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.

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LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

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inDinero Tax Tips

NOVEMBER 15, 2021

After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation.

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SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill.

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

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ThomsonReuters

JANUARY 28, 2022

Companies that only offer tax services have to start over each year building a brand through marketing and advertising. By offering services that last throughout the year, you can keep your business at the forefront of customers’ minds even when they don’t need tax preparation. Business tax preparation.

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CPA Practice

MAY 5, 2023

It is also no longer available, and new applications are only being processed to adjust tax filings for the 2020 and 2021 tax years. Organizations that offer to help taxpayers receive the ERC and charge a fee for doing so are often scams.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

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SkagitCountyTaxServices

JANUARY 28, 2021

If you pass these requirements, you can get a tax credit equal to 70% of each employee’s wages (which now includes health insurance payments), up to $10k per worker per quarter (for Q1 and Q2 of 2021). 2) Families First virus-related Tax Credit This has been extended through March 31, 2021. S-Corps, Partnerships).

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer. So, what are the differences?

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Unlike a simple personal tax return with no business income, this information is generally not simply provided to you on a tax slip, such as a T4 or T5, but must be compiled and calculated. This is also true for spouses of small business owners who may only have a regular(non small business) tax return.

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SkagitCountyTaxServices

FEBRUARY 17, 2021

I am simultaneously eager while also being slightly horrified that tax season has officially begun. Horrified, simply because the IRS has been significantly behind the 8-ball this year, and I still can’t believe that we’re already halfway through February 2021. We’ll keep you posted.

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LyfeAccounting

DECEMBER 7, 2020

Well, on August 8, 2020, the President issued an executive order stating that the employee’s portion of Social Security tax could be deferred effective September 1, 2020, through December 31, 2020 for US workers earning less than $4,000 on a pretax biweekly basis, or about $104,000 annually. As a bonus let’s talk about compensation.

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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. Tax consulting is also available throughout the year in most plans.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The IRS is now planning a phase-in of $5,000 for tax year 2024. As a bookkeeper, accountant or tax preparer, it’s important to protect your small business clients by making sure all taxable income is being reported on their books/returns. It includes owners, partners, and shareholders.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The IRS is now planning a phase-in of $5,000 for tax year 2024. As a bookkeeper, accountant or tax preparer, it’s important to protect your small business clients by making sure all taxable income is being reported on their books/returns. It includes owners, partners, and shareholders.

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SkagitCountyTaxServices

OCTOBER 21, 2020

That means that if (again, in this example) Biden wins, AND he follows that particular pattern, then his new tax policies — whatever they might be — will likely impact your 2021 or 2022 tax returns. And, of course, if new tax legislation is passed in 2021, it probably won’t be effective until 2022.

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ThomsonReuters

JUNE 16, 2023

After a projection of enforced and other late payments totaling $70 billion, the net tax gap projection is $470 billion. In an effort to narrow the tax gap, the IRS stated that it collected more than $4 trillion in taxes, penalties, interest and user fees in 2021, the latest year for which data is available.

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Going Concern

DECEMBER 2, 2022

Along with being the biggest, the Big Four are arguably the best, at least according to Accounting Today’s 2021 rankings of U.S. Las Vegas Tax Preparer Sentenced to Prison for Multiple Fraud Schemes [ Department of Justice ]. Umoren used that business to engage in two separate fraud schemes.

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