LyfeAccounting

APRIL 4, 2021

So a lot of people already know the personal tax deadline has been extended from April 15 to May 17, 2021, due to some major IRS delays. So basically people are getting an extra 30 days to file their personal tax return. Business Taxes. Take Note Of This Tax Season 2021 New Update! So that’s it!

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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.

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LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. After all, you want to write off as many business tax deductions as possible.

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LyfeAccounting

DECEMBER 31, 2020

Employees complete Form W-4 so that you (as the employer) can withhold the correct federal income tax from employee pay. If too little tax is withheld, the employee will owe taxes when they file their tax return. If too much tax is withheld, the employee will be due a refund when they file their tax return.

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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.

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LyfeAccounting

NOVEMBER 9, 2020

For example, if you have a business bank account, you can sync your financial information with a bookkeeping platform like QuickBooks, for example. Then, you can categorize all of your business transactions so you can easily start deducting eligible expenses from your tax return. Business Tax Write-Offs.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

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LyfeAccounting

JUNE 22, 2021

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. Instead, you will file a Schedule C when you file your personal tax return.

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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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LyfeAccounting

JANUARY 31, 2021

BUT, if you want to take the home-office deduction on your tax return, then read on as I am going to give you all of the information you need to do this correctly in this post. According to the IRS, the home office deduction allows QUALIFYING taxpayers to deduct CERTAIN home expenses from their tax returns. Wrapping Up.

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xendoo

MARCH 16, 2022

If you are keen, you’ll find a plethora of small expenses within your business are tax-deductible, meaning you can claim them on your tax return. The IRS demands that you have with you any documentation proving income credits or deductions that appear on your tax return. Canceled checks.

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LyfeAccounting

FEBRUARY 19, 2021

This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities. The primary business taxes you will pay are federal income taxes and self-employment taxes. This is attached to your personal federal tax return that you file with the IRS.

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LyfeAccounting

NOVEMBER 13, 2020

However, if you need some help understanding your financials on a deep level and preparing a tax return, then an accountant may be a better fit for you. But if you’re just starting out or you don’t have any business yet, then you probably don’t need either. The post Bookkeeping vs Accounting: What’s the Difference?

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LyfeAccounting

DECEMBER 1, 2020

C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Now here are the steps on how you can incorporate a business. Steps on How to Incorporate a Business. Make sense?

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LyfeAccounting

JANUARY 7, 2021

If you have filed business tax returns in the past, you should already have one and can locate this number on your tax returns. Again, if you need help in propelling your business by having accurate financial reports or some sound financial advice, don’t hesitate to get in touch with us.

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LyfeAccounting

APRIL 27, 2021

For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account. To make this even better, you can deduct your contributions from your tax return. So for example, if your taxable income is $200,000 with an effective tax rate of 25%, you’d owe $50,000 in taxes.

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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? So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. One of those differences is in the tax form that is filed.

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Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. Smaller firms cannot pay competitive salaries because the graduates must be expensively retrained in small business accounting needs.

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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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LyfeAccounting

NOVEMBER 3, 2020

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…. So eventually, tax time came and it was time to file his business taxes.

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Snyder

JUNE 20, 2022

So for a small business owner, it’s vital to understand accounting so they can understand their business and also be able to communicate with banks and investors. What is small business accounting? Basic steps in accounting for small businesses. Contents: 1.

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MazumaBusinessAccounting

AUGUST 12, 2021

However, your city or state may require you to obtain a business license, so be sure to look into the requirements for your specific state. In addition, you will want to register your business name with your state. When it comes to your business taxes, filing is quick and easy. Single-Member LLC. We would love to help.

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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

OCTOBER 27, 2020

Now some people see this every year on their tax return and think it’s just another required payment to the IRS. But an estimated tax penalty is something that you DO NOT have to pay and can be completely avoided. Also, I’m going to show you how to calculate and pay your federal estimated taxes.

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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?

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LyfeAccounting

JANUARY 5, 2021

How Do You Claim Tax Deductible Donations? To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR. To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR.

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LyfeAccounting

JANUARY 13, 2021

And the best part is, there are several different types of tax deductions. business tax deductions. Because standard deductions and itemized deductions are very straightforward, the remainder of today’s post will be spent on business tax deductions. What are Business Tax Deductions? Contact us here.

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LyfeAccounting

MARCH 5, 2021

And because C-Corporations are subject to double taxation and S-Corporations are not, it shines a bright light on S-Corporations as a good entity choice to save on this tax. So let’s look at each entity closely so you can determine which makes the most sense for your business. Tax Differences: Sole Proprietor vs LLC vs S-Corp.

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LyfeAccounting

JULY 23, 2021

So you would report the 1031 transaction on Form 8824 and include it with your tax return. If you have a business entity set up for your real estate deals, then 8824 would be included with your business tax return. Next, remember 1031 exchanges are for investment or business purposes.

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LyfeAccounting

DECEMBER 28, 2020

Yes, even many accountants I know aren’t aware of the tax incentives that small and large businesses are taking advantage of to DRAMATICALLY reduce their tax liability. With that said, let’s get started with the most important info… how do most businesses save on taxes?

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LyfeAccounting

OCTOBER 29, 2020

So according to the AICPA, which is the American Institute for Certified Public Accountants, an effective tax system is one that is fair, neutral, simple and economically efficient. A fair tax system should produce similar outcomes. And if someone has a higher income than another then you would expect them to pay more in taxes.

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