ThomsonReuters

MAY 17, 2022

Self-employed workers who drive for Uber or deliver food for DoorDash, who sell crafts and merchandise on Etsy, or who hire out their services on TaskRabbit? In truth, we know that self-employed workers should be reporting income from their side gigs, whether it’s reported to the IRS on a Form 1099 or not.

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ThomsonReuters

MARCH 25, 2021

Does our health FSA, which we administer in-house, qualify for the exclusion from the HIPAA privacy and security rules for self-administered health plans with fewer than 50 participants? Note that the “group health plan” definition for other purposes, such as ERISA and COBRA, does not contain such an exclusion.).

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ThomsonReuters

FEBRUARY 24, 2023

K-1s, however, are quite different and can come with some complexities for tax and accounting firms. What is Schedule K-1? This means they have one month after receiving the K-1 to use it to complete their individual return, which is due April 15 (unless an extension is filed). How does Schedule K-1 affect personal taxes?

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Withum

SEPTEMBER 14, 2022

The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. Income from S corporations, unlike that of partnerships, LLCs or sole proprietorships, is not subject to self-employment tax. There are of course still many industries where cash is still a primary means of conducting business.

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LyfeAccounting

APRIL 13, 2021

This is thousands of dollars more than the $6,000 contribution limit that a standard traditional or Roth IRA account allows you to deduct. So if you are self-employed, earning income, and NOT taking advantage of the SEP or Solo 401K, get ready to cut your tax liability and save more money for retirement. What is a SEP IRA?

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ThomsonReuters

FEBRUARY 20, 2024

Jump to: What are general anti-avoidance rules (GAAR)? What is the general anti-abuse rule? Does the U.S. What are general anti-avoidance rules (GAAR)? In other words, what is considered to be “tax avoidance” can be interpreted and defined differently by different people. What is the general anti-abuse rule?

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LyfeAccounting

NOVEMBER 9, 2020

But what exactly are the benefits of an LLC? How does it protect your business? And more importantly, what are the tax benefits of choosing an LLC over another entity? It is not meant to take the place of legal and accounting advice specific to your business. Double-taxation means that technically, you are taxed twice.

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LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. 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. What are Income Taxes?

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LyfeAccounting

FEBRUARY 19, 2021

A single-member LLC is usually a business registered in the state where the company does business. Let’s first dive in by quickly looking at what an LLC is. What is an LLC? This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing.

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LyfeAccounting

FEBRUARY 9, 2021

?. What are the tax benefits of S-Corps? So make sure you read this whole post because we’ll be touching on what factors determine if an S-Corp is right for you later. Well with an S-Corp, you only pay self-employment taxes, which is 15.3% Your dividends are safe from self-employment tax. Self-employment Taxes.

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ThomsonReuters

MAY 20, 2021

But a reduction of hours or involuntary termination of employment that follows an earlier qualifying event, such as a divorce, does not make a qualified beneficiary from the first qualifying event an AEI. And an individual may become an AEI more than once (e.g., due to successive losses of coverage under the individual’s or a spouse’s plan).

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LyfeAccounting

MAY 18, 2021

You have good intentions and want to do the right thing but not exactly sure of what to do. Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. Let us break down what estimated quarterly tax payments are.

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LyfeAccounting

APRIL 27, 2021

With that said, let’s discuss what it is. What is the Solo 401K? If you are self-employed with no employees, then this plan was designed for you. If you are self-employed with no employees, then this plan was designed for you. As of 2021, you can contribute up to $58,000 in a Solo 401K account.

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? What is FEIE? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? This category typically includes salaries, wages, bonuses, and self-employment income received from foreign employment or business activities.

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LyfeAccounting

JUNE 22, 2021

And guess what, today’s episode is all about you. What is a Sole Proprietor? So if you… earn money, you are not employed, and. All this means is that you do not have to file a business tax return when you file your taxes. What Taxes Do You Have to Pay as a Sole Proprietor? self-employment tax on your income.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? To keep up, more and more accountants are streamlining data entry with scan-and-populate solutions that automate the tax prep process and create a seamless client experience. What is a qualifying child vs dependent?

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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

JUNE 4, 2021

Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. And speaking of taxes, how exactly does that work when you pay yourself? self-employment taxes.

