CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. We thank the more than 5,000 professionals who participated in voting this year.

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quickbooks payroll Technology audit 130

CPA Practice

MAY 9, 2023

Assisted QuickBooks Online Accountant onboarding for accountant professionals and bookkeepers is free, via a Zoom session, and is focused on new clients who are new to QuickBooks, as well as any existing clients that aren’t actively using QuickBooks.

quickbooks 111

quickbooks online accounting Account accountant 111

LyfeAccounting

JULY 11, 2021

So in this post, we’re going to discuss what the foreign tax credit is, break it down so we can easily understand it, and determine how to qualify for it. What is a Foreign Tax Credit? So technically, it is a non-refundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

Tax 52

Tax income tax tax planning small business accounting 52

Ronika Khanna CPA,CA

OCTOBER 4, 2024

Before I started my own business, and despite my accounting background, I would receive a paycheque without really questioning or understanding the deductions. Once, I ventured into the arena of small business accounting, however, I had to learn how to create a paycheque and the accompanying year end slips (T4s and RL1).

payroll 52

payroll income tax Tax accounting and finance 52

xendoo

FEBRUARY 15, 2022

If your situation requires specialized knowledge about tax codes, fees are usually commensurate with qualifications. What Does a Tax Consultant Do? A tax consultant is trained in tax law and financial accounting. They also should know recent tax law changes on both a federal and state level. .

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tax consultant Tax tax return accounting and finance 103

Ronika Khanna CPA,CA

MARCH 24, 2022

The space designated as your home office is used to earn business income and/or you meet clients or customers on a regular basis. For example, you cannot deduct expenses relating to the workspace in your garage which is used for home improvement projects from which you do not earn income.

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Tax audit accounting and finance income tax 91

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. Open a business bank account.

accounting basics 52

accounting basics general ledger Account accountant 52

xendoo

JUNE 25, 2021

Ideally, you’ll have payroll software that can calculate them all, as well as track them for income tax withholding. Fees to independent contractors may be handled separately by accounts payable since these workers are not, by definition, your employees. Xendoo specializes in small business accounting.

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Real Estate Account accountant accounted 98

LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC. Earned Income Tax Credit.

Tax 52

Tax income tax tax return accounting and finance 52

LyfeAccounting

JULY 12, 2021

Income is considered passive if the income is derived from a business you do not actively participate in during the year. Or, if the income is derived from rental activities, aka owning rental property. Be sure not to confuse Income tax and self-employment tax for being the same thing.

Tax 52

Tax income tax payroll tax tax return 52

LyfeAccounting

OCTOBER 29, 2020

The first way you may be taxed on a stock is if you sell a stock or security for a gain. If you sell an investment that you held for less than a year, you will pay short-term capital gains tax. The short-term capital gains tax rate equals your ordinary income tax rate – your tax bracket.

Tax 52

Tax income tax tax preparation accounting and finance 52

MazumaBusinessAccounting

AUGUST 28, 2022

Different Types of Taxes Businesses Pay Small businesses pay many types of taxes in the United States. You may also benefit from other subsidies, such as research and development tax credits, credits designed to assist in employee leave, and work opportunity tax credits for those who hire marginalized individuals.

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Tax payroll tax payroll income tax 52

MazumaBusinessAccounting

AUGUST 29, 2022

Different Types of Taxes Businesses Pay. Small businesses pay many types of taxes in the United States. Among them: Federal taxes State taxes Local taxes Self-employment taxes Payroll taxes Income taxes, both state and local Excise taxes Property taxes Sales taxes.

Tax 52

Tax payroll tax payroll income tax 52

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. INCOME TAXED.

Real Estate 52

Real Estate Tax income tax Gaming 52

LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Not into changing your citizenship? Tip #4: Make Charitable Donations.

Legal 59

Legal Tax income tax Real Estate 59

xendoo

DECEMBER 14, 2020

Ask your accountant for additional tax-saving ideas.) Check that you’ve made all your quarterly estimated income tax payments, to avoid incurring penalties. Take a look at the companies that sold your business products and services over the past year. Optimize your supply sources.

