PASBA

SEPTEMBER 25, 2019

Excessive business debt. As you can see, none of these issues have anything to do with filing an annual business tax return. While many accounting firms still charge hourly rates, the practice is becoming less common all the time. Join the Professional Association of Small Business Accountants for More Tips.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts.

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MazumaBusinessAccounting

AUGUST 12, 2021

However, your city or state may require you to obtain a business license, so be sure to look into the requirements for your specific state. In addition, you will want to register your business name with your state. When it comes to your business taxes, filing is quick and easy. Single-Member LLC. We would love to help.

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LyfeAccounting

OCTOBER 21, 2020

So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. In these times, whether your business is on the ropes or booming, you want to take advantage of deductions. Keep in mind, we’re talking about a business location.

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MazumaBusinessAccounting

DECEMBER 3, 2019

As we approach tax season, it is important to understand different types of tax forms, and why we need them. If you’re hiring a new employee, or trying to report your income tax returns, you have come to the right place! Tax forms are essential for all small businesses and must be filled out properly.

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CPA Practice

JUNE 24, 2024

Tax Preparation Checklist: A comprehensive list of documents and information needed from clients for tax preparation, such as income statements, expense receipts, and previous tax returns. Invoice Template: For billing clients for services rendered.

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CPA Practice

APRIL 17, 2023

As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes. Dedicated tax-planning services are a must-have for most business owners, as the IRS’s tax codes are bloated with ever-newer reporting requirements.

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MazumaBusinessAccounting

MAY 17, 2021

Tax day has come and gone and you didn’t have time to file your taxes. As long as you filed a tax extension, you have an extra six months to get your tax return to the Internal Revenue Service (IRS). File your tax return. The final step with a tax extension is to file your taxes.

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xendoo

MARCH 4, 2022

Accountants can use that data to help businesses make future business decisions. Accounting for ecommerce includes the following categories: Bookkeeping (recording of business transactions). Submitting tax returns. How do you record sales in accounting? A business bank account and credit card.

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SkagitCountyTaxServices

JULY 26, 2023

If we’re honest, treating your business’s money as your personal account (or vice-versa) is so easy to do: depositing a client’s fee paid to your business into your personal bank account, dipping into your business account to pay a personal expense, and not keeping the records because you know where the money went, and everything is doing fine.

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MazumaBusinessAccounting

JULY 7, 2021

You aren’t just responsible for making money; you’re responsible for taxes, employee wages, business assets, and the list goes on. Here are a few things to keep in mind when you’re planning for your business: Taxes. Taxes should always be at the forefront of your mind when it comes to business finances.

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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. February 12, 2021. February 22, 2021.

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns? For most taxpayers, the audit rate is less than 1% to 2%.

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xendoo

JULY 6, 2023

However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns? For most taxpayers, the audit rate is less than 1% to 2%.

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Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. Smaller firms cannot pay competitive salaries because the graduates must be expensively retrained in small business accounting needs.

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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. Business Taxes. Take Note Of This Tax Season 2021 New Update! So that’s it!

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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). Small-business tax credits.

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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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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. Most business owners spend their days managing operations, nurturing client relationships, and focusing on growth goals.

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LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. After all, you want to write off as many business tax deductions as possible.

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ThomsonReuters

DECEMBER 19, 2023

By allowing taxpayers to subtract a certain percentage of their qualified expenditures on renewable energy systems from their federal income taxes, renewable energy tax credits result in a reduction of tax liability, thus making sustainable choices more financially appealing to individuals and businesses.

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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

NOVEMBER 9, 2020

For example, if you have a business bank account, you can sync your financial information with a bookkeeping platform like QuickBooks, for example. Then, you can categorize all of your business transactions so you can easily start deducting eligible expenses from your tax return. Business Tax Write-Offs.

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inDinero Tax Tips

AUGUST 29, 2023

Don’t Even Try Deducting These 13 Non-Deductible Business Expenses Frequently Asked Tax Deduction Questions Conclusion What Are the IRS Rules for Non deductible Business Expenses? There are many ways businesses can lower their tax liability. However, you’ll notice a common theme throughout this list.

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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. It would be good to consult your tax advisor on this.

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LyfeAccounting

NOVEMBER 3, 2020

This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless…. So eventually, tax time came and it was time to file his business taxes.

Tax 52

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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

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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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.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

However, most accounting software, will only produce a non official summary report that then has to be transcribed onto the actual form which can then be mailed.

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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 5, 2021

How Do You Claim Tax Deductible Donations? To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR. To claim tax deductible donations, you will have to itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR.

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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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xendoo

MARCH 16, 2022

Having business financial records will increase chances of getting funding from investors or creditors. It makes it easier to monitor your business cash flow. Separating your business accounts go beyond setting up separate bank accounts. Here are some additional steps for new business. . Canceled checks.

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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

JANUARY 13, 2021

And the best part is, there are several different types of tax deductions. business tax deductions. Because standard deductions and itemized deductions are very straightforward, the remainder of today’s post will be spent on business tax deductions. What are Business Tax Deductions? Contact us here.

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LyfeAccounting

MARCH 5, 2021

And because C-Corporations are subject to double taxation and S-Corporations are not, it shines a bright light on S-Corporations as a good entity choice to save on this tax. So let’s look at each entity closely so you can determine which makes the most sense for your business. Tax Differences: Sole Proprietor vs LLC vs S-Corp.

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