CPA Practice

APRIL 17, 2023

But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies. It’s understandable that business owners haven’t thought of ways to get more out of their accountant.

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MazumaBusinessAccounting

APRIL 25, 2021

Before we get into the money side of things, it’s important to know what type of business entity you have so you know what your options are for getting paid. The benefit to the salary option is that tax withholdings and benefit payments come out of your gross pay automatically, whereas with a draw they don’t.

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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. Complexity of Services .

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CPA Practice

JUNE 24, 2024

Tax Preparation Checklist: A comprehensive list of documents and information needed from clients for tax preparation, such as income statements, expense receipts, and previous tax returns. Employee Performance Review Template: For evaluating the performance of staff accountants and other employees within the firm.

accounting firms 124

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. A copy should be given to the recipient(s) of the dividends to reflect on their personal tax return. Use WebForms which is provided at the CRA link for all forms that can be filed directly.

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xendoo

SEPTEMBER 10, 2021

Every small business owner should have access to an accountant. A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. Tax planning. Tax preparation.

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Going Concern

JUNE 13, 2024

TAX CANDIDATES FTE Senior Tax Accountant / Manager | Candidate ID #21844350 Certifications: CPA Education: BSBA Accounting, MS Accounting Experience (years): 6+ years in tax and accounting Work experience: 6+ with the same CPA firm Prep and review of tax returns Leads a team of 5+ Accountants Manages client engagements Client niches: Real estate, Construction, (..)

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CPA Practice

APRIL 17, 2023

But even basic tax planning can make a big difference in reducing future tax liability. This makes having a reliable tax planning system that can look forward several years a valuable addition to a practice. WINNER: QuickBooks Connect (14.4%) Runners Up: XeroCon (7.2%) AICPA ENGAGE (Las Vegas) (5.2)

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LyfeAccounting

MAY 24, 2021

. $300/month for people who qualify for the $3,600 and $250/month for those people who qualify for the $3,000 child tax credit. Now, these are tax credits. Let us repeat, tax credits, which means this is not a stimulus check. You can think of this more as an advance on your 2021 tax return. Contact us today!

Tax 52

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Going Concern

AUGUST 22, 2024

TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting | Candidate ID #22103110 Certifications: CPA Candidate Education: BS, Accounting Experience (years): 7+ years of overall experience Work experience (detail): 6+ years with CPA firms Mentoring and training the accounting team Tax return preparation for individuals, SMBs and Nonprofits Prepared monthly, (..)

Real Estate 59

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xendoo

JANUARY 11, 2021

They know they’re probably making mistakes and missing opportunities that a pro would spot right away, but they don’t know if accounting services will save more than they cost. “How much do accountants charge for year-round bookkeeping services?” Tax return (unincorporated) — $200 to $500. Hourly Rates.

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xendoo

MARCH 18, 2021

They can answer your questions about financial reports, cash flow, depreciation, and other accounting processes and identify opportunities to improve profit margin and business growth. Certified Public Accounts can be the financial strategist for Fortune 500 companies or advisors to neighborhood businesses.

CPA 52

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ThomsonReuters

FEBRUARY 8, 2022

One significant trend sweeping the tax profession is the rise of value-added services. Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need.

Tax 106

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year.

Tax 52

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. Errors on Your Return. Past Due Returns.

Tax 52

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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.

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LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”. 3 Tax Plan.

income tax 52

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LyfeAccounting

MAY 27, 2021

They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed. 6% of tax returns are audited each year.

tax return 52

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LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. The IRS commission, Chuck Rettig said: “We have been working hard to begin delivering the monthly Advance Child Tax Credit to millions of families with children in July. Simply contact us today!

Tax 52

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LyfeAccounting

APRIL 27, 2021

Tax refunds are not good because instead of that money being held by the IRS and taking 1700 years to process… …YOU could have possession of that money and use it for the things you want. Let’s say you filed your 2020 tax return and are getting a $3,500 refund. It would be good to consult your tax advisor on this.

