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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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.

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. And maybe you’ve heard that LLCs can help you evade taxes all together. LLCs is not a tax loophole.

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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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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.

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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.

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xendoo

MARCH 16, 2022

As any established business owner will tell you, you need to treat your business as a separate entity to yourself. This means separating your business and personal finances. In fact, it is a legal requirement of LLCs and corporations to manage their business incomes in separate bank accounts.

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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.

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LyfeAccounting

DECEMBER 1, 2020

C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Now here are the steps on how you can incorporate a business. Steps on How to Incorporate a Business. Just don’t expect tax or legal advice.

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LyfeAccounting

JANUARY 31, 2021

BUT, if you want to take the home-office deduction on your tax return, then read on as I am going to give you all of the information you need to do this correctly in this post. According to the IRS, the home office deduction allows QUALIFYING taxpayers to deduct CERTAIN home expenses from their tax returns. Wrapping Up.

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LyfeAccounting

APRIL 27, 2021

For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account. To make this even better, you can deduct your contributions from your tax return. So for example, if your taxable income is $200,000 with an effective tax rate of 25%, you’d owe $50,000 in taxes.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. Form Schedule C is not actually a separate business tax return.

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LyfeAccounting

NOVEMBER 3, 2020

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…. So eventually, tax time came and it was time to file his business taxes.

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MazumaBusinessAccounting

AUGUST 12, 2021

If any legal issues arise, you will be held personally responsible and those debts will need to be paid from your personal account. A sole proprietorship is one of the simplest and least expensive entities to form because no legal paperwork is needed. In addition, you will want to register your business name with your state.

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LyfeAccounting

MARCH 5, 2021

Legal vs Tax Entity. When it comes to entity selection, there are “LEGAL” entity types and “TAX” entity types. A legal entity is an entity that you register with your state. Your tax entity is the entity that you elect to file as with the IRS. Tax Differences: What Are The Taxes Involved For All Entities?

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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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xendoo

MARCH 18, 2021

Additionally, if you wait until tax time to get it together, it can end up giving you a real headache – hiring an accountant at the last minute with books full of errors could cost you more than you set aside in the first place. What does online accounting software do?

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LyfeAccounting

JANUARY 5, 2021

We’ll be covering what types of donations are eligible, how to claim your deduction, if it even makes sense for you to donate for tax purposes… and everything in between. Note that for guidance or advice specific to your situation, you should consult with your tax or legal professional. Let’s get started!

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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. Contact us here.

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LyfeAccounting

JULY 23, 2021

This means, you can avoid the biggest expense of them all, which are taxes, and instead use that money to reinvest and make even more money. Creating a wealth snowball effect all because you legally took advantage of the 1031 exchange. So you would report the 1031 transaction on Form 8824 and include it with your tax return.

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inDinero Accounting

JANUARY 9, 2023

Your accountant can help you decide on the right software solution for your business. Accounting Software There are several software options designed specifically for accounting. Accounting software not only keeps your books balanced, but also allows you to organize invoices and other documents.

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inDinero Accounting

JANUARY 9, 2023

If your startup is relying on the person who’s best at numbers for your accounting, you can be setting yourself up for failure like: Misinterpreting cash flows. Getting into legal troubles. Your accountant can help you decide on the right software solution for your business. Accounting Software. Equipment costs.

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LyfeAccounting

DECEMBER 28, 2020

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. So in this post, I’m going to uncover and fully breakdown small business tax credits and incentives that can put tax dollars back into your pockets.

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