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

xendoo

MAY 9, 2021

Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC ? Now your small business has grown up thanks to your hard work and dedication. Since determining the status of your business is important to its success and potential, we’ll break it down for you. Sign up today.

tax return 52

tax return Tax tax consultant Legal 52

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 52

Tax tax return accounting and finance Real Estate 52

LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Different IRS Letters You Could Receive.

tax return 52

tax return audit Tax accounting and finance 52

LyfeAccounting

JUNE 18, 2021

The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud. Each and every year, any tax return that claims a refund is automatically run through a specific IRS system that is designed to detect fraudulent wage or identity theft-based claims.

Tax 52

Tax tax return tax preparation accounting and finance 52

LyfeAccounting

MARCH 10, 2021

5 Things You Should Know About Tax Penalties. 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).

Tax 52

Tax tax return Real Estate Government 52

xendoo

NOVEMBER 23, 2020

You can also deduct bank fees and charges on business accounts. Professional and Legal Fees. This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. Depreciation on Equipment.

Tax 52

Tax Real Estate Education Legal 52

LyfeAccounting

OCTOBER 21, 2020

Let’s go ahead and look at some categories that are 100% tax deductible (meaning they deduct from your revenue, dollar for dollar). Tax Deductible Categories. When you’re starting and operating your business, you’re likely going to need some help. You may need some: legal advice. an accountant.

business tax 52

business tax Tax tax return Education 52

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 59

business tax Tax income tax tax return 59

LyfeAccounting

JANUARY 14, 2021

What happens if you don’t pay your quarterly tax payments. For guidance or advice specific to your situation, you should consult with your tax or legal counsel. What are Estimated Quarterly Tax Payments? You had no tax liability for the prior year. Your prior tax year covered a 12-month period.

Tax 52

Tax accounting and finance tax preparation income tax 52

LyfeAccounting

FEBRUARY 9, 2021

You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. Speaking of losses, if your S-Corp loses money, those losses are then deductible on your personal income returns. Tax Benefits #3: Low Risk of Audit. Ready to talk S-Corps?

Tax 52

Tax audit New Hampshire income tax 52

LyfeAccounting

OCTOBER 18, 2020

A budget creates a financial roadmap for your business. It Helps You With Tax Preparation. In most cases, your business has to file a tax return every year. Even more, you also have to file a personal return that requires your business return be filed. It’s a Requirement Under Law.

bookkeeping 52

bookkeeping financial statements audit accounting and finance 52

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. Because of this, you can not elect to be taxed as a sole proprietorship.

tax return 98

tax return Tax Legal business tax 98

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?

accounting software 52

accounting software online accounting Account accountant 52

LyfeAccounting

APRIL 8, 2021

Note that this post is for educational purposes and you should contact your attorney or legal professional for specific advice for your situation. of all individual tax returns. How much you owe in taxes will depend on whether you held for more than a year before you sold and if you had any losses to offset your gains.

audit 59

audit Gambling tax return Tax 59

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.

business tax 52

business tax Tax tax return payroll tax 52

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. But it’s important that you first understand how taxes work. Yeah me, too.

Real Estate 52

Real Estate Tax income tax Gaming 52