LyfeAccounting

MARCH 10, 2021

CPA accounting services most commonly include compilations, reviews, audits of financial information, and certain tax services. Compilations are basically financial statements that are prepared by an outside accountant. And if you want the best tax advisor for your business, hire a CPA. Tax Preparer.

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LyfeAccounting

FEBRUARY 14, 2021

A CPA is a Certified Public Accountant. And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants. There is no higher designation in the finance or accounting industry than the CPA license. And who needs one?

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xendoo

JANUARY 11, 2021

They know they’re probably making mistakes and missing opportunities that a pro would spot right away, but they don’t know if accounting services will save more than they cost. Tax return (unincorporated) — $200 to $500. Tax return (incorporated) — $800 to $1,800. The post What Do Accountants Charge for Small Businesses?

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ThomsonReuters

FEBRUARY 8, 2022

Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need. Respondents also indicated interest in receiving other services from their accounting firms. 7) Solidify your role as a trusted advisor.

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Snyder

JANUARY 3, 2023

All small business owners need to be familiar with basic accounting and bookkeeping, as it gives them a clear picture of the state of their finances, allows them to make informed business decisions, and lets them react to any adverse changes faster. Small business accounting basics.

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Steve Feinberg

NOVEMBER 30, 2022

You can use a notebook or ledger to record payments (including identifying information like the amount, date, account number, who it’s to, and what it’s for) but many businesses benefit from online services for keeping track of and backing up important financial records.

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LyfeAccounting

JUNE 17, 2021

And this is the exact tool we’ve been waiting for, especially for people who are concerned about the possible tax liability impacts if they take advanced child tax credit payments. Firstly, do not use this tool if you: Filed or plan to file a 2020 tax return; or. Bank account information (if you have one).

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Snyder

NOVEMBER 17, 2022

Accountants, bookkeepers, and CPA’s. First and foremost, accountancy blogs are read by accountants, bookkeepers , and CPAs (Certified Public Accountants). These blogs have a host of beneficial information and the latest news in accounting directly related to their jobs. Small business owners.

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LyfeAccounting

JULY 16, 2021

It might be difficult to know on your own if you fall into these categories, so make sure to confirm with your tax preparer if you need to file an amended return. So, it is not too late to correct this information on your return. You will also be informed of this kind of adjustment via mail.

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xendoo

MAY 9, 2021

send the IRS a letter informing them of the structural change. Is Switching from LLC to an S corp right for my business? When you’re ready to change from an LLC to S Corp, we recommend that you consult an accountant or tax preparation services to make sure there are no mistakes that could cause you to lose your money-saving tax status.

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LyfeAccounting

JULY 2, 2021

Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed. Common mistakes include ownership of the bank account not matching with the filling status or name on the return, and mistakes in routing and account numbers.

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LyfeAccounting

JUNE 11, 2021

A tax exclusion means income that doesn’t get included as a part of your taxable income. It is not a tax credit or deduction , like the standard deduction or child tax credit. The IRS has said you will receive a letter from the IRS , within 30 days informing you of any adjustment they made and if any refund is due.

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Snyder

JANUARY 16, 2023

But there’s definitely a potential for improvement, as filing taxes and getting tax returns can be streamlined with the right accounting software and professional help from experienced accountants. Want to brush up on basic accounting principles or small business accounting ?

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LyfeAccounting

MAY 21, 2021

So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of. Also, a quick disclaimer that the information we’re providing in this post is for informational purposes only. 12 Biggest Tax Write Offs For LLC Businesses.

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LyfeAccounting

MAY 24, 2021

But we would assume that will put you at the back of the line as far as receiving your monthly child tax credits. Another update is that the IRS is working on a portal so that people who haven’t filed can submit their information and receive the credits. Contact us today!

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LyfeAccounting

JUNE 18, 2021

This means next year when you file your taxes, you’ll have to include this on your return. If you receive more than $10 in interest payments, the IRS will send you a tax form called 1099-INT. You would use the information on this form to include on your tax return. The post New Update: Tax Refund Delays Due to Fraud!

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LyfeAccounting

OCTOBER 18, 2020

You should be able to find information regarding your business at any time. Being able to provide the information requested by these parties are vital to your ongoing operation. If you don’t have the information for yourself you could make a financial decision that could cripple your business. It Helps You Budget.

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LyfeAccounting

APRIL 27, 2021

There’s an IRS Form 1040-ES, e stimated tax for individuals that when completed correctly can accurately assess the amount of taxes a business owner should pay, If you believe you have overpaid in taxes, you can request a refund by filing your annual tax return of Form 1040. We’d be happy to help you!

