LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. And maybe you’ve heard that LLCs can help you evade taxes all together. LLCs is not a tax loophole.

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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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xendoo

MARCH 16, 2022

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. In fact, it is a legal requirement of LLCs and corporations to manage their business incomes in separate bank accounts.

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LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Different IRS Letters You Could Receive.

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LyfeAccounting

JUNE 18, 2021

The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud. Each and every year, any tax return that claims a refund is automatically run through a specific IRS system that is designed to detect fraudulent wage or identity theft-based claims.

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LyfeAccounting

MARCH 10, 2021

5 Things You Should Know About Tax Penalties. Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend).

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LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”.

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xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Every transaction that gets recorded has to also be categorized for financial reports and tax returns.

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LyfeAccounting

OCTOBER 21, 2020

Let’s go ahead and look at some categories that are 100% tax deductible (meaning they deduct from your revenue, dollar for dollar). Tax Deductible Categories. When you’re starting and operating your business, you’re likely going to need some help. You may need some: legal advice. an accountant.

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LyfeAccounting

DECEMBER 1, 2020

C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Now here are the steps on how you can incorporate a business. Steps on How to Incorporate a Business. Just don’t expect tax or legal advice.

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LyfeAccounting

JANUARY 31, 2021

BUT, if you want to take the home-office deduction on your tax return, then read on as I am going to give you all of the information you need to do this correctly in this post. According to the IRS, the home office deduction allows QUALIFYING taxpayers to deduct CERTAIN home expenses from their tax returns. Wrapping Up.

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LyfeAccounting

JULY 3, 2021

When people give you money or they give you grants, they can write them off as a charitable donation on their tax return. Now regulations vary greatly, from state to state, so these steps shouldn’t be taken as a substitute for competent legal counsel, and please do your own research. So it becomes a win-win for everyone!

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LyfeAccounting

JANUARY 14, 2021

What happens if you don’t pay your quarterly tax payments. For guidance or advice specific to your situation, you should consult with your tax or legal counsel. What are Estimated Quarterly Tax Payments? You had no tax liability for the prior year. Your prior tax year covered a 12-month period.

Tax 52

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LyfeAccounting

APRIL 27, 2021

For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account. To make this even better, you can deduct your contributions from your tax return. So for example, if your taxable income is $200,000 with an effective tax rate of 25%, you’d owe $50,000 in taxes.

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LyfeAccounting

FEBRUARY 9, 2021

You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. Speaking of losses, if your S-Corp loses money, those losses are then deductible on your personal income returns. Tax Benefits #3: Low Risk of Audit. Ready to talk S-Corps?

Tax 52

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LyfeAccounting

OCTOBER 18, 2020

It Helps You With Tax Preparation. In most cases, your business has to file a tax return every year. Even more, you also have to file a personal return that requires your business return be filed. Failing to do so, can lead to termination of your business. It’s a Requirement Under Law.

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Snyder

JUNE 20, 2022

So for a small business owner, it’s vital to understand accounting so they can understand their business and also be able to communicate with banks and investors. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account.

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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. Your tax entity is the entity that you elect to file as with the IRS. Tax Differences: What Are The Taxes Involved For All Entities?

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MazumaBusinessAccounting

AUGUST 12, 2021

If any legal issues arise, you will be held personally responsible and those debts will need to be paid from your personal account. A sole proprietorship is one of the simplest and least expensive entities to form because no legal paperwork is needed. Because of this, you can not elect to be taxed as a sole proprietorship.

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LyfeAccounting

NOVEMBER 3, 2020

In this post, I’m going to give you BIGGEST tax write-offs for small businesses. 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. 14 Biggest Tax Write Offs for Small Businesses.

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LyfeAccounting

APRIL 8, 2021

Note that this post is for educational purposes and you should contact your attorney or legal professional for specific advice for your situation. of all individual tax returns. How much you owe in taxes will depend on whether you held for more than a year before you sold and if you had any losses to offset your gains.

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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. And for those single-member LLCs ‘, their tax returns are due April 15th. Most LLCs are single-member.

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xendoo

MARCH 18, 2021

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?

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LyfeAccounting

JANUARY 5, 2021

We’ll be covering what types of donations are eligible, how to claim your deduction, if it even makes sense for you to donate for tax purposes… and everything in between. Note that for guidance or advice specific to your situation, you should consult with your tax or legal professional. Let’s get started!

Tax 52

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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. There’s even a question on individual tax returns now that asks about virtual currency transactions, which relates to cryptocurrency taxes.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. Form Schedule C is not actually a separate business tax return.

business tax 52

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LyfeAccounting

JULY 23, 2021

This means, you can avoid the biggest expense of them all, which are taxes, and instead use that money to reinvest and make even more money. Creating a wealth snowball effect all because you legally took advantage of the 1031 exchange. So you would report the 1031 transaction on Form 8824 and include it with your tax return.

Real Estate 52

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LyfeAccounting

MAY 8, 2021

At the end of the day, what we’re trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS. So when it comes to tax write offs for rental property, you need to know there is a difference between getting tax deductions as: an ACTIVE real estate investor, and.

Real Estate 52

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LyfeAccounting

JANUARY 13, 2021

People are paying WAY too much in taxes because they are missing out on tax deductions. 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. The post What are Tax Deductions? | Contact us here.

CPA 52

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LyfeAccounting

JULY 6, 2021

Business licenses and permits – depending on the business industry, certain licenses and permits are required. So you want to make sure that the business has what it needs to operate. Leases and contracts – you want to learn who the business is legally tied to.

Non-Profits 52

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LyfeAccounting

DECEMBER 30, 2020

?. Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. Yeah me, too.

Real Estate 52

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LyfeAccounting

APRIL 29, 2021

BUT, if you have any specific questions, be sure to reach out to your tax consultant. Tax Brackets 2021 for Every Filing Status. Single Filers Tax Brackets. legally separated. …here are your 2021 tax brackets. So, we see here that the first $ 9,950 of taxable income will be taxed at 10%.

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LyfeAccounting

DECEMBER 28, 2020

And what I am going to tell you today is actually LEGAL. So legal that it’s actually right on the IRS and State Government’s websites, most people just have NO Clue about it! It is not meant to take the place of legal and accounting advice specific to your business. The “What” and “Why” of Business Tax Credits.

business tax 52

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