LyfeAccounting

MARCH 10, 2021

Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.

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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 22, 2021

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! The post The 10 States With the Lowest Property Taxes in 2021 appeared first on Small Business Accounting & Finance Blog.

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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 8, 2021

Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter! And because of that, in this post, we are going to break down the top tax write offs for rental property in 2021. Keep reading! But, it’s basically the same thing.

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LyfeAccounting

JULY 22, 2021

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! The post The 10 Best Property Taxes By States in 2021: Move Here to Save Money! appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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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

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

NOVEMBER 16, 2020

Yet there is still confusion for many small businesses about how the PPP loan will affect their future. It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility.

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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

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

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. If you think you can save more on taxes but are just not sure how to do it, then contact us today!

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