CPA Practice

APRIL 17, 2023

But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies. It’s understandable that business owners haven’t thought of ways to get more out of their accountant.

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MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. Accounting firms can provide crucial budgeting and cash flow management support.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues.

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LyfeAccounting

NOVEMBER 4, 2020

C-corporations are required to pay corporate tax on the profits of the business. Currently, the corporate tax rate is 21%. Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Not to be confused with 1120S.

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LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. Tax Mistake #2: Not paying quarterly estimated tax.

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LyfeAccounting

NOVEMBER 9, 2020

If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC. However, on the other hand, let’s say you’re a C Corporation. If you made $100,000 as a C Corporation, your business would be taxed on that income first. If the corporate tax rate is 20%, then you would pay $20,000 in taxes.

Tax 52

Tax CPA tax return accounting and finance 52

LyfeAccounting

APRIL 22, 2021

In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government. But don’t feel too bad for them as the rate came out to an approximate tax rate of 1.2% – far below the 21% corporate tax rate. Myth #2: Small businesses can’t write off taxes like Amazon does.

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