are given by the government to reward certain types of behavior that benefit the US economy. Business Energy Tax Investment Credit.

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LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). Treating yourself is not always a bad idea.

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LyfeAccounting

DECEMBER 31, 2020

Moving on… Every quarter, an employer has to file quarterly employer tax forms to remit taxes to the appropriate government agencies. It is important to understand that when you withhold taxes from your employee’s pay that this money is NOT yours. The post A Quick Guide to Payroll Tax Filings!

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LyfeAccounting

JULY 1, 2021

Are you a crooked politician or someone who occasionally takes money in exchange for government contracts ? They didn’t get to enjoy their inflated income for too long before they were arrested and charged with taking kickbacks worth over 20 million dollars from contractors in exchange for large government contracts and inflating invoices.

Tax 52

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Ronika Khanna CPA,CA

JANUARY 13, 2023

Your GST/HST returns can be filed directly through a business bank account , online through CRA my business account or by completing a paper form and mailing it in along with a cheque or paying directly at a bank. This is particularly beneficial for service based businesses with low expenses.

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LyfeAccounting

DECEMBER 7, 2020

Combined, 7.65% in FICA taxes. Federal Unemployment Tax Act. Not to be confused with FICA, FUTA taxes are paid only by the employer to help the Federal government assist states with their unemployment program if needed. FUTA is a 6% tax based on the first $7,000 of wages you pay each employee. More specifically, 6.2%

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LyfeAccounting

DECEMBER 1, 2020

Step 3: Putting together your governing documents. And if you need help with your business’ financial management, LYFE Accounting got your back. We can help you with your business taxes, accounting, bookkeeping and more. The post How to Incorporate a Business – 6 Easy Steps!

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xendoo

MARCH 16, 2022

Having business financial records will increase chances of getting funding from investors or creditors. It makes it easier to monitor your business cash flow. Separating your business accounts go beyond setting up separate bank accounts. Here are some additional steps for new business. .

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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? So if you had a $150,000 tax liability, the money you would have to pay the government anyway, this would allow you to get a $150,000 tax write-off. And this can be a tax savings of 30-40%! Crazy right? Sounds good, right?

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LyfeAccounting

JANUARY 31, 2021

All you have to be is a business owner or independent contractor – meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. If that’s you, and you work from home, then get ready to lower that tax payment to the government. How Do You Calculate Your Home Office Deduction?

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LyfeAccounting

SEPTEMBER 15, 2020

You’re going get taxed on all of your profits, so it’s better to pay yourself something so you can pay your tax bill, right? Why you may elect to pay yourself a W-2 Salary from your Small Business. Tax-aside, there are legitimate “business” reasons to pay yourself a salary.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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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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LyfeAccounting

JANUARY 13, 2021

Now obviously, taxes are something EVERYONE pays. Without taxes, we’d have no government. But fortunately, you pay taxes. And collectively, we’ve all paid over 3 trillion dollars in taxes to the government in recent years to fund these programs. Everyone pays taxes based on their income.

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xendoo

MARCH 21, 2022

Bookkeeping records and codes all money that comes in and out of your business. Accounting professionals then use that information to file taxes and generate reports that help you understand the past and plan for the future. Here are some fundamentals to get you started with accounting for your eCommerce enterprise.

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PYMNTS

OCTOBER 11, 2016

government inquiry called into question RBS’ tactics in dealing with its SME clients. Treasury Committee Chairman Andrew Tyrie is urging the FCA to “get on with publication as soon as possible” and is calling on the government regulator to commit to a publication date. ” Government’s Role.

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LyfeAccounting

OCTOBER 27, 2020

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. Here, you want to start multiplying your tax income by tax year’s bracket, which here they are for 2020. With that said, Jimmy’s total taxable income is $57,800.

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LyfeAccounting

DECEMBER 28, 2020

See, what most people don’t understand is that the government uses the tax code to motivate people to take actions related to their economic agenda. Yes, even many accountants I know aren’t aware of the tax incentives that small and large businesses are taking advantage of to DRAMATICALLY reduce their tax liability.

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LyfeAccounting

OCTOBER 12, 2020

In total, it was roughly 15% being paid to the government in employment taxes. Well as a business owner, the IRS figures, well hey, you’re both the employer and the employee and need to pay us the full 15.3%. And their self-employment taxes were born. appeared first on Small Business Accounting & Finance Blog.

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Ryan Lazanis

APRIL 4, 2022

Blogging Basics Here are the absolute basics when it comes to acquiring small businesses as clients from blogging when starting a bookkeeping business or starting an accounting firm: 1) Find topics that your target market is searching for using a tool like Ubersuggest. Starting your own accounting business is challenging.

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PYMNTS

MARCH 19, 2018

In his analysis, the senator found small businesses are likely to spend more on accounting services, which could detract from their focus on business growth.

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