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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional.

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Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. The solution to commingling funds is simple but tedious.

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How Much Is a Tax Consultant?

xendoo

Navigation business tax requirements and preparation. Looking for available deductions to lower your tax burden. Helping to manage capital gains taxes. Sorting through tax advantages of life events. A tax consultant may work with individuals, businesses, or both. Helping to Mitigate Business Taxes.

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What to Do After You Start an LLC? 6 Critical Next Steps

LyfeAccounting

An operating agreement is a legal document that outlines the rights, rules, and obligations for the internal operations of your LLC. It is there to lay ground rules and procedures for how the business owners and the managers of the business will handle decisions. Open a Business Bank Account. Self-Employment Taxes.

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A Guide on How to Hire Your Kids and Pay Less in Taxes

LyfeAccounting

Instead, pay your kids and stop paying the tax on it. So let’s say you’re sole proprietor or LLC, your business is also not required to pay payroll taxes on the income you pay to your child! If you want to know the tax differences between sole proprietor vs. LLC vs. S-Corp , then we also have a post for that.

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1099 vs W2: How Should You Pay Your People?

LyfeAccounting

But that engagement can be renewed as many times as the businesses would like. And since your level of control is relatively, your level of financial and legal responsibility is also low. You don’t have to pay payroll taxes or benefits that you may give a W2 worker such as health insurance, PTO or even overtime.

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How to Increase Profit in Your Business!

LyfeAccounting

Accounting. Payroll Tax. Legal Expense. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. LYFE Accounting is here to help! The post How to Increase Profit in Your Business! % OF REVENUE ALLOCATION. Advertising.