LyfeAccounting

JUNE 15, 2021

So what is the #1 tax write-off for real estate investors? No, it’s not repairs, maintenance, or real estate taxes. The number 1 tax write-off for real estate investors is…. we’re going to break down depreciation, and how real estate investors can use it to save thousands of dollars in taxes.

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LyfeAccounting

JUNE 30, 2021

The key here is moving away from personal credit and starting to develop your business credit. Business credit is very similar to personal credit. Business credit is the ability of a business to qualify for financing. Once you register your business and have an EIN, you can now open a business checking account.

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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. It is so important to do this so you can clearly keep track of all of your business income and expenses.

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LyfeAccounting

JUNE 7, 2021

Tip #5: Max Out Your Retirement Accounts. Whether you are self-employed or not, putting your money into a retirement account like a Roth IRA or 401Ks shields your money against taxes. So usually, when you acquire a hard asset like a piece of real estate, car, or business equipment, those things depreciate year after year.

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LyfeAccounting

JUNE 9, 2021

So you decided to move forward with your business idea…. Whether that’s selling products online, being a consultant, investing in real estate, or being a 1099 contractor. That way, you have limited liability in case someone decides to sue your business. Our expert accounting consultants will be happy to help!

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LyfeAccounting

JANUARY 28, 2021

For example, real estate investments can take advantage of opportunity zones and bonus depreciation on their properties, w hich could push their profits into a loss EVEN if they had positive cash flow. So as of 2021, the government has certain incentives in place for companies that invest in the US.

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LyfeAccounting

JULY 28, 2021

It is highly unlikely that a 6-year-old can find real estate deals for your investment company or braid hair in your hair salon. So with this in mind, your kids will have to be old enough to actually do some business-related tasks in your company. You also want to make sure that the work is age-appropriate.

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LyfeAccounting

APRIL 30, 2021

This would give you a business percentage use of your home. You can then write off that business percentage of your: rent. real estate taxes. Solo 401k is similar but you can’t have any employees in your business to establish this retirement account. mortgage interest. maintenance.

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LyfeAccounting

JULY 23, 2021

This is the number one way real estate investors accumulate wealth and that is the 1031 exchange. The 1031 exchange specifically comes from Section 1031 in the Internal Revenue Code, and it allows real estate investors to defer paying taxes on real estate gains. What is a 1031 Exchange.

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LyfeAccounting

JULY 30, 2021

In today’s post, we’re going to settle the great debate once and for all – and that is the answer to one question: Which is the better investment – stocks vs real estate? It’s no secret that real estate investing has created 90% of the world’s millionaires. Which is Better- Stocks vs. Real Estate Investing?

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LyfeAccounting

JUNE 13, 2021

The point is to invest in business assets that could end up appreciating in value as inflation rises. You could also invest in a rental property , a piece of real estate in a great area that your business can operate in and own. Or maybe you invest in a business asset like a website, or NFT, or social media presence.

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LyfeAccounting

DECEMBER 30, 2020

So I decided to take a deeper look into it and share how you could also pay very little in taxes with real estate. Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. Now there are many ways you can do this, but in this post, let’s focus on real estate.

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LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. And the capital gains tax on real estate works a lot differently than other forms of taxes. Uncle Sam’s piece of the pie is called the capital gains tax.

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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. Like a lot of real estate agents, product owners, and content creators, they want to purchase a vehicle for business purposes and just write off all the expenses.

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LyfeAccounting

MARCH 10, 2021

Now we have investments in real estate and accredited funds , and we’re happy to earn 6%, especially with passive investments. The post Top 5 Tax Penalties & Interest Payments 2021 (Avoid These) appeared first on Small Business Accounting & Finance Blog. The IRS is still going to charge you.5%

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Snyder

JANUARY 3, 2023

But the most important aspect of any business is accounting. All small business owners need to be familiar with basic accounting and bookkeeping, as it gives them a clear picture of the state of their finances, allows them to make informed business decisions, and lets them react to any adverse changes faster.

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LyfeAccounting

MAY 8, 2021

Now, this post is focused purely on real estate. So we assume that you are either : A current real estate investor, or. You are considering becoming a real estate investor. By owning your own single-family property, or maybe getting to a real estate syndication and investing with a group of people.

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LyfeAccounting

AUGUST 10, 2021

Not to invest in stock markets, real estate, or your business. . By the way, speaking of stock and real estate, we have another post that discusses which is the better investment – stocks vs real estate investing. Or how about real estate? Be sure to read that next.

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LyfeAccounting

OCTOBER 26, 2020

You receive Form 1099-S (Proceeds from Real Estate Transactions). A 1031 Like-kind exchange is a real estate investor favorite that allows you to sell one property and use the proceeds of the sale to acquire a new property. How To Calculate Your Gain or Loss From the Sale of Real Estate. 1031 Exchange.

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LyfeAccounting

MAY 5, 2021

Now, most people know about capital gains tax from the real estate they own. But, the capital gains tax extends beyond just real estate. You have capital gains tax on: stocks, bonds, business investments, sale of a business, …and even high-end jewelry is subject to capital gains taxes. Real Estate.

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LyfeAccounting

JULY 15, 2021

In general, real estate appreciates in value over time. You learned that buying is an investment with real estate generally going up in value over time. appeared first on Small Business Accounting & Finance Blog. It is usually a good investment. About 3-4% annually is the average.

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LyfeAccounting

JUNE 21, 2021

So, just like you would hire a property manager for a real estate deal, you can hire a “fleet” manager for your rental car company. The post Top Tax Write-offs for Turo Rental Car Company appeared first on Small Business Accounting & Finance Blog. Staff or manager. And of course, this is optional.

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LyfeAccounting

FEBRUARY 24, 2021

…regularly and exclusively for business, you can write off any associated rent, utilities, real estate taxes, repairs, and maintenance amongst other things. The post Best Tax Breaks: 12 Most-Overlooked Tax Breaks & Deductions (2021) appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

OCTOBER 29, 2020

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 are the differences? Why does it matter? And why is it so confusing? What’s going on guys. Capital Gains.

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