LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Tax Season 2021: 6 Very Important Dates to Know. February 1, 2021. February 12, 2021. February 22, 2021. March 1, 2021.

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LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

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LyfeAccounting

MAY 25, 2021

And here on our blog, we’ve talked about a few of them such as PPP loans , EIDL loans , business grants you can get for your business, and so on. This free money coupled with a lack of production/supplies is what is leading to a hidden inflation tax in 2021. Contact us today for more details.

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LyfeAccounting

NOVEMBER 23, 2020

The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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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. Yes, there is hope.

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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

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. What is the Non-Filer Sign Up Tool?

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LyfeAccounting

APRIL 29, 2021

Let’s talk about tax brackets for 2021. What Stayed The Same in Tax Brackets 2021? Well, the number of tax brackets did not change in 2021. The tax rates themselves also remain the same in 2021. What Changed in Tax Brackets 2021? The biggest change to the 2021 tax brackets was the brackets themselves.

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LyfeAccounting

MARCH 11, 2021

26% credit for systems placed in service after December 31, 2019, and before January 1, 2021. The residential energy credit expires at the end of 2021, so if you are thinking about going solar or installing energy-efficient appliances… do it before the end of 2021.

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LyfeAccounting

MAY 3, 2021

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%). So here are the standard deduction amounts for the 2020 tax year and 2021 tax year categorize by filing status. The post Tax Credits vs Tax Deductions: Which One Is Better in 2021?

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LyfeAccounting

FEBRUARY 24, 2021

For 2021, the income limits rise to $80,800 for married couples filing jointly and $40,400 for single filers. 26% credit for systems placed in service after December 31, 2019, and before January 1, 2021. Note that currently, the residential energy credit expires at the end of 2021. Charitable Deduction for Non-Itemizers.

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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

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

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

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

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. Which by the way, we are back in full operation for this tax season, so if you or someone you know needs help with their business taxes, t hen contact us to speak with someone from our team. Self-employment Taxes.

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LyfeAccounting

JUNE 23, 2021

Top 10 Passive Income Ideas For 2021. The post Top 10 Passive Income Ideas for 2021 | Earn Money While You Sleep! appeared first on Small Business Accounting & Finance Blog. But eventually, your passive income streams will start snowballing and can even cover your monthly expenses.

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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

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

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. Use your car for business content creation. Of course, digital marketing and advertising are really important for any business in 2021.

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LyfeAccounting

JANUARY 18, 2021

The post Best Business Credit Cards in 2021 [Cards For Everyone] appeared first on Small Business Accounting & Finance Blog. And as usual, if you are in need of expert financial guidance, we’re just a click away! Our team of professional financial advisors are happy to help. Contact us today.

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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

MAY 8, 2021

And because of that, in this post, we are going to break down the top tax write offs for rental property in 2021. The post Top 10 Tax Write Offs for Rental Property: 2021 Deductions appeared first on Small Business Accounting & Finance Blog. Keep reading! But, it’s basically the same thing.

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LyfeAccounting

OCTOBER 27, 2020

And for the period September 1st to December 31st, payment is due January 15, 2021. The post Estimated Tax Penalty: The Correct Way to Make Estimated Tax Payments for 2021 appeared first on Small Business Accounting & Finance Blog. Then, for the period of April 1st to May 31st, payment was due June 15th.

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LyfeAccounting

JUNE 1, 2021

Well, there you have it – t he ultimate list of small business grants for 2021. If you have more questions regarding business grants or how you can manage your business finances in general, then consider hiring our CFO services. So, what grants you plan to apply for?

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LyfeAccounting

JULY 6, 2021

The post 6 Easy Steps on How to Buy a Business in 2021 appeared first on Small Business Accounting & Finance Blog. And if you’re looking for someone to help you manage your investments, then check out our investment advisory services here.

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LyfeAccounting

JULY 30, 2021

The post Stocks vs. Real Estate Investing – Which is Better in 2021? appeared first on Small Business Accounting & Finance Blog. If you want more tips to lower your taxes and increase your wealth, get our wealth management services today!

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LyfeAccounting

JUNE 9, 2021

And if you need more help with choosing the best business entity for you, contact us today. Our expert accounting consultants will be happy to help! The post LLC Costs: How Much Does it Really Cost to Start an LLC in 2021? appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

JULY 8, 2021

If everything is going great then congratulations, you have officially joined the bootstrapped club of starting a business without money! The post How to Start a Business Without Money (2021 Tips & Ideas) appeared first on Small Business Accounting & Finance Blog.

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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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LyfeAccounting

MARCH 25, 2021

And if it is your business financial management or investment management you want some help with, we offer CFO services , as well as investment advisory services. The post Disadvantages of LLC: Don’t Believe All The Hype in 2021 appeared first on Small Business Accounting & Finance Blog.

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Xero

NOVEMBER 14, 2023

While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK.

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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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Xero

NOVEMBER 13, 2023

While it’s still early days in the UK, we expect that eInvoicing will eventually become a global best practice standard and a natural part of the cloud accounting process. Today, we’re excited to share that we are the first major small business accounting software company to launch eInvoicing in the UK.

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. Small potatoes? 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?

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MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. Small potatoes? 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?

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Ryan Lazanis

JUNE 6, 2022

QuickBooks Connect 2021. QuickBooks Connect 2021 was a free one-day live virtual event. The first day is dedicated to learning about the latest tools, technology, and business advice. On the other hand, the final day was aimed at accounting professionals as the sessions are intended to improve their skills and techniques.

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