LyfeAccounting

APRIL 28, 2021

So that’s just a very quick overview of the vehicle tax deduction, but If you want to get a deeper dive. 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. 8 Cars That Qualify For The Section 179 Vehicle Tax Deduction . 2021 BMW X5.

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LyfeAccounting

JULY 2, 2021

9 Reasons Why Your Tax Refund is Delayed. 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. This includes returns received prior to 2021 that need to be manually reviewed because of error.

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LyfeAccounting

JUNE 9, 2021

It’s mid-April 2021 and Bitcoin just blew past $60,000 to reach all-time highs. If you want more tips on how to save on your taxes, then go ahead and subscribe to our newsletter. Or, you could also seek the help of professionals for your tax planning , tax preparation , and even for tax resolution needs.

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LyfeAccounting

DECEMBER 7, 2020

Well, on August 8, 2020, the President issued an executive order stating that the employee’s portion of Social Security tax could be deferred effective September 1, 2020, through December 31, 2020 for US workers earning less than $4,000 on a pretax biweekly basis, or about $104,000 annually. As a bonus let’s talk about compensation.

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LyfeAccounting

JUNE 4, 2021

Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. Now if you want to make sure your LLC taxes are on the right track, then we can help you with that.

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LyfeAccounting

MAY 27, 2021

Right underneath where your letter number is in the top right, is going to be the tax year it is in reference to. So if it says ‘tax year 2018’, there’s no need in worrying about 2017 or 2020, 2021, etc. They have the most experience in preparing tax forms and can also advise you on what should or should not go on your return.

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LyfeAccounting

JUNE 7, 2021

So, this is a really important post because, it’s not just about avoiding paying taxes, it’s about developing a new mindset that will allow you to build long-term wealth. Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual.

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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LyfeAccounting

FEBRUARY 24, 2021

To find out, simply look at the long-term capital gains tax chart. If filing taxes for 2020, married couples filing jointly who make up to $80,000 in taxable income or single filers who make up to 40,000 in taxable income. For 2021, the income limits rise to $80,800 for married couples filing jointly and $40,400 for single filers.

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LyfeAccounting

MAY 24, 2021

So monthly payments through the new federal enhanced child tax credit will start on July 15, 2021. This child tax credit will go to close to 40 million households, or roughly 90% of children in the United States, according to the IRS. Now, these are tax credits. Can You Opt-out Of The Monthly Child Tax Credits?

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LyfeAccounting

DECEMBER 30, 2020

Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link. But it’s important that you first understand how taxes work. Okay, so let’s look at “Bob’s” tax situation.

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LyfeAccounting

AUGUST 10, 2021

Average taxpayers, like wage-earners, are very limited in what they can deduct from their taxes. For instance, in 2021, single taxpayers can deduct $12,500 from their taxable income, and married taxpayers can deduct about $25,000. So make your life easy by just keeping track of your receipts for your business expenses.

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