MazumaBusinessAccounting

AUGUST 28, 2022

If your business is a C-corp, all your revenue is taxed separately from your personal finances. C-corporations that have overpaid payroll or sales taxes, for example, are likely to see a tax refund at the end of the year. Your Small Business Accountants and Bookkeepers Do small businesses get tax refunds?

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MazumaBusinessAccounting

AUGUST 29, 2022

If your business is a C-corp, all your revenue is taxed separately from your personal finances. C-corporations that have overpaid payroll or sales taxes, for example, are likely to see a tax refund at the end of the year. Different Types of Taxes Businesses Pay. Do small businesses get tax refunds?

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PYMNTS

AUGUST 23, 2019

Payroll provider OnPay is collaborating with accounting software company Xero to bring back-office services to the agricultural industry, Accounting Today reported on Wednesday (Aug. that already use Xero for payroll, HR and benefits, will find additional benefits and easier bookkeeping with the Xero-OnPay collaboration.

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PYMNTS

MARCH 12, 2019

” It was the latter for Wave, which recently acquired small business account and debit card solutions provider Every. Holistic services offer the ability to gain visibility into cash flows and identify upcoming gaps, or to forecast which customers are likely to pay their invoices late, or notify when payroll taxes are due.

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LyfeAccounting

JANUARY 25, 2021

I’ve been through it all, from trying to figure out how to do payroll for my very first employee, to figuring out how much I should pay my employees. I’ve paid thousands of dollars in payroll tax penalties. This meant that their wages were not taxed at all. What’s the EASIEST way to set-up a payroll system?

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. Today, we’re excited to show you how to hire your kids and put them on the payroll. Does that make sense?

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LyfeAccounting

JANUARY 20, 2021

If you did not receive round 1 of PPP loans or returned your loan, you are eligible to receive PPP for the first time if you meet the following conditions: Your businesses was in operation on February 15, 2020 and is currently operational. You had paid salaries and payroll taxes or paid independent contractors. 10 million.

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LyfeAccounting

AUGUST 3, 2021

This means once the funds were received, you could apply for forgiveness and not have to pay any of the loan back, if the funds were used for payroll and other qualifying business expenses. Some documents you would need to include in your forgiveness application are: Bank statements or third-party payroll service provider reports.

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Pooley Accounting Services

AUGUST 5, 2021

These deductions are often disallowed and you may need more than simply a receipt to prove that the expense had a qualifying business purpose. A Word About Employment Taxes. If your documents pertain to employment and payroll tax, these receive special treatment too.

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LyfeAccounting

JULY 20, 2021

For example: Most banks require an LLC’s EIN number to open a business bank account, get a business credit card, or get a business loan. Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. Self-Employment Taxes. Estimated Taxes. Excise Tax.

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LyfeAccounting

MAY 18, 2021

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. Case Investigations & EIDL Fraud appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

JUNE 11, 2021

So basically, before you pay yourself or your partners a distribution of profits, you should be taking a reasonable wage from the business. And for these wages, you will need to set up a payroll system to pay yourself through. We can take care of that, and more for your business. Contact us now!

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LyfeAccounting

NOVEMBER 4, 2020

Similar to employees, payroll taxes such as Medicare and social security should be withheld and paid on every paycheck. So essentially, you would be paying self-employment taxes with every paycheck but only on the salary you would be paying yourself. These Forms tell the IRS how you have withheld and paid in payroll taxes.

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Accounting Seed

JULY 21, 2022

On the flipside, if you get your accounting set up properly from the start, you’ll set your new company up for success. You’ll be able to track all the financial data that forms the lifeblood of a startup, including revenue, expenses, payroll, and general ledger. Tips for Good Accounting Workflows. Manage Payroll.

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Snyder

FEBRUARY 13, 2023

Many small business owners choose to initially manage their finances by themselves, sometimes with the help of only Excel spreadsheets. But as the business grows, so do the needs. Payroll tax, invoicing, and leger management are becoming more complex and begin to take much more time than initially anticipated.

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Steve Feinberg

OCTOBER 31, 2022

If you lack the time or resources to handle your own accounting, worry about the potential for audits or the accuracy of your tax refund, or simply need a second opinion on lost productivity, you may benefit from employing an accounting firm with experience in landscaping bookkeeping.

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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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LyfeAccounting

NOVEMBER 2, 2020

Because if we’re being honest, your payroll is the number one reason why people would even consider working with you. And as we know, business is tough, so you want to be able to pay competitively and get good talent. But that engagement can be renewed as many times as the businesses would like. But the biggest task is pay.

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LyfeAccounting

JULY 12, 2021

Other Taxes To Keep In Mind When Self Employed. When you are self-employed, self-employment taxes are not the only taxes you may have to pay. You may have to pay federal income tax, state taxes, local taxes, payroll taxes for employees, excise tax, and sales tax.

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LyfeAccounting

NOVEMBER 10, 2020

Accounting. Payroll Tax. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. LYFE Accounting is here to help! The post How to Increase Profit in Your Business! appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

MARCH 5, 2021

This reasonable salary must be paid like you would pay a W-2 employee, which also means that you are still paying Medicare and social security taxes to some extent. In order to do this, you must set up a payroll system to pay yourself and submit quarterly payroll taxes.

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MyIRSRelief

NOVEMBER 19, 2021

The small-business accounts for tax credit is a great way for your business to grow. Tax Credit for Small Employer Pension Plan Startup Costs and Auto-Enrollment (Form 8881).

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LyfeAccounting

APRIL 22, 2021

Myth #1: Amazon pays $0 in taxes. Amazon paid $0 in Federal taxes in 2017 and 2018 but Amazon does pay plenty of payroll taxes, state taxes, and international taxes. In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government.

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Snyder

JANUARY 16, 2023

But there’s definitely a potential for improvement, as filing taxes and getting tax returns can be streamlined with the right accounting software and professional help from experienced accountants. Want to brush up on basic accounting principles or small business accounting ?

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Social Security.

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LyfeAccounting

DECEMBER 28, 2020

Especially if relocating to an opportunity zone could save you tens of thousands of dollars on your tax return. The research & development tax credit can put up to $250,000.00 The R&D credit is a payroll tax credit allowed to any company that have QUALIFIED research & development activities.

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