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All tips totaling $20 or more in a month are subject to federal income tax and F**A tax, just like all other income (social security and Medicare taxes). You must obtain information about the tips while the employee is receiving them so you can include them on the employee's W-2 form.

For higher-earning employees, tip money is additionally subject to the supplementary Medicare tax. When employee salary hits $200,000, you must begin withholding the additional 0.9 percent Medicare tax.

Employee service fees are taxable as normal earnings for the purposes of federal income tax and F**A.

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Tax season is around the corner, now is the time to get ready. Call us today with any questions or to book an appointment today!

You may not realize it, but you can deduct your vehicle expenses if they are utilized for business purposes. How much of your car's mileage can be attributed to your business? You can add that % to your auto expenses for the year, whatever it is.

This deduction can be calculated in two ways, according to the IRS. To begin, keep note of your actual spending. Then subtract the portion of your use that is related to your business. Second, keep track of your actual mileage and deduct it from your taxes.

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If you're one of the fortunate few who still has a traditional pension, congratulations. However, once you've retired, keep in mind that pension payments are usually taxed as ordinary income.

Is your state going to tax your pension income as well? This depends on your location. The majority of states tax at least a percentage of the income generated by private sector defined benefit plans. There may be a pension exclusion in your state, but it's likely to be limited based on your age and/or income. However, no matter how old you are or how much money you have, a few states don't tax pension income at all.

Yet, just because your pension isn't taxed doesn't imply it won't be taxed if you have other sources of income in retirement.

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Excise taxes are charged on the use or consumption of specific products such as gasoline, ci******es, and alcohol, as well as services and activities such as sports betting. The federal government, as well as state and municipal governments, may apply excise taxes in order to earn income, remain competitive, and encourage or discourage use.

- Excise taxes are imposed on ci******es, gasoline, and gambling, among other products, services, and activities.
- The federal government, states, cities, and towns can all set the items and tax rates that are subject to excise taxes.
- Businesses are required to collect these taxes from payees and keep track of them.
- Federal excise taxes are required to be reported and paid on a quarterly basis.

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If you find yourself rushing this tax season to put your hands on all of the receipts for your expenses and the records related to your income and tax payments, make it a resolution to establish a reliable record-keeping system going forward so that you don't have to go through the same ordeal again next year.

It will save you time and stress in the long term, especially if your company expands to the point where you require the assistance of a tax professional.

If you’d like to learn more about our tax & accounting services, please feel free to send us a message or click the link in our bio for more info!

All tips totaling $20 or more in a month are subject to federal income tax and F**A tax, just like all other income (social security and Medicare taxes). You must obtain information about the tips while the employee is receiving them so you can include them on the employee's W-2 form.

For higher-earning employees, tip money is additionally subject to the supplementary Medicare tax. When employee salary hits $200,000, you must begin withholding the additional 0.9 percent Medicare tax.

Employee service fees are taxable as normal earnings for the purposes of federal income tax and F**A.

If you’d like to learn more about our tax & accounting services, please feel free to send us a message or click the link in our bio for more info!

No one deducts taxation or self-employment tax from the money you take out of the business since you are the owner.

Since the IRS demands that these taxes be paid throughout the year, you must pay estimated taxes every three months. The first payment of the year is due on April 15, followed by payments on June 15, September 15, and January 15.

Business and personal income and taxes, including self-employment taxes, are combined on the estimated tax form for business owners.

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If your business was hit by the coronavirus, you could get a credit for keeping employees on the payroll.

The CARES Act credit was worth 50% of qualified salaries from March 20 through December 31, 2020. Reduce your payroll tax contributions or apply for a Form 7200 advance to receive the credit sooner.

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While both sales and excise taxes are used to raise income, they are distinct in important respects. Sales taxes are broader in scope, encompassing a wide range of goods and services that consumers and businesses purchase on a daily basis. Only "essentials" such as groceries, rent, medicine, and utilities are normally exempt from sales taxes.10

Excise taxes, on the other hand, are applied to a smaller number of things and for a narrower range of purposes. For example, gasoline excise fees are frequently utilized to fund road maintenance.

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Tax write-offs! The very phrase can bring a smile to the lips of even the most stoic freelance professional. While there are available tax deductions, it is important to be aware of the rules regarding them.

For example, to qualify for a home office deduction the room you consider a home office must be used solely for business-related activities. If you do have a dedicated home office, you can also deduct a portion of household expenses like mortgage interest, rent, utilities, and insurance based on what percentage of the square footage of your home is made up by your office.

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Deductions for things like capital losses, net operating losses, home office deduction or even large charitable donations are a few deductions or credits that, when not fully used in one year, may be carried forward to a future year.

These things have a way of slipping through the cracks, especially when switching tax preparers. Make a note or track these deductions so you don’t forget them the following year.

Small business ownership is hard enough without having to stress about all this tax filing stuff. LST Tax can help you have a lower tax bill will come your way this year.

If you’d like to learn more about our tax & accounting services, please feel free to send us a message or click the link in our bio for more info!

Tax credits for most hybrid cars have expired, but there are still ways to get tax credits for your alternative vehicles.

Certain fuel cell motor vehicles could qualify for the Alternative Motor Vehicle Tax Credit, but many of the credits have been reduced or phased out. The amount of the credit differs according to the make, model and year the car was made, and there are other requirements you need to be aware of. You can only claim this credit if:

- The car was purchased before 2017
- You are the vehicle’s original owner/lessor
- You drive the car primarily in the U.S.

