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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LyfeAccounting

JUNE 9, 2021

Our goal for today’s post is to explain the cryptocurrency tax loophole in an easy-to-understand manner, so you can benefit from it. A quick disclaimer that this is not financial or legal advice, and you should consult with your personal CPA or lawyer regarding your specific situation. Let’s dive in. Quick Cryptocurrency Story.

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LyfeAccounting

MAY 27, 2021

By incorporating a business or forming an LLC, you create a business that is legally separate from the owner. Read this post to learn more about how to incorporate a business. Businesses need an EIN to open a business bank account and obtain business credit. Step 2: Get an EIN.

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LyfeAccounting

MAY 18, 2021

Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general. 7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. O r else, their business is at risk of being shut down. Tax Mistake #5: Filing late.

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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. In business, even if you don’t make a dime, there are expenses that must be paid.

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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. But don’t worry. Ready to dive in?

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LyfeAccounting

JULY 28, 2021

And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. But there are rules and a proper way to do it.

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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

OCTOBER 28, 2020

As you can probably tell from the title – 5 year end tax tips, in today’s post, I’ll be going over tax tips and specifically year-end tax tips that will save you on your tax bill! Now I know the pure thought of taxes is not exactly fun. 5 Year End Tax Tips You Can Try. This tax tip is actually 2 fold.

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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. Registered agent.

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LyfeAccounting

APRIL 28, 2021

So, the vehicle tax deduction can allow you to purchase your dream car, basically for free. Of course, you have to go about this in a very smart and legal way to successfully pull this off. And if want real savings from your taxes, our tax planning , and tax preparation services is just what you need.

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LyfeAccounting

NOVEMBER 17, 2020

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. Let’s start with the simplest to understand, but most expensive tax – income taxes. What are Income Taxes? 3 Tax Plan. Quick Recap.

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LyfeAccounting

OCTOBER 18, 2020

In order to plan for the future, you have to have a good understanding of the past. This includes planning for strategic purposes and tax planning as mentioned previously. Investors want to know the financial performance of your business to be able to want to quantify the value of their investment.

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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. If it is your first time owing additional taxes, you can actually call the IRS and request a first-time penalty abatement. This would eliminate the tax penalties they added to your account.

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LyfeAccounting

MARCH 10, 2021

You see, the IRS will send you several letters telling you about the owed amount, tax penalties, and tax interest. And if you ignore them, the IRS could determine that you are evading taxes or committing tax fraud, which could put you on the hook for legal fines. And even jail time. Request a Penalty Waiver.

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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 fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. Open a Retirement Account.

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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 5, 2021

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. Legal vs Tax Entity. A legal entity is an entity that you register with your state. State income tax.

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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

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.

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LyfeAccounting

DECEMBER 30, 2020

Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link. But it’s important that you first understand how taxes work. Contact us today!

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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. LYFE Accounting has everything you need for your business’ tax filings.

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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. And what I am going to tell you today is actually LEGAL.

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