MyIRSRelief

DECEMBER 15, 2022

How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

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LyfeAccounting

JULY 20, 2021

For example: Most banks require an LLC’s EIN number to open a business bank account, get a business credit card, or get a business loan. Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes.

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LyfeAccounting

MARCH 31, 2021

If you held your cryptocurrency for less than a year, profits are taxed as regular income and are known as short-term capital gains. If you held your cryptocurrency for more than a year, profits are taxed at long-term capital gains rates which are typically lower than income tax rates. Payment via Cryptocurrency.

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LyfeAccounting

OCTOBER 23, 2020

Tips on How to Reduce Taxable Income. Open a Retirement Account. Perhaps you’ve heard of employer 401ks where employers and employees contribute to the employee’s 401k account. The employee’s contribution is made with pre-tax dollars. But what if you own your business or your employer does not offer 401ks as a benefit?

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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

MAY 5, 2021

During the same year, let’s say you earned $100,000 and that puts in you the 24% tax bracket. If you sell the stock then you are subject to a 24% ordinary income tax rate, which means of that $10,000, you only take $7,600. But, if you hold the stock then you could move down to the 15% capital gains tax and keep $8,500.

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