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.

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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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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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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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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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Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Agreements, contracts, government notices etc should all be kept either in hard copy of via a clear scan that can be printed if necessary. You can use a spreadsheet or accounting software to do your accounting depending on the complexity and needs of your business.

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xendoo

JANUARY 26, 2023

However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. When you run a business, it’s easy to fall behind on your books and taxes. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. What is a business tax enquiry / hmrc corporate enquiry ?

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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CTP

SEPTEMBER 13, 2022

Saving money on taxes is one of the best ways to accomplish this. These methods are especially beneficial if a business is facing a hard time in general. How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Taking advantage of tax credits.

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CTP

SEPTEMBER 13, 2022

Saving money on taxes is one of the best ways to accomplish this. These methods are especially beneficial if a business is facing a hard time in general. How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Taking advantage of tax credits.

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ThomsonReuters

JUNE 16, 2023

To further illustrate, consider the following example: When President Trump was elected, he ran on a political ticket that he was going to simplify the individual income tax return so that computing individual income taxes was so easy it could fit on a postcard. What is a tax compliance measurement audit?

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CPA Practice

OCTOBER 13, 2023

(Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.) Individual and business tax returns and payments originally due on March 15 and April 15, 2024 are now due Oct. Quarterly estimated income tax payments originally due on Jan. 16, April 15, June 17 and Sept.

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