LyfeAccounting

OCTOBER 21, 2020

?. In federal taxes you owe $78,435.72. Look, those were like your tax liabilities from last year. So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. Because like clockwork, taxes come due every year.

business tax 52

business tax Tax tax return Education 52

inDinero Tax Tips

OCTOBER 21, 2023

Knowing how to keep track of business expenses is key to visualizing cash flow and maximizing tax deductions, but finding a system that is simultaneously easy, efficient, and accurate is no easy task. Table of Contents What Exactly Is a Business Expense?

accrual accounting 105

accrual accounting Tax bookkeeping software bookkeeping 105

MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. Small potatoes? New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds?

Tax 52

Tax payroll tax payroll income tax 52

MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. Small potatoes? New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds?

Tax 52

Tax payroll tax payroll income tax 52

xendoo

MAY 26, 2021

You know that filing taxes can be stressful even in the best of times, but as a restaurant owner, tax time can leave you feeling in the weeds because your deductions are exponentially more complex. Set up a sound filing system where you can locate any tax documents you might need by vendor or category and keep it up to date.

Tax 98

Tax bookkeeping payroll Start-ups 98

MazumaBusinessAccounting

FEBRUARY 1, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle.

Account 52

Account accountant accounted bookkeeping 52

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. That is so you are prepared for this tax season. Tax Season 2021 New Update. Personal Taxes.

Tax 52

Tax tax return business tax small business accounting 52

PYMNTS

DECEMBER 7, 2018

KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. KPMG Spark will deploy technology from Bookly, acquired by KPMG earlier this year, which offers small business accounting solutions.

Tax 58

Tax Account accountant accounted 58

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.

Tax 52

Tax CPA tax return accounting and finance 52

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.

Tax 52

Tax Entertainment tax return tax preparation 52

Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Use a forms tax software offered by various tax software providers including taxcycle, DTMax, Profile etc. and dividend tax credit of 9.0301% are the same for the years from 2019 to 2022.

tax return 98

tax return Non-Profits income tax Tax 98

Nancy McClelland, LLC

JANUARY 15, 2023

As you might imagine, we get quite a few inquiries for tax preparation services, but a) we only do taxes for our small business accounting & bookkeeping clients, and b) we only work with clients in Illinois, Indiana and Wisconsin. Tax Preparer. It’s an arena rife with underrepresentation issues.).

tax preparation 52

tax preparation Tax bookkeeping Wisconsin 52

MazumaBusinessAccounting

JANUARY 31, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle.

Account 52

Account accountant accounted bookkeeping 52

LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

Tax 52

Tax Virginia Georgia income tax 52

LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on.

Tax 52

Tax tax return bookkeeping bookkeeping services 52

LyfeAccounting

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes.

payroll tax 52

payroll tax payroll Tax tax return 52

Snyder

JANUARY 10, 2023

After all, accounting, as an integral part of a business, is something not to put aside. To answer the above question, we’ll need to look at small business accounting as a process. So keep reading to learn more about small business accounting cost: 1. Cost of accounting software.

Account 59

Account accountant accounted bookkeeping 59

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.

Tax 52

Tax tax return accounting and finance Real Estate 52

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?

Tax 52

Tax income tax tax return tax preparation 52

LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. – State Income Tax.

payroll tax 52

payroll tax payroll Tax income tax 52

LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? Stop paying taxes then pay your kids.

Tax 52

Tax payroll payroll tax Real Estate 52

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.

Tax 52

Tax income tax tax return accounting and finance 52

LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

Tax 52

Tax Gambling tax return income tax 52

Ronika Khanna CPA,CA

MARCH 24, 2022

One of the important benefits of having a home based business , assuming you are a freelancer, self employed contractor or small business owner, and not an employee (where a similar deduction is also available) is that Revenue Canada (CRA) and Revenue Quebec allow you to deduct the expenses relating to the space that you use for your home office.

Tax 84

Tax audit income tax accounting and finance 84

CPA Practice

NOVEMBER 29, 2023

With more than 20 years of brand-building and marketing experience, Ball brings a deep understanding of the small business accounting landscape and will ensure Bookkeep’s solutions align with the urgent needs of bookkeepers and finance teams. Central Real Estate Tax Market Segment Leader at EY.

Real Estate 52

Real Estate audit cpas tax consultant 52

PYMNTS

OCTOBER 9, 2018

tax reform on the small business community, but so far, small business owners say the overhauls have made little impact on their hiring practices. “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?' . It will take some time to understand the true impact of U.S.

Tax 56

Tax small business accounting accounting firms business accounting 56

PASBA

SEPTEMBER 25, 2019

Talk to your clients and others in the industry to find out what they really expect of their accountant and what would make them most likely to leave for a competitor or stay with your firm indefinitely. Your accounting clients may have the mistaken idea that you can only help them at tax time. Excessive business debt.

Account 104

Account accountant accounted accounting firms 104

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.

Tax 52

Tax quickbooks Real Estate accounting and finance 52

LyfeAccounting

JANUARY 31, 2021

If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction… then you’re probably paying more than you have to in taxes to the IRS. If that’s you, and you work from home, then get ready to lower that tax payment to the government. property taxes. homeowners insurance.

Tax 52

Tax tax return accounting and finance small business accounting 52

LyfeAccounting

JULY 20, 2021

Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes. Instead, open a business bank account. You separate business and personal finances. You can simplify taxes. Budget for Taxes.

income tax 52

income tax payroll tax accounting and finance Tax 52

Steve Feinberg

JANUARY 30, 2023

Even after attaining a high degree of competency, building a client base and reliable reputation, and investing in your own company, many HVAC technicians and business owners can be surprised to find they’re still operating at a loss. See related: Small business tax services.

bookkeeping 52

bookkeeping Construction small business accounting accounting software 52

LyfeAccounting

JUNE 17, 2021

Tax Write-offs for LLC. And if you need help with your business taxes , accounting , or financial management , give us a call today. The post LLC Operating Agreement: How to Write One For Your Business appeared first on Small Business Accounting & Finance Blog. Disadvantages of LLC.

Legal 52

Legal accounting and finance small business accounting Start-ups 52

xendoo

APRIL 19, 2021

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Tax organization. Print checks.

accounting system 52

accounting system quickbooks South Dakota Account 52

LyfeAccounting

JUNE 22, 2021

How sole proprietors pay taxes? So let’s talk about how sole proprietors pay taxes. 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. What Taxes Do You Have to Pay as a Sole Proprietor?

tax return 52

tax return Tax accounting and finance income tax 52

LyfeAccounting

APRIL 27, 2021

?. In one of our previous posts, we talked about the SEP IRA , which has some incredible tax benefits. Like being able to deduct up to $58,000 on your taxes and put that money in an investment vehicle to fund your retirement. Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides.

Tax 52

Tax accounting and finance Start-ups tax return 52

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. Just don’t expect tax or legal advice.

bookkeeping 52

bookkeeping accounting and finance Georgia Tax 52

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).

quickbooks 52

quickbooks tax return Non-Profits income tax 52