LyfeAccounting

JUNE 17, 2021

A quick disclaimer that this is not legal advice, and you should get your operating agreement checked by an attorney of your choice. An Operating Agreement is a legally binding document that outlines in detail the rights and responsibilities of the members of the LLC and how the business will operate.

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PYMNTS

FEBRUARY 17, 2020

Small businesses who were vendors of Sears will be hurt,” he told the publication, pointing to added legal fees and financial losses related to any settlements SMBs reach. Australia Policymakers Eye Supply Chain Finance. Remember, the vendors did nothing wrong. Closes In On Construction.

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Ryan Lazanis

SEPTEMBER 1, 2023

Below are some of the best cloud accounting software for small businesses. 1) QuickBooks Online A true juggernaut in the small business accounting software space, QuickBooks Online is widely known across firms and self-employed business owners alike as one of the best accounting software products.

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LyfeAccounting

MAY 21, 2021

Examples include the money you spend on: researching your business, getting an office, ordering business cards, training yourself or your staff, and. Organizational costs are the costs to incorporate your LLC such as legal fees and state fees. Legal and Professional Services. everything in between. Salaries and Benefits.

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xendoo

FEBRUARY 15, 2022

Business tax law is often far more intricate than individual tax law. They will have an in-depth knowledge of legalities surrounding the business structure of an entity and the deductions that may be available to a given company. . They may also have received a master’s degree in finance, accounting, or tax.

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xendoo

MARCH 18, 2021

Accountant? Which one does your business need, or does it need all three of them? Staying on top of your business’s finances is key for a small business owner, but you may need more than day-to-day bookkeeping. The right account professionals for your business. Bookkeeper? Actually, it depends.

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Accounting Insight

JUNE 27, 2022

. • Open Banking enables accountants to meet clients’ needs by matching services to the problems businesses are facing. The report outlines key steps needed to enhance adoption among accountants and small businesses. Open Banking offers tailored financial solutions that meet the needs of small businesses.

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PYMNTS

SEPTEMBER 13, 2016

Scotiabank and Royal Bank of Canada announced they will no longer provide banking services to these businesses and will close existing bank accounts for small businesses in the marijuana industry. One small business owner described the decision as “insulting.” Across the border, in the U.S.,

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LyfeAccounting

MAY 12, 2021

We’ll also explain the compliance requirements of each and how you can decide which is best for your small business. To be fully transparent here, we are not lawyers and by no means giving you legal advice. This is simply a set of documents that are filed with the state to legally document the formation of a corporation.

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LyfeAccounting

NOVEMBER 9, 2020

It is not meant to take the place of legal and accounting advice specific to your business. LLCs are legal entities that protect you from personal liability in the event of a lawsuit, for example. An LLC is simply a legal entity that comes with some protections for you as a business owner. S-Corp Electi on.

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LyfeAccounting

NOVEMBER 10, 2020

Meals and entertainment: Typically, can deduct 50% of any business-related meal and entertainment expenses. Professional services: These are fees associated with necessary services to run a business such as accounting , bookkeeping , and legal fees. Supplies: The cost of supplies needed to run your business.

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Accounting Seed

JULY 21, 2022

To help, we’ve put together this list of key accounting advice for startups, including the pitfalls to watch out for and best practices for clean, efficient accounting workflows. Let’s get you “in the green” with this quick, info-packed startup accounting guide. Separating Business and Personal Finance. The answer?

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LyfeAccounting

JULY 27, 2021

For example, if one property losses a lawsuit against a tenant then only that property or that LLC is going to be responsible for the legal damages. That’s why keeping track will be easier while at the same time exposing you to less legal risk. Less legal risk. More legal risk. Owning 5 or more properties.

Real Estate 52

Real Estate Legal accounting and finance Start-ups 52

LyfeAccounting

MARCH 5, 2021

Legal vs Tax Entity. When it comes to entity selection, there are “LEGAL” entity types and “TAX” entity types. A legal entity is an entity that you register with your state. For example, you can register your business as an LLC with your state for legal purposes, but elect to be taxed as an S-Corp with the IRS for tax purposes.

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LyfeAccounting

DECEMBER 1, 2020

Just don’t expect tax or legal advice. A registered agent is an individual or business that accepts tax and legal documents on behalf of your business. After you have your EIN, you’ll then be able to open a business bank account. We can help you with your business taxes, accounting, bookkeeping and more.

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xendoo

MARCH 16, 2022

We will take you through the essentials of setting up your accounting for a new business. Separate personal and business finances. As any established business owner will tell you, you need to treat your business as a separate entity to yourself. This means separating your business and personal finances.

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LyfeAccounting

JULY 20, 2021

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.

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Ronika Khanna CPA,CA

JUNE 25, 2021

There are several reasons that you might decide to transition your sole proprietorship to a corporation : Growth Your business is experiencing growth that requires a more official business structure and a separate legal entity to deal with the additional complexities of growth. Planning to incorporate your business?

