LyfeAccounting

JANUARY 20, 2021

Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. aka PPP loan 2021. PPP Loan 2021 Most Commonly Asked Questions (And Our Answers!). Your businesses has fewer than 500 employees whose principal residence was in the United States. Independent contractors.

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LyfeAccounting

JUNE 17, 2021

It’s called the “Non-filer sign-up tool” which is for people who did NOT, we repeat, DID NOT file their 2020 taxes which would have been done in 2021. Right now we know the IRS has created a special advanced tax credit 2021 page, but as of this moment, there is nothing to really use it for. Bank account information (if you have one).

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Accounting Insight

MARCH 3, 2023

As digital transformation continues to accelerate the evolution of tax and accounting, the players who expedite their embrace of these six tech trends will have an early mover advantage. Companies across industries, including T&A, will accelerate their pursuit of cloud maturity. But many others were not so convinced.

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LyfeAccounting

JANUARY 28, 2021

So in this post, I want to take some time to talk about what accredited investing is some new changes that took effect in 2021, share some examples and talk a little bit about some tax advantages. New 2021 SEC Accredited Investing Rules. So as of 2021, the government has certain incentives in place for companies that invest in the US.

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LyfeAccounting

APRIL 30, 2021

.” When you use your vehicle for business purposes, you are able to write off the mileage or the actual expenses of the vehicle. With the mileage approach, you can write off 56 cents in 2021 for every business mile you drove. Let us explain. Though, it does not fluctuate too much higher or lower than the current rate.

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LyfeAccounting

JUNE 23, 2021

Top 10 Passive Income Ideas For 2021. Bank Certificate of Deposits or CDs is a low-risk savings account offered by banks. Most bank CDs require you to hold your funds in the account for at least 6 to 18 months but can be as long as 3 or 5 years. The post Top 10 Passive Income Ideas for 2021 | Earn Money While You Sleep!

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. The IRS will not distinguish whether an owner of an SMLLC leaves the profits in the business bank account, reinvested profits into the business, or distributes the money as payment to the owner.

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LyfeAccounting

FEBRUARY 4, 2021

So there you have it, we gave you some quick updates for the PPP forgiveness application in 2021. The post PPP Forgiveness Application: 2021 Updates and FAQ appeared first on Small Business Accounting & Finance Blog. Contact us today to get started!

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LyfeAccounting

JULY 3, 2021

How to start a nonprofit organization in 2021 – otherwise known as a 501(c)(3) organization. So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. Keep reading!

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LyfeAccounting

JUNE 13, 2021

So in this post, we want to dive straight into how businesses can handle inflation in 2021, 2022, and pretty much at any time. Let’s not waste any time and jump straight into how to handle inflation as a business owner. 5 Ways on How to Handle Inflation as a Business Owner. Keep reading!

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LyfeAccounting

MARCH 10, 2021

Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. So it’s clear that more people need to know about tax penalties in 2021, especially if you are a small business owner and need capital to survive. Delay taxes for a stimulus check?

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LyfeAccounting

JANUARY 18, 2021

Lastly, you can earn a one-time $500 cash bonus when you spend $4,500 on the card in the first 3-months of opening your account. As if that wasn’t enough, The American Express Blue Business Cash Card also comes with a feature known as Expanded Buying Power which allows you to spend beyond your credit limit when needed. Quick Recap.

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LyfeAccounting

JULY 9, 2021

There is a limit of how much foreign earned income can be excluded, which for 2021 is up to $108,700. The post How to Qualify for the Foreign Earned Income Exclusions in 2021 appeared first on Small Business Accounting & Finance Blog. But in general, it’s been around $100,000 for the last few years.

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LyfeAccounting

APRIL 23, 2021

Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. Now, this is the power of leveraging the tax code and why accountants and CPAs get paid so much money. Use your car for business content creation.

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LyfeAccounting

JUNE 1, 2021

It has raised over 20 million dollars so far and is an ongoing crowdfund to help businesses in need that apply. Nav’s “Legitify Your Small Business” Grant. Nav, a company that provides free help with business financing offers a $10,000 small business grant to help small businesses grow.

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LyfeAccounting

JUNE 9, 2021

Like applying for your EIN, setting up your bank account, or even being your registered agent. You also don’t need to pay anyone to set up your bank account as we’re sure you’ve already set up a personal account on your own and your input is already needed to complete that anyway.

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LyfeAccounting

JULY 22, 2021

The post The 10 States With the Lowest Property Taxes in 2021 appeared first on Small Business Accounting & Finance Blog. Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today! Simply contact us to get started.

