LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. When to Amend Your Taxes? You need to correct your Income.

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tax return Tax accounting and finance tax preparation 52

Reckon

JUNE 21, 2022

Hot on their lips is the nail-biting question: what if I don’t have enough coin in the bank to pay my tax bill? Most sole traders will know that they’ll need to file their business tax return to the ATO between 1 July and 31 October. All you need is a few software tools…and two separate business bank accounts! (A

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ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. Read on to find out.

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tax consultant Tax tax return business tax 103

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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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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tax return Tax income tax business tax 135

Nancy McClelland, LLC

JANUARY 16, 2024

” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments. “Now What Do I Do With These Files?

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tax return Tax Account accountant 52

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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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.

Tax 52

Tax tax return business tax income tax 52

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.

Tax 52

Tax tax return business tax accounting and finance 52

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. How far back can the IRS audit tax returns? For most taxpayers, the audit rate is less than 1% to 2%.

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audit tax return Entertainment income tax 52

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. How far back can the IRS audit tax returns? For most taxpayers, the audit rate is less than 1% to 2%.

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audit tax return Entertainment income tax 52

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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tax return Real Estate Tax audit 98

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?

Tax 52

Tax income tax tax return accounting and finance 52

Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. The process of submitting preparing and submitting the dividend declarations and the documents that need to be filled out and returned to the CRA and MRQ are discussed below: Digital Download. available at Amazon.

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tax return Non-Profits income tax Tax 98

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.

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business tax Tax income tax tax return 59

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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payroll income tax Manufacturing accounting and finance 98

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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payroll tax payroll Tax tax return 52

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.

Tax 52

Tax Gambling tax return income tax 52

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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tax return income tax Tax Sales 52

LyfeAccounting

JULY 16, 2021

We know a lot of you are waiting on tax refunds, stimulus checks, and even child tax credit payments. And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. Unemployment Tax Refund Recap. So, it is not too late to correct this information on your return.

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Tax tax return tax preparation income tax 52

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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Tax income tax tax return accounting and finance 52

LyfeAccounting

MARCH 10, 2021

Avoid Paying Tax Penalties: Here’s How. Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.

Tax 52

Tax tax return Real Estate Government 52

Withum

AUGUST 23, 2022

It will surprise no one that taxpayers are always looking to minimize their tax bill. It’s the means that is used to minimize the tax bill that gets people in trouble. Consistent concealment of unexplained currency, especially in a business not routinely requiring large cash transactions. Multiple sets of books or no records.

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Account accountant accounted tax return 59

LyfeAccounting

FEBRUARY 9, 2021

?. What are the tax benefits of S-Corps? And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business.

Tax 52

Tax audit New Hampshire income tax 52

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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quickbooks tax return Non-Profits income tax 52

xendoo

JUNE 25, 2021

But here’s the thing—running a real estate business is about more than making great deals. Accounting plays a major role in staying organized, managing taxes, and making smart decisions in any business. . Why accounting is important for real estate businesses. Select Your Accounting Method.

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Real Estate Account accountant accounted 98

LyfeAccounting

JANUARY 14, 2021

?. If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Who has to pay quarterly tax payments.

Tax 52

Tax accounting and finance tax preparation income tax 52

CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. But even basic tax planning can make a big difference in reducing future tax liability.

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quickbooks payroll Technology audit 130

Shay CPA

DECEMBER 27, 2023

Fortunately, as specialists in tech company tax compliance, we can guide you through what you need to know. Research local laws to ensure you’re compliant with account closure requirements in every applicable state. You might need to pay the current calendar year’s franchise tax before you can officially close up shop, for example.

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general ledger Delaware Tax payroll 52

xendoo

NOVEMBER 23, 2020

Are you claiming all the income tax deductions you’re entitled to? businesses that are structured as sole proprietorships, partnerships, or limited liability companies (LLCs). Real Estate Taxes. Any real estate taxes you pay to your state, city, and even another country are deductible. Business credit cards.

Tax 52

Tax Real Estate Education Legal 52

Nancy McClelland, LLC

FEBRUARY 6, 2022

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. Why would this matter?

Account 52

Account accountant accounted tax return 52

xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Every transaction that gets recorded has to also be categorized for financial reports and tax returns.

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xendoo

MAY 9, 2021

Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp to gain additional tax benefits that you’ve earned! LLC owners must pay self-employment taxes for all income. Tax-preferred retirement savings .

tax return 52

tax return Tax tax consultant Legal 52

LyfeAccounting

JUNE 22, 2021

How sole proprietors pay taxes? So let’s talk about how sole proprietors pay taxes. For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. self-employment tax on your income.

tax return 52

tax return Tax accounting and finance income tax 52

LyfeAccounting

JULY 9, 2021

And of course, the more money you make, the more you are usually taxed, right? Well no, there are actually foreign earned income exclusions that can help you avoid paying taxes on certain things. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S.

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income tax Tax Gambling tax return 52