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LyfeAccounting

FEBRUARY 14, 2021

And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants. There is no higher designation in the finance or accounting industry than the CPA license. And for a lot of people with very simple finances, that’s completely fine.

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LyfeAccounting

JULY 19, 2021

This is simply because it separates the legal liability between your personal assets and your company’s assets (aka the rental property). Financing a property (or getting a loan for a property) can be much more challenging than buying a property as an individual. Setting up your business bank account. Rehab loans.

Real Estate 52

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LyfeAccounting

JUNE 9, 2021

A quick disclaimer that this is not financial or legal advice, and you should consult with your personal CPA or lawyer regarding your specific situation. The post The Cryptocurrency Tax Loophole No One Is Talking About appeared first on Small Business Accounting & Finance Blog. Let’s dive in. Talk to us today!

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LyfeAccounting

OCTOBER 23, 2020

In today’s post, I’ll be going over legal ways you can reduce your taxable income. In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. I review all sources of income and major life circumstances, and come up with legal ways to save them thousands in taxes.

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LyfeAccounting

JUNE 9, 2021

But before anything else, let me mention that by no means are we giving you legal or financial advice as this post is for informational purposes only. It is NOT legally required that a lawyer prepare this for you. And if you need more help with choosing the best business entity for you, contact us today. Statement of purpose.

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LyfeAccounting

MAY 27, 2021

This means that a sole proprietorship or general partnership can’t have a separate business credit history from their personal credit history. By incorporating a business or forming an LLC, you create a business that is legally separate from the owner. Read this post to learn more about how to incorporate a business.

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LyfeAccounting

OCTOBER 16, 2020

Cons: The con of sole proprietorship is that your financial and legal situations are tied together. Pros: The major pro is that C Corporations are legal entities that shield stakeholders from personal liability and company debt. Step 5: Setup your business bank account. Step 7: Get business insurance.

accounting and finance 52

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LyfeAccounting

AUGUST 12, 2021

They are intended to minimize confusion that could happen if two or more businesses have the same name, symbol, slogan, logo, or name. . Trademark Your Business: Why Register For One? . You actually are not required to register a trademark to have some legal protection. . Well, there you have it, how to trademark your business!

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LyfeAccounting

JUNE 3, 2021

Meaning by “full faith and credit”, it ACTS as legal tender for goods and services. Through the centralized banking system, the dollar bills going around only represent legal tender. And also, “I think bitcoin is really on the verge of getting broad acceptance by conventional finance people.”. Not actual lawful money.

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LyfeAccounting

MARCH 25, 2021

You see with an LLC you are able to separate your business assets from your personal assets. So if someone sues your business and you lose then the only thing that they can go after legally are assets within your business. So, it gives you this sense of security through having a legal shield.

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LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. Tax Mistake #2: Not paying quarterly estimated tax.

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LyfeAccounting

JANUARY 28, 2021

So an accredited investor is a person or a legal entity (like a financial institution or a corporation) who is allowed to participate in investments not registered with the U.S. The post Accredited Investing: Get HUGE Tax Advantages & Passive Income in 2021 appeared first on Small Business Accounting & Finance Blog.

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PYMNTS

MARCH 12, 2019

As banks and other players develop custom APIs to facilitate connectivity, even when not legally mandated to do so, other companies are deploying another strategy. ” It was the latter for Wave, which recently acquired small business account and debit card solutions provider Every. But in jurisdictions like the U.S.

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LyfeAccounting

JUNE 18, 2021

So if you’re a business taxpayer and your business is due to a refund, don’t expect an additional interest payment from the IRS. Interest is paid at the legally prescribed rate and is adjusted quarterly. appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

MAY 13, 2021

Of course, this is not legal advice and we are writing this post for informational purposes only. The post How to Avoid the Capital Gains Tax on Real Estate Home Sales appeared first on Small Business Accounting & Finance Blog. Alright, let’s talk about the capital gains tax. What is a Capital Gains Tax?

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LyfeAccounting

NOVEMBER 10, 2020

Legal Expense. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. And if you want to be more in control of your business’ finances, be sure to entrust your financial management like bookkeeping , accounting , business taxes and more with the experts.

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LyfeAccounting

JULY 28, 2021

This is not legally required, but will help you to justify their employment in your business. As an employer, you still have to comply with some legal requirements as you would if you hired a complete stranger. Now to help you save more on your business taxes, go ahead and talk to one of our CPA tax experts.

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LyfeAccounting

OCTOBER 26, 2020

I even included legal loopholes to help you avoid paying taxes on the sale of your home so you definitely want to read this whole article. Here are three legal loopholes to minimize your tax hit: 1. The post House Sales Tax (Save $$$ – READ THIS Before You Sell) appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

OCTOBER 21, 2020

When you’re starting and operating your business, you’re likely going to need some help. You may need some: legal advice. an accountant. IF you meet these requirements: You are legally liable for the loan. Tax Deductible Categories. Professional services. industry consultant. Simply drop us a call or contact us here.

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