LyfeAccounting

FEBRUARY 14, 2021

A CPA is a Certified Public Accountant. And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants. There is no higher designation in the finance or accounting industry than the CPA license. In one word – business.

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LyfeAccounting

OCTOBER 28, 2020

?. As Warren Buffet says, accounting is the language of business. He and other savvy business owners use accounting to make investment decisions and decisions to grow the businesses they invest in. But interestingly enough, many small businesses often neglect their accounting until tax time, or don’t do it all.

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LyfeAccounting

MARCH 10, 2021

CPA services are accounting services that are provided by a Certified Public Accountant, also known as a CPA. Most CPAs have Master’s Degrees in Business or Accounting with at least a few years of experience under a CPA. Compilations are basically financial statements that are prepared by an outside accountant.

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LyfeAccounting

OCTOBER 12, 2020

?. There is one thing in business that is constant and remains the same: The need for proper bookkeeping and accounting. According to Entrepreneur Magazine , 7 out of 10 businesses fail within 10 years due to their inability to control expenses. Reasons Why Businesses Choose Virtual CPAs. Bookkeeping.

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. Tax Benefit #3: Tax Write-Offs. The next tax benefit of an LLC are tax write-offs.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. However, if you need help with your business taxes, LYFE Accounting is just one click away. Contact us now at 470-240-1437.

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LyfeAccounting

MAY 27, 2021

Businesses need an EIN to open a business bank account and obtain business credit. Some businesses also require an EIN from their vendors in order to pay them for services. Step 3: Open a business bank account. You will want to open a business checking account in the legal name of the business.

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LyfeAccounting

SEPTEMBER 15, 2020

Specifically, wages that are subject to federal taxes, state taxes, medicare, social security, and so on. . A draw is simply money you withdraw from your business. Think of a bank transfer from your business bank account, to your personal bank account. You’re receiving money that has not been taxed.

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LyfeAccounting

FEBRUARY 19, 2021

Now one last thing you need to know about single member LLC taxes is that you must pay tax on all profit, whether you distribute it or not. The IRS will not distinguish whether an owner of an SMLLC leaves the profits in the business bank account, reinvested profits into the business, or distributes the money as payment to the owner.

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CPA Practice

SEPTEMBER 6, 2023

From the advent of first-to-market generative AI systems like ChatGPT, to highly specialized, accounting-focused systems, proponents of AI are fervent in their belief that the technologies will dramatically improve client services, firm management, small business accounting and many other areas of operations.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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LyfeAccounting

NOVEMBER 4, 2020

So now that you know the different types of Forms and regulation for tax filings that you have to do for your small business, you are probably considering getting the help of expert tax consultants to help you. LYFE Accounting has everything you need for your business’ tax filings.

business tax 52

business tax Tax tax return payroll tax 52

LyfeAccounting

AUGUST 10, 2021

Other than taking the standard deduction or itemized deduction, there is very little that the average taxpayer can do to lower their income taxes… …outside of contributing to a retirement account to defer taxes until a later date. While for our accounting firm, it might be technology and software.

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Real Estate Tax tax return tax preparation 52

LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. First, we discussed how the rich save on taxes. Quick Recap.

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