DuctTapeMarketing

JULY 24, 2018

Consulting Business. Small Business Finances. For small business owners, managing payroll can be a costly endeavor. Some companies are looking for just the basics: issuing checks and W2 forms, plus managing tax obligations. Professional Services. Marketing Strategy Plan. Content Marketing. 0 Comments.

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LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. Covid-19 and the IRS shutdown are largely to blame for this. However, a recent update has confirmed that the IRS has flagged over 5.2 Why did the IRS has flagged over 5.2 The IRS will mail you a letter if your refund is flagged.

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LyfeAccounting

JUNE 11, 2021

According to the IRS, you need to pay yourself a reasonable salary. When you form your business with your state, there is not an option for “S-Corporation”. For example, a C-Corporation might choose to be treated as an S-Corporation to avoid double taxation, because they are taxed on both – a business and individual level.

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LyfeAccounting

MAY 18, 2021

Today, we’ll be going over the biggest mistakes that we see small business owners make. Now, we completely understand that you’re reading this and maybe you’re a new business owner. Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general.

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ThomsonReuters

OCTOBER 5, 2023

Jump to: What is amortization in accounting? These assets vary depending on the type of business, but they often include such tangibles and intangibles as office buildings, corporate vehicles, computers, patents, copyrights, and trademarks. Some assets will fall under amortization accounting. What is an amortization schedule?

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Snyder

MAY 31, 2022

When your small business is always on the go, trying to keep track of all your business expenses can be a challenge. By creating an expense report, you can track all your business spending in one place so you don’t have to worry about forgetting anything. An expense report is a record of expenses incurred by a business.

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LyfeAccounting

JULY 3, 2021

So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. This basically means the corporation or the 501(c)(3) nonprofit organization does not have to pay taxes.

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LyfeAccounting

FEBRUARY 19, 2021

?. One of the most popular types of business entities in the United States is a single-member limited liability company. A single-member LLC is usually a business registered in the state where the company does business. All these business entities have their own unique advantages and disadvantages. limited partnerships.

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LyfeAccounting

NOVEMBER 17, 2020

?. Who knew that Uncle Sam came in so many forms? As a business owner, understanding how to navigate taxes can be extremely overwhelming. With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. To start, I didn’t know what forms I needed to fill-out.

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LyfeAccounting

FEBRUARY 4, 2021

Some revisions have made the process easier for businesses with smaller loan amounts. Basic PPP Rules. Let us first discuss the basic PPP rules that have been established. Let us first discuss the basic PPP rules that have been established. The form is still in the process via the SBA. For loans of $50,000 or less.

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LyfeAccounting

OCTOBER 16, 2020

Starting a business isn’t very easy. I mean a lot of people think, and a lot might say, “Whoa, I don’t want to get into debt especially with 8 out of 10 new businesses failing. Well, here’s the thing, how to start a business in 2020, is easier than it’s ever been before. 10 Steps on How to Start a Business.

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LyfeAccounting

NOVEMBER 2, 2020

In other words, we’re going to debate a 1099 vs W2 and which one may be best for your business. Which is if you’re at this point, it likely means that your business is growing which is not an easy feat to accomplish. And as we know, business is tough, so you want to be able to pay competitively and get good talent.

payroll tax 52

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LyfeAccounting

APRIL 27, 2021

But a Solo 401K plan just applies to one person who typically wears both hats – the business owner. Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides. As of 2021, you can contribute up to $58,000 in a Solo 401K account. Let’s start with the Pros. Tax Benefits.

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LyfeAccounting

NOVEMBER 5, 2020

Basically, you sell to save (on taxes). Tax loss harvesting only applies to investments held in taxable accounts. Simply fill out this form or call us today. The post Tax Loss Harvesting Explained: How To Gain by Selling At A Loss appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

OCTOBER 20, 2020

But you have absolutely no idea what this means, and if you even need it in your business. In no way, shape, or form, was she financially illiterate. We wanted to know what she wanted to accomplish in her business. And what we needed to manage inside of her business to make her goals a reality.

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LyfeAccounting

OCTOBER 20, 2020

But you have absolutely no idea what this means, and if you even need it in your business. In no way, shape, or form, was she financially illiterate. We wanted to know what she wanted to accomplish in her business. And what we needed to manage inside of her business to make her goals a reality.

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ThomsonReuters

JANUARY 17, 2023

Tax season can be a confusing and challenging time of year for businesses. This can be especially true for businesses who employ nonresident aliens, as nonresident alien tax can become complicated. . Thousands of nonresident aliens are employed in the United States each year and many of them work for small business owners. .

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LyfeAccounting

NOVEMBER 3, 2020

This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. As a CPA, I have recognized a common pattern amongst small businesses and self-employed individuals- they are paying way too much in taxes and are missing some of the BIGGEST tax write-offs. Now, let’s begin.

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LyfeAccounting

APRIL 8, 2021

In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. Now, we want to help you avoid an IRS audit! And, the IRS loves catching them. 8 IRS Audit Red Flags to Watch Out For. Not Reporting Taxable Income.

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LyfeAccounting

JANUARY 13, 2021

What I’ve learned over the years is that many business owners do not know what tax deductions are. And I get it – unless you got a CPA license and Master’s degree in accounting like I do, you’ll likely never learn this stuff. business tax deductions. What are Business Tax Deductions? There are: standard deductions.

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LyfeAccounting

JUNE 24, 2021

We’ll start with basic questions that lead into more advanced questions as the post progresses. This month, the IRS should have already sent or will be sending you form Letter 6417 that will inform you of the amount the IRS plans to send you for your estimated Child Tax Credit monthly payments.

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Today, we are going to help you select the best entity for your business. Your tax entity is the entity that you elect to file as with the IRS. This means that all income your business receives passes through to you personally. tax on your income.

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LyfeAccounting

JULY 23, 2021

So basically, the IRS states that when you sell a piece of property and earn a profit from the sale, you can defer paying taxes on that profit if you use the proceeds to buy another property. As long as it is a piece of property purchased for investment, or business purposes. They’re basically a middle man.

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LyfeAccounting

MAY 8, 2021

But, it’s basically the same thing. 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. Because the IRS treats passive income and active income differently for tax purposes. a PASSIVE real estate investor.

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ThomsonReuters

FEBRUARY 9, 2022

This means a worker is basically considered an employee by default unless three specific criteria are met. Worker classification is a big issue for businesses. The IRS has some information on its website for employers regarding worker classification. Form SS-8 requests are only made to resolve federal tax matters.

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LyfeAccounting

OCTOBER 26, 2020

That’s because according to the Section 121 exclusion from the IRS , you won’t need to pay taxes on up to $250,000 of net profit, or up to $500,000 if filing jointly, if you meet 3 basic requirements: You owned the house for at least 2 years. You receive Form 1099-S (Proceeds from Real Estate Transactions). employment changes.

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LyfeAccounting

JULY 30, 2021

It basically means that the asset you invest in will increase in value over time. According to Business Insider, the stock market has appreciated almost 3x as much as the housing market since the 08 recession. In the stock market, income is paid to you in the form of a dividend. Tangibility. Ease and Simplicity. Appreciation.

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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. Business Tax Credits vs Tax Deductions. And they DO NOT at all.

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