LyfeAccounting

MARCH 16, 2021

This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession. The New Tax Deduction Update for Business Meals. That’s right, so it might be time to start talking business over a nice meal.

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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. 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.

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ThomsonReuters

FEBRUARY 8, 2022

1) Communicate clearly to win new tax clients. When you seek to win new tax clients, it’s best to start at the beginning. With so many generations in need of tax and accounting services in the market today, it can be a challenge to discover what a client truly wants or needs, or how they want to connect with you.

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MazumaBusinessAccounting

APRIL 25, 2021

Knowing how to pay yourself as a small business owner may seem simple, but there are quite a few options when it comes to doing it right. The information below will help you learn the basics of how to pay yourself as a small business owner, but we highly recommend talking to a tax or financial expert ( we’d love to chat with you!

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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. 9 Reasons Why Your Tax Refund is Delayed.

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LyfeAccounting

MAY 18, 2021

Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general. 7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. After all, you want to write off as many business tax deductions as possible.

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LyfeAccounting

NOVEMBER 9, 2020

How does it protect your business? And more importantly, what are the tax benefits of choosing an LLC over another entity? The answers to these questions may influence the entity structure that you choose for your business, and how much money you end up paying the IRS. The tax loopholes associated with LLCs.

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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?

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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. Keep reading to learn more about the child tax credit portal update! These people can now use the online tool to register for monthly child tax credit payments. Child Tax Credit Portal Update.

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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.

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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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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.

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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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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.

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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

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. Not every letter means you owe more taxes. IRS Letter Type #1.

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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?” “How much do accountants charge to do taxes?”

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xendoo

MARCH 18, 2021

So, accountants with the title of CPA offer a higher level of financial analysis for you and your business and can act as a fiduciary on your behalf. At that same time, an accountant can give you tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains.

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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. Your tax deduction would be about $17,250.

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LyfeAccounting

MARCH 10, 2021

CPA accounting services most commonly include compilations, reviews, audits of financial information, and certain tax services. Compilations are basically financial statements that are prepared by an outside accountant. Tax Services . And if you want the best tax advisor for your business, hire a CPA.

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LyfeAccounting

APRIL 30, 2021

All to save you the most on your taxes. In either case, you want to make sure you’re aware of the tax write offs (OR deductions) you can take to minimize your taxes or even maximize your tax refund. Top 5 Tax Write Offs for New LLCs. This would give you a business percentage use of your home. Are you ready?

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LyfeAccounting

JUNE 4, 2021

If you pay yourself too much, you might risk putting your business in a bad financial situation. If you pay yourself too little, you might be overwhelmed by all of the taxes you owe as an LLC. And speaking of taxes, how exactly does that work when you pay yourself? How Taxes Work for LLC Pay. So let’s begin!

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LyfeAccounting

JULY 3, 2021

So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. But we can’t ignore that it has some incredible tax benefits for its members and managers.

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LyfeAccounting

NOVEMBER 16, 2020

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. Let’s discuss the biggest issue for small businesses and tax professionals which is tax deductibility. State Taxes.

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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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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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LyfeAccounting

MAY 24, 2021

So monthly payments through the new federal enhanced child tax credit will start on July 15, 2021. This child tax credit will go to close to 40 million households, or roughly 90% of children in the United States, according to the IRS. What Is The Monthly Child Tax Credit All About? Now, these are tax credits.

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Tax tax return tax planning accounting and finance 52

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….

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LyfeAccounting

MAY 3, 2021

Tax credits vs tax deductions: What is the difference? Now, of course, no one really wants to pay more than their fair share of taxes. And understanding the difference between tax deductions and tax credits can give you more confidence that you are not paying too much in taxes. What is a Tax Credit?

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. 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. Legal vs Tax Entity. Self-Employment Tax.

Tax 52

Tax Legal tax return Non-Profits 52

LyfeAccounting

NOVEMBER 4, 2020

?. In today’s post, I’ll be going over everything you need to know about tax filings for your small business and how to stay out of trouble with the IRS. Similar to yourself as an individual, your small business has tax requirements that must be met in order to avoid unwanted penalties and interest from the IRS.

business tax 52

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LyfeAccounting

AUGUST 10, 2021

Look, taxes are the single greatest expense that most people will pay over the course of their lives. It’s taxes. . Believe it or not, taxes are evading almost every single part of your life. You pay taxes on your income, on your purchases, the property you own, and so much more. The Tax Code is Not Your Enemy.

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Real Estate Tax tax return tax preparation 52

LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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Real Estate Tax Legal audit 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.

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LyfeAccounting

DECEMBER 28, 2020

Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes.

business tax 52

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like.

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