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LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. They need additional information. If you need to provide additional information, it will say what information you need to provide and where to send it to.

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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? Everyone can work in the same books at the same time.

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Pooley Accounting Services

MARCH 10, 2022

QuickBooks does not require businesses to close accounting periods, but businesses should consider performing a formal month-end and year-end closing process. By closing accounting periods, you ensure the accuracy of your financial statements and the information given to a tax accountant.

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LyfeAccounting

MAY 13, 2021

In this post, we’re going to break down the capital gains tax on real estate transactions to help you understand and minimize any taxes you might owe. Of course, this is not legal advice and we are writing this post for informational purposes only. Alright, let’s talk about the capital gains tax.

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LyfeAccounting

OCTOBER 29, 2020

Next let’s say that I am in the 22% tax bracket. From the information we know so far, we know that because I held the stock for longer than a year before I sold, that I will pay long term capital gains tax of $3,000. Because I am in the 22% tax bracket, we also know that my long-term capital gains tax rate 15%.

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LyfeAccounting

JANUARY 14, 2021

How to calculate your quarterly tax payments. How to pay quarterly tax payments. What happens if you don’t pay your quarterly tax payments. Note that this is only educational information. For guidance or advice specific to your situation, you should consult with your tax or legal counsel. Ready to dive in?

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LyfeAccounting

DECEMBER 7, 2020

State withholding taxes (if imposed) are based on W-4 information for the employee but there is also an employer portion too. Now that we know who pays what, let’s discuss how to pay your payroll taxes. How to Pay Your Payroll Taxes. SUTA is only paid by the employer on behalf of each employee.

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LyfeAccounting

JUNE 2, 2021

The transcript provided by the IRS won’t be the complete return, but it should have all the information you need to amend your return. Then, after filling in the personal information you will notice that form 1040-X, has three columns. A complete guide to amending your tax return.

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Snyder

FEBRUARY 27, 2023

Automation of accounting software allows saving time on repeated and time-consuming tasks like creating journal entries and reconciling statements. Many accounting software programs have features that will make your business compliant in terms of tax preparation and reporting. Compliance. Integration.

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LyfeAccounting

FEBRUARY 19, 2021

So if you want to start a business and believe that a limited liability company is the best entity type for you, t hen you must go to your state’s business division to gain information about their specific process. Disclaimer: This post is for informational purposes only and should not be construed as advice.

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Pooley Accounting Services

OCTOBER 7, 2021

No matter when payment is received or expenses incurred, tax reporting is based on what percentage of work is complete. This method may require added IRS paperwork and may require an accounting specialist to help with tax preparations. For example, a series of small jobs occur in the fourth quarter.

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Snyder

DECEMBER 27, 2022

With Synder , you’ll always have your balance sheet ready, as this accounting software synchronizes the information from every payment platform and sales channel you have to the books. Freelance accountants can search for a job online or they can also let the job find them. Help clients find you.

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LyfeAccounting

AUGUST 10, 2021

If the IRS asks for more information on your deductions, all you need to do is show proof of the expense and what it was for. But if you do not keep up with the receipts and invoices, then you may have a difficult time proving that the expenses were legitimate business deductions.

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LyfeAccounting

JULY 7, 2021

And then, you can look at what they are paying in property taxes in comparison to you. Most local governments have public databases that allow you to see this information. If you find that comparable properties are being assessed lower property taxes than you, then you may have a valid case for lowering your property taxes.

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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).

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LyfeAccounting

FEBRUARY 9, 2021

Now, we have to warn you that even with all of the tax benefits of S-Corps, they are not the right choice for everyone. Also, the information in this post is solely for educational purposes only. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. Ready to talk S-Corps?

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LyfeAccounting

NOVEMBER 4, 2020

Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Additional Tax Filings To Be Aware Of. Ok, I’m glad you’re still with me because there is some additional information you should know. We would love to help you out!

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LyfeAccounting

MAY 27, 2021

Demographics, which means the number of trade lines, size of business, and years on file. Note that most bureaus need minimum information such as one tradeline to generate a score. How To Monitor Your Business Credit. Lastly, let’s discuss how to monitor your business credit. Simply contact us today to get started!

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Snyder

NOVEMBER 16, 2022

So if a business deals with sensitive information, like financial data, for example, choosing Mac can be a smart decision. Moreover, it allows businesses to use the computers they (and their employees) are more comfortable with without worrying about compatibility. Top 10 best Mac accounting software for a small business.

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