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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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). The Child Tax Credit or CTC.

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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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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. Combined, 7.65% in FICA taxes. – Medicare.

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payroll tax payroll Tax income tax 52

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.

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LyfeAccounting

JULY 14, 2021

Not necessarily, property taxes fund everything around you – education, emergency services, and infrastructure. The money that you pay for these taxes funds the services that your local government provides. So in theory, states with high property taxes are better funded and have more money to reinvest into their economy.

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xendoo

JUNE 25, 2021

Setting up your real estate accounting system the right way will enable you to minimize the labor and stress involved in large-value transactions, extreme income fluctuations, employee pay formulas, and government regulations. These tips are for you if your business is: Real estate broker or agent. Government bodies (e.g.,

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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South Carolina Hawaii West Virginia Delaware 52

LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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South Carolina Hawaii West Virginia Delaware 52

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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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

JULY 9, 2021

Foreign earned income is simply the income you receive for services you performed in a foreign country during which your tax home is in a foreign country. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S. What is Not Foreign Earned Income.

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income tax Tax Gambling tax return 52

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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payroll tax payroll Tax tax return 52

Withum

AUGUST 23, 2022

Consistent concealment of unexplained currency, especially in a business not routinely requiring large cash transactions. Failing to deposit receipts in a business account, contrary to established practices. False statements on Tax Exempt/Government Entity (TE/GE) determination letter applications.

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LyfeAccounting

NOVEMBER 16, 2020

Some states may tax forgive the PPP loan proceeds. So while the federal government may exclude the PPP from gross income, some states may include it. Each state that implements income taxes has its own revenue code that conforms to some degree to the IRC which stands for Internal Revenue Code.

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LyfeAccounting

JULY 16, 2021

And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. If you lost your job last year and started collecting unemployment benefits from the government, this update applies to you. For this round, the IRS identified about 4.6

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LyfeAccounting

MARCH 10, 2021

Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). Let’s look at 3 common scenarios.

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xendoo

APRIL 20, 2021

Most small business owners choose cash basis, but if you do, you may have to adjust your accounting software. Once you choose a method, you have to stick with it unless you are willing to go through a lot of government red tape to change it. Pay Income Tax. QuickBooks, for example, defaults to accrual basis.

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MyIRSRelief

NOVEMBER 19, 2021

Tax credits to look out for. Earned Income Tax Credit (EITC). People who work but still make low to moderate salaries may qualify for the Earned Income Tax Credit, which is a tax break. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe.

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Accounting Insight

FEBRUARY 1, 2024

In practice this means discussing key tax compliance risks and corresponding risk control strategies within the business as soon as possible. Armed with huge volumes of business accounting records, HMRC will identify tax risks for pursuit.

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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. Now obviously, taxes are something EVERYONE pays.

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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

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. This helps make the tax system fair. How to Calculate Your Taxes. INCOME TAXED.

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LyfeAccounting

JUNE 15, 2021

Today’s post is all about the #1 tax write-off for real estate investors and that is real estate depreciation. Real estate is one of the most tax-advantaged investment vehicles. The federal and state governments structure tax laws to incentivize specific behaviors. Why This Write-off Exists in the First Place?

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LyfeAccounting

OCTOBER 23, 2020

You also can’t withdraw from these accounts prematurely or prior to 59 ½ years old or you will be penalized. Health Saving Accounts or HSAs. An HSA is a tax advantaged medical savings account. The funds you contribute to an HSA are not subject to income taxes and actually reduce your taxable income.

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LyfeAccounting

JUNE 24, 2021

Lives with the taxpayer for more than one-half of tax year 2021. Does not file a joint return with the individual’s spouse for tax year 2021 or files it only to claim a refund of withheld income tax or estimated tax paid. Advance Child Care Tax Credit FAQs #16. Advance Child Care Tax Credit FAQs #17.

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LyfeAccounting

AUGUST 10, 2021

Not to invest in stock markets, real estate, or your business. . But no, literally, just to pay taxes to the government. It was written to grow the economy, boost jobs, provide affordable housing, and promote many initiatives that the government relies on to provide for its citizens. Be sure to read that next.

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LyfeAccounting

MAY 5, 2021

And, as you can see the max long-term capital gains tax rate in 1922 was about 12%. And as the economy grew and the government provided more infrastructure, the capital gains tax rates grew as well. During the same year, let’s say you earned $100,000 and that puts in you the 24% tax bracket.

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LyfeAccounting

OCTOBER 27, 2020

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. Remember this, whatever you overpay in taxes, the government will send you a refund for that amount.

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LyfeAccounting

JULY 30, 2021

And this is treated very differently for tax purposes. Short-term capital gains are taxed just like your ordinary income, which is the highest type of income tax that exists. Ordinary income tax brackets can range from 0-40%. So how do you pay long-term capital gains tax on your stocks?

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LyfeAccounting

JUNE 11, 2021

So if you were 1 of the millions of Americans who lost their jobs in 2020 and started collecting unemployment compensation from the government, this applies to you. Who Should Be Receiving a Tax Refund. Now to be clear, this is considered a tax exclusion. Do You Need to File an Amended Return? Contact us today to get started!

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LyfeAccounting

JANUARY 25, 2021

Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. So, to do this, you have to do a few things: You need to have a Federal Identification Number (EIN) for your business. You need a State Income Tax number. You need a State Unemployment Number.

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