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. This applies to anyone who sells goods or services and includes consultants, self employed individuals and/or contractors.

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LyfeAccounting

MARCH 10, 2021

So then… what are CPA services? And what makes them so complicated? What are CPA Services? CPA services are accounting services that are provided by a Certified Public Accountant, also known as a CPA. What is a CPA? But does this mean you need a CPA to do your bookkeeping? Compilations.

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LyfeAccounting

FEBRUARY 4, 2021

Now, what has changed? However, the latest bill does away with this provision, and PPP forgiveness is no longer impacted by having received an EIDL grant. So if you applied for both grants, then that means you could have received two grants for your business in 2020. What You Need For Your PPP Forgiveness Application.

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LyfeAccounting

NOVEMBER 2, 2020

Which is if you’re at this point, it likely means that your business is growing which is not an easy feat to accomplish. Okay, so here’s what we’re going to cover. #1 1 – What are going to define what a 1099 worker is and what a w2 worker is. #2 What is a 1099 Worker? What is a W2 Worker?

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LyfeAccounting

JULY 3, 2021

For instance, limited liability protection usually means if your nonprofit were to get sued then your personal assets are protected against any claim about your nonprofit. This basically means the corporation or the 501(c)(3) nonprofit organization does not have to pay taxes. You get limited liability protection.

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LyfeAccounting

JULY 8, 2021

In fact, when we started our first business, the only money one of our founders had was a $250 deposit into a business checking account. It was just a deposit he had to make to ensure the account would get opened without incurring fees. So in this post, we want to share what we learned on how to start a business without money.

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LyfeAccounting

MARCH 10, 2021

So what does that look like? This one is especially important if you own a business or are self-employed because you don’t get taxes taken out of your check each month. This means you are basically borrowing money. natural disasters or similar hazard events (like what’s happened in Texas).

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. Blog Self employment income support scheme (SEISS) Updated 12/07/2021 – see whether you may qualify read more Gifting assets – is now the right time? What is the advantage? Outright gifts? This can lead to cashflow problems.

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ThomsonReuters

JANUARY 9, 2024

But what does that mean for your taxes? And what tax benefits and strategies are available to a C corp that aren’t available to an S corp or LLC? This means that a C corp’s profits are effectively taxed twice. What is “double taxation”? The post How are C corporations taxed?

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LyfeAccounting

NOVEMBER 3, 2020

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. If you want specific accounting advice, then please contact your attorney or CPA. What is a Business Tax Write Off?

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ThomsonReuters

JANUARY 17, 2023

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. . Table of contents: What is a nonresident alien? resident alien?

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LyfeAccounting

OCTOBER 12, 2020

Heck, a lot of people just follow the crowd and say “I’ll register as an LLC” and have no idea what extra taxes they’re going to be paying. Today, I am going to break down the similarities and differences between an LLC vs an S Corp, especially the tax differences and what you could expect to pay in taxes with each type.

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LyfeAccounting

MARCH 5, 2021

And by greatly, we mean thousands if not tens of thousands of dollars. Tax Differences: What Are The Taxes Involved For All Entities? This means that all income your business receives passes through to you personally. Self-Employment Tax. Self-employment tax is an extra 15.3% Self-employment tax.

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MazumaBusinessAccounting

AUGUST 12, 2021

In this blog, we will review 5 different types of business entities along with their advantages and disadvantages so you can decide which works best for your business. If you are a sole proprietor, this means that you own and operate your business by yourself. What are the roles and responsibilities of each partner involved?

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tax return Tax Legal business tax 98

LyfeAccounting

OCTOBER 23, 2020

This post will merely plant seeds of knowledge for you and then it is up to you what you’ll do with this knowledge. Open a Retirement Account. Perhaps you’ve heard of employer 401ks where employers and employees contribute to the employee’s 401k account. Self employed individuals can start a SEP IRA.

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Going Concern

FEBRUARY 6, 2023

Accountancy Today ] Head over to Forbes to read about 28-year-old Nick Hobson , “the accountant who became an unlikely cricket hero in Australia’s Big Bash League.” ” I have no clue what’s happening here but apparently this guy is good. Accounting is the most rules-based profession. .

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