LyfeAccounting

OCTOBER 23, 2020

Open a Retirement Account. Perhaps you’ve heard of employer 401ks where employers and employees contribute to the employee’s 401k account. The employee’s contribution is made with pre-tax dollars. This means before you pay taxes, that contribution goes to your 401k account and actually reduces your taxable income.

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LyfeAccounting

OCTOBER 12, 2020

?. There is one thing in business that is constant and remains the same: The need for proper bookkeeping and accounting. According to Entrepreneur Magazine , 7 out of 10 businesses fail within 10 years due to their inability to control expenses. In business, even if you don’t make a dime, there are expenses that must be paid.

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PYMNTS

JUNE 18, 2019

The solution also automatically informs business owners when taxes must be paid and automatically calculates tax payments while generating reports for a user’s accountant. So far, reports said, PayFit has rolled out its services in France, Spain, Germany and the U.K., while Gusto , another U.S.

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year.

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LyfeAccounting

MARCH 31, 2021

At the very top of the new Form 1040 , there’s a question about crypto: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Be able to find and account for every transaction you make. Best Way To Minimize Cryptocurrency Taxes. Stay Organized.

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LyfeAccounting

MARCH 11, 2021

Currently, the private mortgage deduction ended in 2020 but may get extended by congress again as it has in the past. Property Taxes. The bad news: Every state in the US has property taxes. The good news: You can deduct the state and local property taxes you pay. We’ll keep an eye on it for you.

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LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. As of 2020, for example, if you are single and you make $40,000 or less, then you would pay 0% long-term capital gain tax. Remember that short-term capital gains are taxed at ordinary income. Businesses.

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