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. Now, this is the power of leveraging the tax code and why accountants and CPAs get paid so much money.

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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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