Remove business accounting Remove business tax Remove tax consultant Remove tax preparation
article thumbnail

Small Business Tax Deductions: Pay Less in Taxes with Business Deductions in 2020

LyfeAccounting

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. In these times, whether your business is on the ropes or booming, you want to take advantage of deductions. retirement contributions. health care expenses.

article thumbnail

Copy Amazon’s $0 Tax Strategy! How to Write Off Taxes (Easy Guide)

LyfeAccounting

Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website. Amazon makes business decisions that will provide them with the biggest tax benefit. How to write off taxes and pay $0.00 Or, you can also talk to one of our tax consultants here.

Tax 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Single Member LLC: What You Need to Know This Tax Season (2021)

LyfeAccounting

Now because SMLLC can be classified as a disguised entity, the responsibility for paying income taxes is passed through to the owner. This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities. Self-employment Taxes. Get in touch with us today!

Tax 52
article thumbnail

Small Business Tax Filings – Everything You Need to Know to Avoid IRS Penalties!

LyfeAccounting

Sole proprietorship small business tax filings are actually the same as single-member LLCs. For tax purposes, there isn’t a difference between the two and they require the same tax forms filed and taxes paid. Form Schedule C is not actually a separate business tax return. Partnerships. Corporations.

article thumbnail

The Best Online Accounting Software for Small Businesses

xendoo

Additionally, if you wait until tax time to get it together, it can end up giving you a real headache – hiring an accountant at the last minute with books full of errors could cost you more than you set aside in the first place. What does online accounting software do?

article thumbnail

Tax Credits vs Tax Deductions: Which One Is Better in 2021?

LyfeAccounting

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

Tax 52