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LyfeAccounting

JULY 8, 2021

In fact, when we started our first business, the only money one of our founders had was a $250 deposit into a business checking account. It was just a deposit he had to make to ensure the account would get opened without incurring fees. This is like a social security number but for your business. So what’s next?

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LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. “What should my business entity be? Imagine for a second, you are networking event and you meet an investor who can help grow your business. You introduced your accounting firm to him and the investor gets excited because it is exactly what he is looking for.

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. It is essential to review the books and records for any current month activity that might not be reflected in cash or credit card account activity.

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PYMNTS

JANUARY 30, 2020

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. ” Lease Misunderstandings. .

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LyfeAccounting

JULY 22, 2021

The post The 10 Best Property Taxes By States in 2021: Move Here to Save Money! appeared first on Small Business Accounting & Finance Blog. Now if you think you can still save more on your taxes but are just not sure how to do it, work with our tax planning , and tax preparation services today!

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Xero

MAY 30, 2022

The shift towards working from home has more businesses than ever transitioning to the cloud – and to a new level of automation, streamlining, data accuracy, and insight. . Here are five apps that have joined the new Xero App Store since launch in August 2021, and are helping small businesses seize the post-pandemic opportunity. .

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PYMNTS

JANUARY 7, 2021

In an environment in which connecting small- to medium-sized businesses (SMBs) to vital financial services and products is more imperative than ever, the world of SMB banking and FinTech is fostering an ecosystem of collaboration to expand availability. Lloyds Pilots Satago Technology.

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xendoo

OCTOBER 27, 2022

As a business owner, you may have heard the term deferred revenue before. But, what is deferred revenue and what does it mean for your business accounting? . In accounting, deferred revenue can affect your balance sheet and profit and loss statement. . Companies that use cash basis accounting do not have deferred revenue.

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Ronika Khanna CPA,CA

APRIL 14, 2022

This is also true for spouses of small business owners who may only have a regular(non small business) tax return. However, if you feel a bit overwhelmed by the idea of doing it yourself or if your situation is somewhat complicated, it might make more sense to outsource to an accountant. Bank charges for your business accounts.

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Snyder

OCTOBER 12, 2022

This article might be useful for those choosing their career path in accounting or aspiring to change jobs as well as for owners of businesses who are considering various accounting solutions for their business. Current situation in the accounting industry. Accounting solutions. Bookkeeper vs accountant.

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Cheap Accounting

JANUARY 5, 2022

So for example the tax year 2020 / 2021 covers the period 6 th April 2020 to 5 th April 2021. When your tax is calculated, if it is over £1,000, the amount due on 31 st January will include the first payment on account. Take the time between now and the end of the tax year to catch up on your accounting paperwork.

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Small potatoes? Is yours one of them?

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MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Different Types of Taxes Businesses Pay. Small potatoes?

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Shay CPA

NOVEMBER 30, 2022

venture capital-backed companies that went public in the first half of 2021 banked with Silicon Valley Bank (SVB). . With this option, you get: A free checking account, which means no fees for monthly maintenance, transactions, mobile deposits, bill payments up to $100,000 a day, and even wire transfers. 63% of U.S. Mercury Bank.

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LyfeAccounting

JUNE 29, 2021

You are worried about owing money next year when you file your 2021 taxes. Or, perhaps you decide to take a foreign job and you end up out of the country for more than half of 2021. If you have an IRS account or ID.me account, all you have to do is sign in and you’re good. You’re going to have to pay it all back.”.

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LyfeAccounting

MAY 21, 2021

And, specific accounting advice should come from your contact attorney or CPA. So let’s go ahead and dive into the biggest tax write offs for LLC businesses. 12 Biggest Tax Write Offs For LLC Businesses. Business Meals. If not purchased at a restaurant, you can write off 50% of a business-related meal.

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LyfeAccounting

JULY 2, 2021

If you didn’t know, as of June 23, 2021, the IRS had 17.5 This includes returns received prior to 2021 that need to be manually reviewed because of error. Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed.

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LyfeAccounting

APRIL 28, 2021

Now let’s jump into the list of cars in 2021 that weigh over 6,000 pounds that qualify for the section 179 vehicle tax deduction. 2021 Tesla Model X. So the 2021 Tesla Model X vehicle GVWR (Gross Vehicle Weight Rating) comes in weighing 6,788 to 6,878 lbs which means it easily qualifies for accelerated vehicle depreciation.

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LyfeAccounting

DECEMBER 7, 2020

And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. It doesn’t matter if you have one employee, 10 employees, 50 employees or haven’t even started your business yet, you are going to want to read this post in its entirety. As a bonus let’s talk about compensation.

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LyfeAccounting

NOVEMBER 16, 2020

For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness. Now obviously debt can be especially overwhelming for any person or small business.

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