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. Most small business owners choose cash basis, but if you do, you may have to adjust your accounting software.

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LyfeAccounting

JULY 16, 2021

And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. If you lost your job last year and started collecting unemployment benefits from the government, this update applies to you. million taxpayers who may be due an adjustment on their return because of this.

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LyfeAccounting

JULY 9, 2021

Foreign earned income is simply the income you receive for services you performed in a foreign country during which your tax home is in a foreign country. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S. What is Not Foreign Earned Income.

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LyfeAccounting

NOVEMBER 16, 2020

For example, if you file your 2020 tax return BEFORE forgiveness is determined: A. Some states may tax forgive the PPP loan proceeds. So while the federal government may exclude the PPP from gross income, some states may include it. Here’s a map of income tax conformity based on states from the Tax Foundation.

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MyIRSRelief

NOVEMBER 19, 2021

Tax credits to look out for. Earned Income Tax Credit (EITC). People who work but still make low to moderate salaries may qualify for the Earned Income Tax Credit, which is a tax break. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe.

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LyfeAccounting

JUNE 24, 2021

Does not file a joint return with the individual’s spouse for tax year 2021 or files it only to claim a refund of withheld income tax or estimated tax paid. Advance Child Care Tax Credit FAQs #4. Question: If my 2020 tax return has not processed yet, will I still get the advance child tax credit payments?

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LyfeAccounting

JUNE 11, 2021

Earlier this year, the American Rescue Plan Act of 2021 excluded $10,200 in unemployment compensation when calculating taxable income. But a lot of taxpayers already filed their tax returns and paid the tax on this income. By the end of this post, we want you to be 100% clear on this new unemployment tax refund.

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LyfeAccounting

JANUARY 13, 2021

?. People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. Now obviously, taxes are something EVERYONE pays.

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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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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. This helps make the tax system fair. How to Calculate Your Taxes.

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LyfeAccounting

AUGUST 10, 2021

Not to invest in stock markets, real estate, or your business. . But no, literally, just to pay taxes to the government. It was written to grow the economy, boost jobs, provide affordable housing, and promote many initiatives that the government relies on to provide for its citizens. Be sure to read that next.

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LyfeAccounting

MAY 5, 2021

And, as you can see the max long-term capital gains tax rate in 1922 was about 12%. And as the economy grew and the government provided more infrastructure, the capital gains tax rates grew as well. For those people, we edited the chart and made a slight adjustment, so you can see their tax rate would be closer to the 40% range.

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