Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. Should you need help preparing your T5/RL-1 summaries or for any other accounting or small business tax issues do not hesitate to contact her. available at Amazon.

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tax return Non-Profits income tax Tax 89

LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC. Earned Income Tax Credit.

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LyfeAccounting

OCTOBER 29, 2020

The first way you may be taxed on a stock is if you sell a stock or security for a gain. If you sell an investment that you held for less than a year, you will pay short-term capital gains tax. The short-term capital gains tax rate equals your ordinary income tax rate – your tax bracket.

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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. This helps make the tax system fair. How to Calculate Your Taxes. INCOME TAXED.

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LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Not into changing your citizenship? Tip #4: Make Charitable Donations.

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

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LyfeAccounting

OCTOBER 23, 2020

In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. With tax planning, I go over the ins and outs of a taxpayer’s situation. I review all sources of income and major life circumstances, and come up with legal ways to save them thousands in taxes.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment 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

JUNE 4, 2021

The IRS is looking at the income your business reports, and you report that income like it’s your own when tax time comes around. Generally speaking, you will pay… federal income taxes, state income taxes, and. self-employment taxes. …on the amount you report.

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LyfeAccounting

NOVEMBER 16, 2020

Yet there is still confusion for many small businesses about how the PPP loan will affect their future. It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility.

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LyfeAccounting

MAY 3, 2021

Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. However, there are some tax credits where you can get a refund. The popular ones that you probably are aware of are the: Earned Income Tax Credit. Child Tax Credit. Hence, “nonrefundable”.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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LyfeAccounting

MAY 13, 2021

Both of these taxes are taxed differently. At the time of this post, short-term capital gains are taxed as a part of your ordinary income. This means you would pay ordinary income taxes on the sale of your real estate based on the tax bracket that you’re in. Contact us today to get started.

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LyfeAccounting

JANUARY 14, 2021

Quarterly taxes also known as quarterly estimated payments are taxes paid every quarter to the IRS by those who are self-employed or those who do not have withholding tax taken. This differs from a typical employee as most employers withhold employee income taxes for them. Who has to pay quarterly taxes?

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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Today, we are going to help you select the best entity for your business. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free.

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LyfeAccounting

JUNE 2, 2021

Note that amended returns take up to 16 weeks to process but you can track the status of your amended tax return three weeks after your file it. Tip #1: If you live in a state with a state income tax and amend a tax return, you typically have to amend both your federal and state returns.

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LyfeAccounting

JULY 28, 2021

And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. But there are rules and a proper way to do it. It’s simple.

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LyfeAccounting

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Today, we discussed a few things: First, we defined what tax write-offs are in the first place. Quick Recap.

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LyfeAccounting

FEBRUARY 24, 2021

Short-term capital gains are taxed as ordinary income based on your federal income tax bracket. The credit is known as the Child and Dependent Care tax credit and the limit is $3,000 for one qualifying child or $6,000 for two or more. Child Care Credit. We hope you found this post useful and interesting.

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LyfeAccounting

MARCH 10, 2021

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). Let’s look at 3 common scenarios.

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LyfeAccounting

AUGUST 10, 2021

Other than taking the standard deduction or itemized deduction, there is very little that the average taxpayer can do to lower their income taxes… …outside of contributing to a retirement account to defer taxes until a later date.

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LyfeAccounting

MAY 8, 2021

Well, because these tax write offs for rental property that we’re going to share with you today have the potential to show a LOSS on your property allowing you to reduce your tax liability to zero. Active vs Passive Income Tax Example. And that is even if you had positive cash flow. But here’s the catch.

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LyfeAccounting

DECEMBER 7, 2020

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. – Medicare. Quick Recap.

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LyfeAccounting

NOVEMBER 23, 2020

?. The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. …and more.

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