LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). Business Owner Tax Mistakes of Overpaying.

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LyfeAccounting

JUNE 11, 2021

But a lot of taxpayers already filed their tax returns and paid the tax on this income. By the end of this post, we want you to be 100% clear on this new unemployment tax refund. Who Should Be Receiving a Tax Refund. Now to be clear, this is considered a tax exclusion. That is $10,200 per taxpayer.

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LyfeAccounting

JUNE 24, 2021

Advance Child Care Tax Credit FAQs #4. Question: If my 2020 tax return has not processed yet, will I still get the advance child tax credit payments? Answer: In the scenario where your 2020 tax return has not processed yet, the IRS will use your 2019 tax return for all payments dates until it is processed.

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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

MARCH 10, 2021

5 Things You Should Know About Tax Penalties. Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend).

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LyfeAccounting

MAY 18, 2021

We’re not sure why people are not taking the government seriously. Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. Let’s unpack this.

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LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”. Withholding 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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MyIRSRelief

NOVEMBER 19, 2021

Whether or not you qualify for the EITC tax credit will be determined by a variety of criteria, but it begins with determining if you are considered poor or modest by the government. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe.

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LyfeAccounting

JUNE 29, 2021

And this could be a legitimate reason because you’re getting an advance on your child tax credits. So technically, you will have less tax credits to offset any tax liability that you have when you file your tax return. You may not qualify for child tax credits. You’re going to have to pay it all back.”.

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xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Most small business owners choose cash basis, but if you do, you may have to adjust your accounting software.

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LyfeAccounting

JULY 16, 2021

And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. If you lost your job last year and started collecting unemployment benefits from the government, this update applies to you. million taxpayers who may be due an adjustment on their return because of this.

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LyfeAccounting

AUGUST 10, 2021

Not to invest in stock markets, real estate, or your business. . But no, literally, just to pay taxes to the government. It was written to grow the economy, boost jobs, provide affordable housing, and promote many initiatives that the government relies on to provide for its citizens. Be sure to read that next.

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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

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. If that’s you, and you work from home, then get ready to lower that tax payment to the government. Alright, so let’s jump in! Wrapping Up.

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LyfeAccounting

MARCH 10, 2021

Audits are services where CPAs are required to audit your financial information in accordance with accounting and auditing standards set by the government. Tax Preparer. A tax preparer is someone who is qualified to file your tax returns. And What Kind of Business Needs a CPA?

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LyfeAccounting

JUNE 3, 2021

But since that wasn’t the most efficient way to exchange goods and services, the government adopted a new form of money which we know today as the US dollar. Today, the US dollar is backed by the government. So in actuality, the US dollar is not backed by anything besides all of our trust and faith that we put in the US government.

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xendoo

MARCH 16, 2022

If you are keen, you’ll find a plethora of small expenses within your business are tax-deductible, meaning you can claim them on your tax return. The IRS demands that you have with you any documentation proving income credits or deductions that appear on your tax return. Canceled checks.

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LyfeAccounting

DECEMBER 1, 2020

C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Now here are the steps on how you can incorporate a business. Steps on How to Incorporate a Business. Make sense? You proceed with incorporating.

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Going Concern

JULY 8, 2024

. “Small businesses are out there going: I need this help. It’s a tougher economy today,” says Ben Richmond, a certified public accountant who manages the U.S. client base for the small-business accounting software platform Xero.

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LyfeAccounting

JANUARY 13, 2021

Now obviously, taxes are something EVERYONE pays. Without taxes, we’d have no government. But fortunately, you pay taxes. And collectively, we’ve all paid over 3 trillion dollars in taxes to the government in recent years to fund these programs. Everyone pays taxes based on their income.

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LyfeAccounting

JULY 9, 2021

government , this does not apply to military personnel. Now if you still need some help determining your status and your numbers… …you can also use the IRS’s tool called Interactive Tax Assistant to help determine whether the income earned in a foreign country is eligible to be excluded from income reported on your U.S.

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LyfeAccounting

NOVEMBER 16, 2020

For example, if you file your 2020 tax return BEFORE forgiveness is determined: A. State Taxes. Another thing that is developing around PPP loan forgiveness are state taxes. Some states may tax forgive the PPP loan proceeds. We would love to guide you with your business financial management and taxes.

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LyfeAccounting

JULY 3, 2021

When people give you money or they give you grants, they can write them off as a charitable donation on their tax return. Many states and local governments will require you to complete additional fillings to receive recognition as a tax-exempt entity. So it becomes a win-win for everyone! We would love to help you out.

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LyfeAccounting

MAY 5, 2021

And, as you can see the max long-term capital gains tax rate in 1922 was about 12%. And as the economy grew and the government provided more infrastructure, the capital gains tax rates grew as well. For those people, we edited the chart and made a slight adjustment, so you can see their tax rate would be closer to the 40% range.

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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. If you earn a paycheck from an employer, odds are you elected to have your taxes withheld.

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LyfeAccounting

APRIL 23, 2021

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. And this can be a tax savings of 30-40%! So there are no tax write-offs in that.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid. available at Amazon.

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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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LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. This is how powerful small business tax credits are.

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