LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. Form Schedule C is not actually a separate business tax return.

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xendoo

MARCH 16, 2022

As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it might seem mundane, good accounting is integral to the success of any business. However, we know that money can be tight for new business owners. .

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LyfeAccounting

JUNE 17, 2021

A quick disclaimer that this is not legal advice, and you should get your operating agreement checked by an attorney of your choice. An Operating Agreement is a legally binding document that outlines in detail the rights and responsibilities of the members of the LLC and how the business will operate. Tax Write-offs for LLC.

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xendoo

MARCH 18, 2021

A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. And cost can definitely feel like a huge barrier here – it can be hard for a small business to afford to hire an accountant. Or the interest!?) .

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LyfeAccounting

JULY 20, 2021

An operating agreement is a legal document that outlines the rights, rules, and obligations for the internal operations of your LLC. It is there to lay ground rules and procedures for how the business owners and the managers of the business will handle decisions. Open a Business Bank Account. Savings account.

income tax 52

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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. And maybe you’ve heard that LLCs can help you evade taxes all together. LLCs is not a tax loophole.

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Ronika Khanna CPA,CA

JUNE 25, 2021

There are several reasons that you might decide to transition your sole proprietorship to a corporation : Growth Your business is experiencing growth that requires a more official business structure and a separate legal entity to deal with the additional complexities of growth. Change contracts, billing etc.

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LyfeAccounting

DECEMBER 1, 2020

Just don’t expect tax or legal advice. A registered agent is an individual or business that accepts tax and legal documents on behalf of your business. After you have your EIN, you’ll then be able to open a business bank account. The post How to Incorporate a Business – 6 Easy Steps!

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LyfeAccounting

MAY 18, 2021

Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. March 15th. April 15th.

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LyfeAccounting

JULY 28, 2021

This is not legally required, but will help you to justify their employment in your business. This is so you can take bigger business tax deductions and shift some of your income to your kids who are probably in a much lower tax bracket. The next thing to keep in mind is their pay.

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LyfeAccounting

JANUARY 13, 2021

People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. business tax deductions.

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LyfeAccounting

MARCH 5, 2021

Legal vs Tax Entity. When it comes to entity selection, there are “LEGAL” entity types and “TAX” entity types. A legal entity is an entity that you register with your state. Your tax entity is the entity that you elect to file as with the IRS. Tax Differences: What Are The Taxes Involved For All Entities?

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LyfeAccounting

NOVEMBER 3, 2020

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…. My client is a small business in the construction industry.

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LyfeAccounting

NOVEMBER 10, 2020

Accounting. Payroll Tax. Legal Expense. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. LYFE Accounting is here to help! The post How to Increase Profit in Your Business! ACTIVITIES. % OF REVENUE ALLOCATION. Advertising.

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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. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional.

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LyfeAccounting

JANUARY 5, 2021

We’ll be covering what types of donations are eligible, how to claim your deduction, if it even makes sense for you to donate for tax purposes… and everything in between. Note that for guidance or advice specific to your situation, you should consult with your tax or legal professional. Let’s get started!

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LyfeAccounting

APRIL 27, 2021

Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides. As of 2021, you can contribute up to $58,000 in a Solo 401K account. For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account. Tax Benefits. Let’s start with the Pros.

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LyfeAccounting

OCTOBER 12, 2020

I have personally helped small businesses literally save thousands of dollars by legally avoiding overpaying in taxes by choosing the right entity. Now to be fair, I am not a lawyer and am not giving you any legal advice. After all, taxes are one of (if not the biggest) expenses you’d have! Sound good?

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LyfeAccounting

NOVEMBER 2, 2020

Now usually, a business will engage with an independent contractor for a specific period of time and with a specific contract. But that engagement can be renewed as many times as the businesses would like. And since your level of control is relatively, your level of financial and legal responsibility is also low.

payroll tax 52

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LyfeAccounting

JULY 23, 2021

This means, you can avoid the biggest expense of them all, which are taxes, and instead use that money to reinvest and make even more money. Creating a wealth snowball effect all because you legally took advantage of the 1031 exchange. So you would report the 1031 transaction on Form 8824 and include it with your tax return.

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LyfeAccounting

JANUARY 31, 2021

Now I can’t legally advise you in this post in terms of what you should do in your unique situation, so be sure to contact your CPA, aka, LYFE Accounting , to file your business taxes and make sure you use this deduction correctly. So get this – now they’re calling this the “Administrative Use Exception”.

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