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!). You had paid salaries and payroll taxes or paid independent contractors. PPP Loan 2021: Quick Recap.

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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. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. Self-employment Taxes. The 2021 self-employment tax rate is 15.3%.

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LyfeAccounting

APRIL 23, 2021

And by the way, for the tax year 2021, the IRS is projecting the standard mileage rate will be 56 cents per mille, so a slight reduction but still something to take advantage of. Actual Expense Vehicle Tax Deduction. Use your car for business content creation. But if you really don’t want to, then here’s the second tip.

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LyfeAccounting

JUNE 29, 2021

Reasons Why You Might Want to Opt-out of Child Tax Credit Monthly Payments. You are worried about owing money next year when you file your 2021 taxes. And this could be a legitimate reason because you’re getting an advance on your child tax credits. Step 1: You need to access the child tax credit update portal.

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LyfeAccounting

AUGUST 3, 2021

And considering the forgiveness process is already difficult as it is… …having this portal option is awesome news and will help millions of businesses to get back to what they do best and that’s running their businesses. . Our expert team can definitely help you with your concerns about taxes and more.

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payroll payroll tax tax consultant Tax 52

LyfeAccounting

MARCH 19, 2021

Well in this post, we want to help eliminate all of the questions and confusion around: Where your tax refund is? Why are you may or may not be getting a tax refund in 2021? So if you haven’t received your tax refund in 2021 yet then we have about 5 steps that you can take to find out what’s going on.

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LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. So, if you are in the 24% 2021 tax bracket and then a $2,000 deduction saves you $480 on your tax liability (which is $2,000 x 24%).

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