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Non-Profits bookkeeping income tax Tax 59

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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South Carolina Hawaii West Virginia Delaware 52

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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South Carolina Hawaii West Virginia Delaware 52

LyfeAccounting

JULY 20, 2021

Business credit is calculated based on your companies payment history, negative marks, and business information such as time in business. In most states, you will need to register to pay state-specific business taxes, including income taxes, employment taxes, and sales taxes. Excise Tax.

income tax 52

income tax accounting and finance payroll tax Tax 52

LyfeAccounting

OCTOBER 12, 2020

Both an LLC and S-Corp provide you as the business owner, limited liability. Meaning the business itself does not pay income taxes and instead, the business profits are “passed through” to the owners and the applicable taxes are paid at the individual level. Types of Taxes Paid By LLCs.

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income tax Tax Legal CPA 52

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).

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Tax CPA Education business tax 100

Ronika Khanna CPA,CA

AUGUST 13, 2024

At its core, an accounting system is a method of organizing your financial data. There are various types of accounting systems out there, ranging from complex enterprise solutions to simple small business accounting software like QuickBooks.

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accounting system Account accountant accounted 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. Let’s discuss some of the key aspects of T4s that small business owners and administrators should know: What is a T4 (RL-1)?

quickbooks 52

quickbooks tax return Non-Profits income tax 52

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. Taxable income. Tax Deductions and Tax Write-offs.

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CPA Tax income tax bookkeeping 52

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.

payroll tax 52

payroll tax payroll Tax tax return 52

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. federal income tax return.

income tax 52

income tax Tax Gambling tax return 52

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.

Tax 52

Tax Gambling tax return income tax 52

LyfeAccounting

NOVEMBER 16, 2020

So while the federal government may exclude the PPP from gross income, some states may include it. Each state that implements income taxes has its own revenue code that conforms to some degree to the IRC which stands for Internal Revenue Code. Here’s a map of income tax conformity based on states from the Tax Foundation.

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payroll income tax Tax accounting and finance 52

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.

Tax 52

Tax Virginia Georgia income tax 52

LyfeAccounting

FEBRUARY 9, 2021

Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.

Tax 52

Tax audit New Hampshire income tax 52

xendoo

MAY 9, 2021

Under “S” corporation status, the small business owner’s income, losses, deductions, and credits “flow through” to you and are reported on your personal tax returns and assessed at your individual income tax rate.

tax return 52

tax return Tax tax consultant Legal 52

LyfeAccounting

MAY 3, 2021

Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. However, there are some tax credits where you can get a refund. The popular ones that you probably are aware of are the: Earned Income Tax Credit. Child Tax Credit. Hence, “nonrefundable”.

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Tax tax preparation tax return tax consultant 52

LyfeAccounting

MARCH 5, 2021

Now the major taxes they are subject to are: Federal income tax. State income tax. Self-employment tax. Contact our tax consultants today for more detailed tax advice for your specific tax needs. appeared first on Small Business Accounting & Finance Blog.

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Tax Legal Non-Profits tax return 52

LyfeAccounting

JULY 16, 2021

You did not submit a Schedule 8812 with the original return to claim the Additional Child Tax Credit and are now eligible for the credit after the unemployment compensation exclusion; 2. We hope you found this post helpful to better understand what is going on with your money and tax refunds.

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Tax tax return tax preparation income tax 52

LyfeAccounting

MAY 13, 2021

Both of these taxes are taxed differently. At the time of this post, short-term capital gains are taxed as a part of your ordinary income. This means you would pay ordinary income taxes on the sale of your real estate based on the tax bracket that you’re in. Contact us today to get started.

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Real Estate Sales Tax tax preparation 52

LyfeAccounting

MARCH 31, 2021

If you held your cryptocurrency for less than a year, profits are taxed as regular income and are known as short-term capital gains. If you held your cryptocurrency for more than a year, profits are taxed at long-term capital gains rates which are typically lower than income tax rates. Payment via Cryptocurrency.

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Tax accounting and finance income tax Sales 52

LyfeAccounting

JANUARY 30, 2021

Once you have all your expenses, total them out and subtract your revenue from your expenses to get your net income gain or loss. That net income gain or loss is what you will report on your personal income tax return. Wrapping Up Tax Season 2021. Contact us today!

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