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.

Tax 98

Tax Legal tax planning accounting and finance 98

LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. Lastly, although I am a licensed CPA, the information in this post is solely for informational purposes only. It is not meant to take the place of legal and accounting advice specific to your business. Tax Benefit #3: Tax Write-Offs.

Tax 52

Tax CPA tax return accounting and finance 52

LyfeAccounting

JUNE 17, 2021

And this is the exact tool we’ve been waiting for, especially for people who are concerned about the possible tax liability impacts if they take advanced child tax credit payments. Firstly, do not use this tool if you: Filed or plan to file a 2020 tax return; or. Bank account information (if you have one).

Tax 52

Tax tax return Maine tax preparation 52

LyfeAccounting

JULY 2, 2021

Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed. Common mistakes include ownership of the bank account not matching with the filling status or name on the return, and mistakes in routing and account numbers.

Tax 52

Tax tax return accounting and finance tax preparation 52

LyfeAccounting

APRIL 27, 2021

Based on the average financing rate of a vehicle, which is 5%, you just paid $175 more in interest on your car payments. Other Reasons for Tax Refunds. Your tax return will report your income, deductions, and other tax information. Or let’s use another example. And why is that? We’d be happy to help you!

Tax 52

Tax income tax tax return accounting and finance 52

LyfeAccounting

OCTOBER 18, 2020

You should be able to find information regarding your business at any time. Being able to provide the information requested by these parties are vital to your ongoing operation. If you don’t have the information for yourself you could make a financial decision that could cripple your business. It Helps You Budget.

bookkeeping 52

bookkeeping financial statements audit accounting and finance 52

LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. They need additional information. If you need to provide additional information, it will say what information you need to provide and where to send it to.

tax return 52

tax return audit Tax accounting and finance 52

LyfeAccounting

JANUARY 14, 2021

If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. How to pay quarterly tax payments.

Tax 52

Tax accounting and finance tax preparation income tax 52

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. State withholding taxes (if imposed) are based on W-4 information for the employee but there is also an employer portion too.

payroll tax 52

payroll tax payroll Tax income tax 52

LyfeAccounting

NOVEMBER 17, 2020

In this post, I’m going to fully explain the difference between payroll taxes and income taxes. Lastly, the information in this post is solely for informational purposes only. It is not meant to take the place of legal and accounting advice specific to your business. With that said, let’s talk about taxes.

income tax 52

income tax payroll tax payroll Tax 52

LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. A complete guide to amending your tax return. Let’s dive right in!

tax return 52

tax return Tax accounting and finance tax preparation 52

LyfeAccounting

OCTOBER 29, 2020

Next let’s say that I am in the 22% tax bracket. From the information we know so far, we know that because I held the stock for longer than a year before I sold, that I will pay long term capital gains tax of $3,000. Because I am in the 22% tax bracket, we also know that my long-term capital gains tax rate 15%.

Tax 52

Tax income tax tax preparation accounting and finance 52

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.

accounting and finance 52

accounting and finance Legal Start-ups tax preparation 52

LyfeAccounting

FEBRUARY 19, 2021

So if you want to start a business and believe that a limited liability company is the best entity type for you, t hen you must go to your state’s business division to gain information about their specific process. As a sole owner of an LLC, you will want an employer ID number, even if the business has no employees.

Tax 52

Tax income tax tax return accounting and finance 52

LyfeAccounting

JULY 3, 2021

You have tax exemption status. Of course, from our tax planning perspective, the biggest benefit is having tax exemption status once you incorporate your 501(c)(3). This basically means the corporation or the 501(c)(3) nonprofit organization does not have to pay taxes. Select officers and directors.

Georgia 52

Georgia Tax Start-ups Legal 52

LyfeAccounting

JULY 7, 2021

And then, you can look at what they are paying in property taxes in comparison to you. Most local governments have public databases that allow you to see this information. If you find that comparable properties are being assessed lower property taxes than you, then you may have a valid case for lowering your property taxes.

Tax 52

Tax CPA New Jersey Pennsylvania 52

LyfeAccounting

APRIL 23, 2021

Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. So we’re not going to use a bunch of tax jargon you will read on other blogs. And this can be a tax savings of 30-40%!

Tax 52

Tax quickbooks Real Estate accounting and finance 52

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.

Technology 122

Technology accounting and finance Tax CPA 122

LyfeAccounting

MAY 24, 2021

But we would assume that will put you at the back of the line as far as receiving your monthly child tax credits. Another update is that the IRS is working on a portal so that people who haven’t filed can submit their information and receive the credits. You can log into your IRS account to check your address. Contact us today!

Tax 52

Tax tax return tax planning accounting and finance 52

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….

Tax 52

Tax tax return business tax accounting and finance 52

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.

Real Estate 52

Real Estate Tax Sales tax preparation 52

LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Today, we are going to help you select the best entity for your business. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free.

Tax 52

Tax Legal tax return Non-Profits 52

LyfeAccounting

NOVEMBER 4, 2020

Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Additional Tax Filings To Be Aware Of. Ok, I’m glad you’re still with me because there is some additional information you should know. If yes then great! We would love to help you out!

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.

Real Estate 52

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.

business tax 52

business tax Tax tax return Government 52

LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like.

tax planning 52

tax planning Tax corporation tax Real Estate 52