LyfeAccounting

JUNE 11, 2021

An S-Corporation is not a legal entity. When you form your business with your state, there is not an option for “S-Corporation”. An S-Corporation is a tax entity. The remaining $100,000 would just be subject to federal and state income taxes. tax on a big portion of your income. Contact us now!

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LyfeAccounting

JULY 28, 2021

So why is hiring your children a beneficial tax strategy for you and your kids? You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. However, it is only tax-free if you pay them under the standard deduction. It’s simple.

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xendoo

APRIL 20, 2021

There are a lot of compelling reasons you need a bookkeeper, and for most small businesses, it’s generally more cost-effective to outsource the accounting and bookkeeping services to professionals like Xendoo that work with small businesses than trying to do it in-house. Choose an Accounting Method.

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LyfeAccounting

FEBRUARY 9, 2021

You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. Note, that’s $9,180 more income, even after you take out Federal and State income taxes. Tax Benefits #2: Pass-through Taxation. Ready to talk S-Corps?

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LyfeAccounting

MARCH 10, 2021

Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). Let’s look at 3 common scenarios.

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Snyder

JUNE 20, 2022

However, delegating doesn’t mean staying out of the loop completely, especially when it comes to business finances, primarily accounting. Accounting is the language of numbers. It shows the most accurate picture of the current state of a business and its future. What is small business accounting?

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LyfeAccounting

OCTOBER 23, 2020

ways to reduce taxable income and pay lower taxes. In today’s post, I’ll be going over legal ways you can reduce your taxable income. In all seriousness, reducing taxable income is something we all want to do, right? With tax planning, I go over the ins and outs of a taxpayer’s situation.

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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

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?

Tax 52

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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. Taxable income.

CPA 52

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LyfeAccounting

MAY 12, 2021

We’ll also explain the compliance requirements of each and how you can decide which is best for your small business. To be fully transparent here, we are not lawyers and by no means giving you legal advice. So with a C-Corporation, you are paying taxes twice on the same income. Did you catch that? Corporate bylaws.

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LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. TAXABLE INCOME BRACKET.

Real Estate 52

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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

MARCH 11, 2021

The good news: You can deduct the state and local property taxes you pay. First, $10,000 ($5,000 when married filing separately) is the limit on the total amount of state and local income taxes and sales you can deduct. But, there are some things to keep in mind. Second, to claim this deduction, you do have to itemize.

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LyfeAccounting

OCTOBER 26, 2020

I even included legal loopholes to help you avoid paying taxes on the sale of your home so you definitely want to read this whole article. Now, let’s talk about how you save on taxes when selling a rental home! How to Save on Taxes When Selling Rental Properties. Here are three legal loopholes to minimize your tax hit: 1.

Sales 52

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LyfeAccounting

MAY 13, 2021

In this post, we’re going to break down the capital gains tax on real estate transactions to help you understand and minimize any taxes you might owe. Of course, this is not legal advice and we are writing this post for informational purposes only. Alright, let’s talk about the capital gains tax.

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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

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 0% Tax on Capital Gains.

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LyfeAccounting

MAY 8, 2021

At the end of the day, what we’re trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS. So when it comes to tax write offs for rental property, you need to know there is a difference between getting tax deductions as: an ACTIVE real estate investor, and.

Real Estate 52

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LyfeAccounting

JULY 30, 2021

And this is treated very differently for tax purposes. Short-term capital gains are taxed just like your ordinary income, which is the highest type of income tax that exists. Ordinary income tax brackets can range from 0-40%. So how do you pay long-term capital gains tax on your stocks?

Real Estate 52

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LyfeAccounting

APRIL 29, 2021

BUT, if you have any specific questions, be sure to reach out to your tax consultant. Tax Brackets 2021 for Every Filing Status. Single Filers Tax Brackets. legally separated. …here are your 2021 tax brackets. So, we see here that the first $ 9,950 of taxable income will be taxed at 10%.

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