Tax 52

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CPA Practice

APRIL 22, 2024

Host Informative Workshops: Organize free, educational workshops on financial wellness, tax planning, or small business accounting. Consider creating video walkthroughs on how to prepare for end-of-year tax returns or quick tips for managing summer business expenses.

accounting firms 52

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Going Concern

MAY 23, 2024

FTE Senior Tax and Accounting | Candidate ID #20455103 Certifications: CPA in progress Education: BA, Accounting & Business Administration Experience (years): 4+ years in public accounting Work experience (highlight): Staff Accountant at a CPA firm Full client care including accounting, bookkeeping, tax and audit In 2024 completed 100+ returns, (..)

Real Estate 59

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LyfeAccounting

NOVEMBER 9, 2020

However, if your business earns over a reasonable salary for your own work, then electing to file as a S-Corporation may be worth considering. Again, this is simplified information, but if you want to weigh the pros and cons of this, you can contact us to create a custom tax plan for you. Tax Benefit #3: Tax Write-Offs.

Tax 52

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. 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….

Tax 52

Tax tax return business tax accounting and finance 52

MyIRSRelief

NOVEMBER 19, 2021

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

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LyfeAccounting

MARCH 10, 2021

CPAs are best at providing… almost ALL accounting services, Seriously, CPAs were tested on all facets of accounting including: bookkeeping , tax preparation , tax planning , budgeting, pricing, …and even more technical stuff that we’re sure you’re not interested in. Tax Preparer.

CPA 52

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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Today, we are going to help you select the best entity for your business. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free.

Tax 52

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CPA Practice

AUGUST 28, 2024

The advent of artificial intelligence and machine learning have also started to have a dramatic impact on the practice of public accounting and business management, and we are continuing to see an increased adoption of practical operational uses for these professionals. Instead is truly innovating how taxes are done.

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LyfeAccounting

APRIL 30, 2021

BUT, similar to the home office deduction, you can only write the business use of your cellphone. So if 80% of the usage of your cellphone is for business purposes, you can only write off 80% of the cellphone and monthly service on your tax return. You can be taxed as an S-Corporation or even a C-Corporation as well.

Tax 52

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xendoo

NOVEMBER 23, 2020

You can also deduct bank fees and charges on business accounts. As long as the contribution is made to a qualified organization, you can deduct this on your personal tax return. For more information about tax planning and filing for small businesses, please consult your Xendoo team.

Tax 52

Tax Real Estate Education Legal 52

LyfeAccounting

JANUARY 14, 2021

You had no tax liability for the prior year. Your prior tax year covered a 12-month period. So be sure to check your previous year’s tax return to see if you are required to pay. When To Pay Quarterly Tax Payments? Quarterly estimated tax payments are to be paid four times a year. You were a U.S.

Tax 52

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LyfeAccounting

AUGUST 10, 2021

So make your life easy by just keeping track of your receipts for your business expenses. Step 4: Claim the deductions correctly on your tax return. When you file your taxes, whether you’re doing it yourself or a tax preparer is doing it for you, make sure you claim your deductions correctly.

Real Estate 52

Real Estate Tax tax return Start-ups 52

LyfeAccounting

NOVEMBER 16, 2020

Yet there is still confusion for many small businesses about how the PPP loan will affect their future. It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility.

payroll 52

payroll income tax Tax accounting and finance 52

LyfeAccounting

JULY 3, 2021

When people give you money or they give you grants, they can write them off as a charitable donation on their tax return. You have tax exemption status. Of course, from our tax planning perspective, the biggest benefit is having tax exemption status once you incorporate your 501(c)(3).

Georgia 52

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LyfeAccounting

OCTOBER 18, 2020

With a budget, you can plan for future expenses and the anticipated resources that would cover those expenses. 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.

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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. From tax planning , tax preparation , tax filing , and so on, LYFE Accounting got your back.

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