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

Ronika Khanna CPA,CA

DECEMBER 12, 2024

Whether you are an individual or a business in Canada, taxes are an inescapable part of your existence. All sources of income need to be calculated, tax returns needs to be filed and taxes owing must be paid. Penalties are charged at 5% of the taxes due if you fail to file your return by June 15th.

income tax

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.

tax return

LyfeAccounting

NOVEMBER 4, 2020

Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th. One of those differences is in the tax form that is filed.

business tax

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.

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

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

AUGUST 13, 2024

At its core, an accounting system is a method of organizing your financial data. There are various types of accounting systems out there, ranging from complex enterprise solutions to simple small business accounting software like QuickBooks. The key is to have some system in place to manage your finances effectively.

accounting system

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

inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts.

business tax

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.

tax return

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

LyfeAccounting

MAY 12, 2021

This income already includes the dividends and money you took out of the business. Then it’s taxed again on your personal return for any amount you took out of the business as a dividend, or in other words, a distribution. And for those single-member LLCs ‘, their tax returns are due April 15th.

CPA

Wellers Accounting

JUNE 21, 2023

Tom Walker answers the question, what is a director's loan account, explaining how they work, and the potential tax issues and risks involved.

Account

LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. Tax Mistake #2: Not paying quarterly estimated tax.

Tax

LyfeAccounting

OCTOBER 29, 2020

So according to the AICPA, which is the American Institute for Certified Public Accountants, an effective tax system is one that is fair, neutral, simple and economically efficient. A fair tax system should produce similar outcomes. And if someone has a higher income than another then you would expect them to pay more in taxes.

tax planning