MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Which Businesses Are Eligible for Refunds?

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MazumaBusinessAccounting

DECEMBER 3, 2019

As we approach tax season, it is important to understand different types of tax forms, and why we need them. If you’re hiring a new employee, or trying to report your income tax returns, you have come to the right place! Tax forms are essential for all small businesses and must be filled out properly.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Use a forms tax software offered by various tax software providers including taxcycle, DTMax, Profile etc. and dividend tax credit of 9.0301% are the same for the years from 2019 to 2022.

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CPA Practice

DECEMBER 19, 2023

million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic. While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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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. How Taxes Work? Without taxes, we’d have no government.

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inDinero Tax Tips

JUNE 12, 2023

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. The solution to commingling funds is simple but tedious.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. – State Income Tax.

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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. QPIP (RQAP) Boxes 7 and 8 which is the Quebec Parental Insurance Plan. The employer portion is calculated at 1.4 times the amount of the employee portion.

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LyfeAccounting

APRIL 27, 2021

We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. 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? What Tax Refunds Are Not Good?

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LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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LyfeAccounting

FEBRUARY 19, 2021

We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business. The single member LLC is a separate business entity from its owner.

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LyfeAccounting

MAY 3, 2021

Tax credits vs tax deductions: What is the difference? Now, of course, no one really wants to pay more than their fair share of taxes. And understanding the difference between tax deductions and tax credits can give you more confidence that you are not paying too much in taxes. What is a Tax Credit?

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Snyder

JANUARY 19, 2023

Tax season is the time when accounting firms and CPAs earn the biggest part of their profit. Surviving tax season is a skill that any accountant has to develop, and the earlier, the better. But first, let’s ask an expert about the challenges that professional accountants face during this busy season.

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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

?. 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

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes.

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MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. You will need proof of payments and any business financial activity in case of disputes, identity theft, or fraud. Therefore, create a file for all banking and investment records for both your personal and business accounts.

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Snyder

JUNE 20, 2022

So for a small business owner, it’s vital to understand accounting so they can understand their business and also be able to communicate with banks and investors. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account.

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LyfeAccounting

OCTOBER 27, 2020

Hey guys, today we’re talking about the estimated tax penalty because it’s a sneaky tax and most people don’t even realize what it is. It can cost you thousands and thousands of dollars as your income increases. And of course, we want to make sure that you are doing everything you can to minimize your tax liabilities.

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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Ronika Khanna CPA,CA

NOVEMBER 3, 2023

This is usually an excellent sign as it means a) the business is growing and b) the small business owner has learned to delegate. It also means that additional paperwork needs to be filled out and additional taxes need to be paid. Unfortunately, there are very specific rules as to who qualifies as a self employed contractor.

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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 risk review in LB?

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Ronika Khanna CPA,CA

MARCH 24, 2022

One of the important benefits of having a home based business , assuming you are a freelancer, self employed contractor or small business owner, and not an employee (where a similar deduction is also available) is that Revenue Canada (CRA) and Revenue Quebec allow you to deduct the expenses relating to the space that you use for your home office.

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LyfeAccounting

JANUARY 5, 2021

As a bonus, the US tax code allows you to receive when you give, in the form of tax deductions that can lower your tax bill. And today, we’re going to be going over everything you need to know about tax deductible donations. So, friends and family unfortunately do not qualify for a tax deductible donation.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like.

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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. Instead, open a business bank account. You separate business and personal finances. You can simplify taxes. Budget for Taxes.

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? Stop paying taxes then pay your kids.

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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

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Legal vs Tax Entity. Self-Employment Tax.

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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. What are input tax credits?

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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. These tax documents (also called tax slips) are referred to as a T4 (and an additional slip called the RL1 in Quebec).

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