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Accept technology
Technology is booming and companies need to adapt to the online world. There’s lots of potential with the internet, whether selling products or services, that will allow you to continue to make more profits online.

Change with the Change
If you run a business and you are not adapting to the new methods of operation, you’ll fall behind! These methods of operations might have a cost up front (software, hiring people, creating new processes, etc), but the key is to THINK LONG TERM to receive a positive return on investment.

Diversify
Don’t put all your eggs in one basket. This advice does not apply to business owners alone. Keep multiple sources of income, for we never know what the future holds for us.

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Student loan borrowers can deduct up to $2,500 spent on student loan interest each tax year. To qualify for the student loan interest deduction, you need to:

- Be legally obligated to make the payments.
- Have income under a certain amount (which can change every year).
- Not be married and filing separately or be claimed as a dependent on another person’s tax return.

At the beginning of tax season, if you paid more than $600 in interest over the previous year, you should receive a form from your student loan servicer or lender showing how much you paid in interest during the previous year. You can use this information to calculate the value of your deduction. The deduction is available to borrowers who have a MAGI under $85,000 (single filers) or $170,000 (joint filers), though deduction amounts are phased out for MAGIs over $70,000 (single filers) or over $140,000 (joint filers).

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A mother’s work is never done—but today, you deserve a rest.

Happy Mother’s Day from LST Tax Services!

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Prompt processing
The acknowledgment of Income Tax Return (ITR) is quick. More importantly, refunds, if any, are processed faster than paper-filed returns.

Better accuracy
E-filing software with built-in validations and electronic connectivity is seamless and minimizes errors considerably. Paper-filings can be prone to errors. Also, when any paper-based form is migrated to the electronic system, there is a possibility of human error in data entry.

Convenience
No time and place constraint in filing returns online. E-filing facility is available 24/7 and you can file anytime, anywhere at your convenience.

Confidentiality
Better security than paper filings since your data is not accessible to anyone either by design or by chance. With paper filings details of your income can fall in the wrong hands at your chartered accountant's office or in the Income Tax Department's office.

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If you’ve been a victim of overspending, you are not alone. With easy and quick ways to spend, almost every person with a bank account and especially a credit card is a victim of this addictive disease!

Don’t worry! There are some tips that, with practice, can help you control your spending habits and be in control of your finances!

Track your Expenses- especially small expenses
Small expenses do not seem to be a problem but, shockingly, these small expenses like a daily coffee or eating out can be significantly adding to your financial problems. Start tracking your expenses and see how much you’re wasting in the name of miscellaneous expenses.

Get rid of Cards
Credit cards are easy to use, but that makes them a critical factor in overspending addiction. With the quick and easy transaction, you are more likely to overspend and not realize at all. Switch to cash instead!

Find your triggers
There’s a good chance that your overspending is triggered by any exterior cues such as weather, time of the day, company, or even mood! Notice these triggers and avoid putting yourself in these situations where your will of spending is tested.

Cultivate these tiny tips, and you’ll notice the difference very soon!

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With an extensive experience of 20 years as the ultimate small business tax consultant, LST tax services strive to content all your tax-related requirements. Our professional and trained team makes sure that all your queries are being contented.

Whether it is about the taxing of your business, or your property, we have you covered. Your money is the safest when it is in our hands and not the IRS. Not just this, but LST tax services never take advantage of their customers who are unknown to taxing. Instead, we educate them about all the possibilities in taxing and make sure that they stay updated.

Therefore, give a chance to LST tax services and reward yourself with the best tax preparer.

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Opening a Roth Ira is an excellent option since it allows freedom in deposits and many other areas, as well as provides tax-free income in your retirement years. These are the steps to open a Roth Ira account.

- Check your eligibility
- Deciding the Investment Company
- Check the Paperwork
- Designing your Account

Roth Ira accounts offer several options, and while these options provide you freedom in managing your portfolio, they can be overwhelming at the start. Feel free to take help from a financial expert if you feel like the information is too overwhelming. It's important to make an informed decision about your account.

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A tax shelter often conjures up negative images of illegal wrong-doing. But, a tax shelter is also a legal strategy that can help reduce your taxes. There are many types of tax shelters including deduction tax shelters, and tax credit tax shelters.

Some tax shelters offer illegal ways to shelter your income from the IRS. Penalties for entering into illegal tax shelters are clear, but also severe, including a penalty charge, criminal prosecution, and the possibility of a prison sentence.

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Small business tax preparation requires tax planning to ensure everything is correctly reported and accounted for when filing.

1. You’ll need to determine when your taxes and payments are due.

2. Get your tax information in order. Before filing taxes—whether you do it yourself or have a tax professional do it for you—you should gather all the supporting documentation you’ll need to fill out the required tax forms.

3. Once you’ve filled out your tax forms, you’ll need to submit them to the IRS for federal taxes and your state’s regulatory body for state taxes.

Throughout the year, you’ll also need to make sure you pay your estimated quarterly taxes. If all of this sounds like a foreign language to you, our tax professionals can help you understand and make sure your business is in compliance.

If you’d like to learn more about our tax & accounting services, please feel free to send us a message or click the link in our bio for more info!