LyfeAccounting

JANUARY 13, 2021

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. What I’ve learned over the years is that many business owners do not know what tax deductions are. Everyone pays taxes based on their income. How Taxes Work?

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LyfeAccounting

AUGUST 10, 2021

You pay taxes on your income, on your purchases, the property you own, and so much more. But what if you could write off almost anything that you purchased? What if we told you that taxpayers are leaving millions of dollars on the table by not taking full advantage of the tax code? So what’s our point here? It’s taxes. .

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Withum

MAY 26, 2022

What I usually try to do is provide some information on suggested ways to consider stock market investing, and that is what I will be doing now. Now, let’s consider what drives stock values. Stocks not expected to grow beyond anything out of the ordinary would have a lower PE. Earnings do. If a stock earns $10.00

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ThomsonReuters

JULY 1, 2022

In certain cases, an employer may wish to pay an employee’s federal income tax withholding (FITW) and FICA (Social Security and Medicare) taxes without deducting them from the employee’s pay or getting a reimbursement from the employee. Gross ups. Here’s how such a gross up would look: Step 1. 500 ÷ 70.35% = $710.73.

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LyfeAccounting

APRIL 29, 2021

What Stayed The Same in Tax Brackets 2021? This tax season , what are the things that remain unchanged? What Changed in Tax Brackets 2021? So, we see here that the first $ 9,950 of taxable income will be taxed at 10%. Then, income between $40,526 and $86,375 will be taxed at 22%, which is an increase of $850.

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inDinero Tax Tips

DECEMBER 13, 2020

If you have capital gains from appreciated investments (that are not tax-deferred like an IRA, 401(k), 403(b) and so on), then you might consider selling some investments before the end of 2020 to save income taxes. As it stands, we’re not time-travelers or Dr. Who, sadly, so we don’t know what the future brings. Absolutely not!

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LyfeAccounting

MAY 13, 2021

What is a Capital Gains Tax? At the time of this post, short-term capital gains are taxed as a part of your ordinary income. This means you would pay ordinary income taxes on the sale of your real estate based on the tax bracket that you’re in. But what if you did not have to pay any taxes on your capital gains?

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LyfeAccounting

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. If you want specific accounting advice, then please contact your attorney or CPA.

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LyfeAccounting

MAY 5, 2021

So naturally, people have started to want to know what capital gains tax rates are, and want to know how they will be impacted. Now here’s the thing- when you fully understand capital gains tax then guess what? So in this post, what we want to do is break down what capital gains taxes are. What is a Capital Gains Tax?

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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? Helping clients with foreign income tax forms For U.S. tax benefit, specifically applies to this category.

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LyfeAccounting

NOVEMBER 5, 2020

After reading this post, you will understand what tax loss harvesting is, the benefits of tax loss harvesting, and the rules you need to keep in mind when performing tax loss harvesting so you do it properly. Ok so let’s jump right in by answering what is tax loss harvesting. What is Tax Loss Harvesting? Sounds good right?

Tax 40

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LyfeAccounting

OCTOBER 21, 2020

But what if I told you that it didn’t have to be this way. What if you actually looked forward to tax season every year? In 2020, depending on your income, your tax bracket could be as high as 37%. Alright, let’s get started by defining what a tax deduction is. What is a Tax Deduction? an accountant.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. In order to qualify for a deduction, a business expense must be ordinary and necessary for the production or collection of income. Deductions work by reducing your total gross income. Understanding Deductible Business Expenses.

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LyfeAccounting

MARCH 31, 2021

You might have your opinion on what option is easiest, but all three options will result in a $55,000 capital gain. Now, if you happened to sell or exchange your cryptocurrency for less than what you bought it for, you have a capital loss. Miners must report all cryptocurrency income derived from mining activities.

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ThomsonReuters

JANUARY 28, 2021

What factors should we consider when deciding whether that feature makes sense for our plan? Second, if all applicable requirements are met and the distribution constitutes a “qualified distribution,” the earnings will not be subject to federal income tax when distributed. (To Maximizing Benefits in the Plan.

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LyfeAccounting

OCTOBER 29, 2020

What are the differences? What’s going on guys. 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 an Effective Tax System Looks Like.

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LyfeAccounting

JULY 28, 2021

As well as how your kids can avoid paying tax on their income and the rules you need to abide by to hire your kids. You get a tax write-off for the pay you give them and in turn, your kids (or you) can use that income tax-free to help provide for what they need. Benefits You’ll Get When You Hire Your Kids. It’s simple.

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LyfeAccounting

NOVEMBER 16, 2020

For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness. What is a PPP Loan? So we’re going to look at a couple big considerations. Prior Revenue.

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ThomsonReuters

NOVEMBER 11, 2021

What is transfer pricing? What is transfer pricing? Transfer pricing is an accounting practice in which a particular division or subsidiary of a company charges a second division or subsidiary of the same company for goods or services. What is the arm’s-length principle in transfer pricing? Is transfer pricing illegal?

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LyfeAccounting

DECEMBER 30, 2020

In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. I’m going to walk you through exactly what I found and some example scenarios. So by the end of this post, I expect you will know more about the tax system and what you can do to start paying less taxes. TAXABLE INCOME BRACKET.

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LyfeAccounting

JULY 30, 2021

Income from Dividends or Cash Flow. Appreciation is a very important factor when you determine what asset you invest in because it allows you to take advantage of compound interest. Both, stocks vs. real estate investing can provide consistent income to you as an investor. Which is Better- Stocks vs. Real Estate Investing?

Real Estate 52

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LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. “What should my business entity be? So for the people who are new, let’s start with… What is an LLC? But for some people, they jump into getting an LLC early for protection without EVEN considering what assets they are trying to protect.

Legal 52

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ThomsonReuters

APRIL 25, 2024

As an accountant, your clients look to you for retirement advice, including tax considerations for IRA plans, the tax benefits of different IRA types, taxes on IRA contributions and withdrawals, and inheritance-related topics. However, those eligible to deduct their contributions can potentially reduce their taxable income.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? You’ve likely heard these terms but understanding what they are and how they differ is important in helping companies better understand the costs they may face and how much they may owe going forward. This means that the tax burden increases with income.

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ThomsonReuters

JUNE 16, 2023

What is tax regulatory compliance? What are the main types of tax regulations? For instance, who must file a tax return and when those returns are due, how to file an extension, what must be included on the tax return etc. Given the findings, one can only expect the IRS will continue to ramp up its compliance efforts.

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ThomsonReuters

JULY 21, 2022

The employer’s payment of health and accident insurance premiums for employees and their families, or the employer’s direct payment or reimbursement of actual expenses under a plan, is deductible as an ordinary and necessary business expense. Health benefits are excludable from an employee’s income under Code Sec.

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ThomsonReuters

MARCH 1, 2021

For example, the deadline for paper filers of Form 8027 to report tip income and allocated tips is March 1, 2021 (electric filers have until March 31, 2021). Remuneration is the money paid for work or a service. In ancient Egypt, workers were remunerated for their labor with beer and other necessary commodities (i.e.,

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