LyfeAccounting

NOVEMBER 10, 2020

More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions. How Do You Calculate The Deduction?

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LyfeAccounting

JANUARY 31, 2021

If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction… then you’re probably paying more than you have to in taxes to the IRS. If that’s you, and you work from home, then get ready to lower that tax payment to the government.

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LyfeAccounting

APRIL 30, 2021

All to save you the most on your taxes. In either case, you want to make sure you’re aware of the tax write offs (OR deductions) you can take to minimize your taxes or even maximize your tax refund. Top 5 Tax Write Offs for New LLCs. Home Office Deduction. real estate taxes.

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Cheap Accounting

SEPTEMBER 11, 2023

To help it’s worth reminding people about three tax free benefits that could be advantageous to the household coffers. There will be no tax to pay on the amount earned. Equally if your gross income from all trading is more than £1,000 you can use the tax-free allowance, instead of deducting any expenses or other allowances.

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Shay CPA

FEBRUARY 15, 2023

Don’t shoot the messenger: it’s time to do your taxes. Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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LyfeAccounting

OCTOBER 21, 2020

?. In federal taxes you owe $78,435.72. Look, those were like your tax liabilities from last year. So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. Because like clockwork, taxes come due every year.

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. How to Write Off Taxes Like Amazon.

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DuctTapeMarketing

JULY 24, 2018

When payroll is handled in-house, you need the appropriate software to support the job, an employee who has hours to dedicate to the process each week, and a keen understanding of tax laws and employer obligations. Some companies are looking for just the basics: issuing checks and W2 forms, plus managing tax obligations. Social Media.

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LyfeAccounting

NOVEMBER 9, 2020

And more importantly, what are the tax benefits of choosing an LLC over another entity? 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. LLC Tax Loopholes.

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LyfeAccounting

JULY 7, 2021

According to CNBC, the rate at which homes are selling hasn’t been seen since 2005. This is obviously great news for homeowners, and not so great for people who are looking to buy a home. But something that a lot of people is just not thinking about are property taxes. How can you save on property taxes?

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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. First, you should know the IRS assigns a number to every letter that leaves its office. They have a question about your tax return. Not every letter means you owe more taxes. They changed your return.

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Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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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

OCTOBER 23, 2020

ways to reduce taxable income and pay lower taxes. If you choose to capitalize on these tips, you are going to save thousands of dollars or more on your taxes. 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

MARCH 11, 2021

We’re about to reveal the best and biggest tax breaks for homeowners. Homeownership offers some of the best tax deductions and tax credits that can save you thousands of dollars in taxes. 8 Tax Breaks for Homeowners You Need to Know. Yet, every year, homeowners miss out because they are not aware.

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. You pick the date that makes the most sense for you and your accounting firm.

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LyfeAccounting

JUNE 21, 2021

And eventually, tax time will come. So in this post, we’ll give you the top write-offs for Turo rental car company, so you can leverage the tax system on your way to growing your new business. 7 Tax Write-offs for Turo Rental Company. And of course, payroll costs are all deductible expenses for your rental car company.

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? 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. 12 Best Tax Breaks To Help You Save Money. 0% Tax on Capital Gains.

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LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. What are Self-employment Taxes?

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LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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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. How Taxes Work? But fortunately, you pay taxes.

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LyfeAccounting

AUGUST 10, 2021

Look, taxes are the single greatest expense that most people will pay over the course of their lives. It’s taxes. . Believe it or not, taxes are evading almost every single part of your life. You pay taxes on your income, on your purchases, the property you own, and so much more. The Tax Code is Not Your Enemy.

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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. So what is it?

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ThomsonReuters

DECEMBER 2, 2022

The IRS has released Notice 2022-61 , as published in the Federal Register on November 30, that provides guidance on the prevailing wage and apprenticeship requirements for clean energy tax credits provided under the Inflation Reduction Act ( P.L. Production Tax Credit (Code Sec. Investment Tax Credit (Code Sec. 45 and Code Sec.

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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Accounting Jokes, Videos, Puns and Humor. If you are going to be an accountant then you have to be able to laugh at yourself. Accounting and CPA Puns. Short Accounting and CPA Jokes. Famous Accounting Quotes.

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