LyfeAccounting

JANUARY 30, 2021

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. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Wrapping Up Tax Season 2021.

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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.

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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

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. Other Reasons for Tax Refunds. But not really.

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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. Go ahead and contact us here!

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LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. But for business owners, it’s different.

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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.

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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

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!

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PYMNTS

AUGUST 16, 2019

With more than $200 million in venture capital funding landing with B2B FinTechs this week, investors had their eyes set on a variety of pain points in corporate finance. Small business finserv was a popular target this week, with startups securing funding for their SMB banking, lending and accounting tools. Lendingkart.

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LyfeAccounting

NOVEMBER 9, 2020

This is a major benefit for self-employed individuals who may not be writing off things related to their business like your home office expense, business travel, and other related business expenses. Tax Benefit #4: Pass-through Tax Deductions. appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

JUNE 18, 2021

The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud. Each and every year, any tax return that claims a refund is automatically run through a specific IRS system that is designed to detect fraudulent wage or identity theft-based claims.

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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

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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xendoo

MARCH 16, 2022

We will take you through the essentials of setting up your accounting for a new business. Separate personal and business finances. As any established business owner will tell you, you need to treat your business as a separate entity to yourself. This means separating your business and personal finances.

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LyfeAccounting

MARCH 10, 2021

5 Things You Should Know About Tax Penalties. Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend).

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LyfeAccounting

JUNE 29, 2021

And this could be a legitimate reason because you’re getting an advance on your child tax credits. So technically, you will have less tax credits to offset any tax liability that you have when you file your tax return. You may not qualify for child tax credits. Contact us today!

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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 ”.

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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.

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LyfeAccounting

JULY 16, 2021

According to the IRS, you do not need to file an amended return if you fall into one of these categories: 1. You already filed a tax return and did not claim the unemployment exclusion. The IRS will determine the correct taxable amount of unemployment compensation and tax; 2. the Advance Premium Tax Credit.

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xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Every transaction that gets recorded has to also be categorized for financial reports and tax returns.

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LyfeAccounting

JANUARY 12, 2021

?. Today, I will be giving you bookkeeping tips to help you better organize your companies’ finances. If you’re a new business owner or even if you already have a business up and running and want to improve the bookkeeping of your business, then this post is for you! 6 Bookkeeping Tips For Your Business.

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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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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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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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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. WINNER: QuickBooks Connect (14.4%) Runners Up: XeroCon (7.2%) AICPA ENGAGE (Las Vegas) (5.2)

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LyfeAccounting

OCTOBER 21, 2020

If you rent a location or equipment, you can deduct those payments as a business expense. Keep in mind, we’re talking about a business location. Not your actual home even if you have a home office because that’s covered on a personal tax return. Business meals. retirement contributions. health care expenses.

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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

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.

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LyfeAccounting

FEBRUARY 19, 2021

To report and pay federal income taxes on your single member LLC business, you will need to complete a Schedule C, which is a profit or loss business form. This is attached to your personal federal tax return that you file with the IRS. She also earned $25,000 from her part-time job as a consultant.

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LyfeAccounting

MAY 25, 2021

And this essentially is what we are referring to when we say inflation tax is hidden. Because instead of you actually paying taxes on your tax return, it’s just something that happens when you show up to a store and everything costs more than what it used to be. Contact us today for more details.

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LyfeAccounting

JANUARY 20, 2021

Second, you can use your 2019 and 2020 annual tax returns to confirm the revenue reduction. Like I mentioned above, if you need more financial and tax guidance for your specific situation, our tax consultants will be happy to help you. How big of a PPP loan can I receive? 10 million. Simply contact us today!

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LyfeAccounting

JANUARY 19, 2021

They may ask for personal tax returns, bank statements, pay stubs, etc. The post New PPP Loan for 2021 appeared first on Small Business Accounting & Finance Blog. Step #2: You must provide your documentation. The PPP loan is for payroll and other qualified expenses. Step #3: Approval process.

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LyfeAccounting

OCTOBER 18, 2020

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. Bookkeeping is important because it allows you to take control of your business’ finances.

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LyfeAccounting

JULY 9, 2021

Now if you still need some help determining your status and your numbers… …you can also use the IRS’s tool called Interactive Tax Assistant to help determine whether the income earned in a foreign country is eligible to be excluded from income reported on your U.S. federal income tax return. And that’s it!

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LyfeAccounting

JUNE 4, 2021

This means that the business’s taxable income is allocated directly to the owners, to pay on their individual tax return. Basically, in the eyes of the IRS, the business’s income is your income. Now if you want to make sure your LLC taxes are on the right track, then we can help you with that.

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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. Vehicle Expenses. Get the help of the experts today!

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