LyfeAccounting

JUNE 9, 2021

All it takes to use this cryptocurrency tax loophole is a click of a button and it works for all cryptocurrencies at the moment. Our goal for today’s post is to explain the cryptocurrency tax loophole in an easy-to-understand manner, so you can benefit from it. The Cryptocurrency Tax Loophole. Let’s dive in.

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xendoo

NOVEMBER 23, 2020

Are you claiming all the income tax deductions you’re entitled to? businesses that are structured as sole proprietorships, partnerships, or limited liability companies (LLCs). Real Estate Taxes. Any real estate taxes you pay to your state, city, and even another country are deductible. Business credit cards.

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LyfeAccounting

JANUARY 14, 2021

?. If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Who has to pay quarterly tax payments.

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LyfeAccounting

DECEMBER 7, 2020

?. 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. – Medicare.

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LyfeAccounting

MAY 18, 2021

Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general. 7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. After all, you want to write off as many business tax deductions as possible.

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? Stop paying taxes then pay your kids.

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LyfeAccounting

APRIL 28, 2021

So, the vehicle tax deduction can allow you to purchase your dream car, basically for free. Of course, you have to go about this in a very smart and legal way to successfully pull this off. So we decided to do some research and look at some vehicles someone could buy that would qualify for the vehicle tax deduction.

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LyfeAccounting

OCTOBER 28, 2020

As you can probably tell from the title – 5 year end tax tips, in today’s post, I’ll be going over tax tips and specifically year-end tax tips that will save you on your tax bill! Now I know the pure thought of taxes is not exactly fun. 5 Year End Tax Tips You Can Try. This tax tip is actually 2 fold.

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LyfeAccounting

MARCH 10, 2021

Avoid Paying Tax Penalties: Here’s How. Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.

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xendoo

JANUARY 11, 2021

They know they’re probably making mistakes and missing opportunities that a pro would spot right away, but they don’t know if accounting services will save more than they cost. “How much do accountants charge for year-round bookkeeping services?” “How much do accountants charge to do taxes?”

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Ryan Lazanis

MAY 24, 2023

Tip 3: Opt for Cloud Tax Software All the benefits that I listed for cloud services apply to tax software as well. Over and above just automating completion of tax forms, however, we’ll also start to see tax planning become an automated technology, which is discussed later on in this article.

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Snyder

NOVEMBER 14, 2022

Tax season. The first four months of every calendar year are the time when accountants are at their busiest. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants. What is tax season like for accountants?

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xendoo

JULY 26, 2021

Both provide quality bookkeeping and tax services, but there are some key differences in features that may tip the scale for you: . Online bookkeeping and tax services . Accounting software . In this blog post, we will explore these key differences so that you can make the best choice for your business! Free trial.

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xendoo

MARCH 18, 2021

So, accountants with the title of CPA offer a higher level of financial analysis for you and your business and can act as a fiduciary on your behalf. At that same time, an accountant can give you tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains.

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LyfeAccounting

FEBRUARY 14, 2021

In small businesses, CPAs might help you select the best entity, hire your first employee, tax plan, create a budget, set your pricing, prepare financial projections, or oversee your books. What Can a CPA Do That Your Bookkeeper or Tax Preparer Cannot? Who Needs Certified Public Accountants?

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LyfeAccounting

JULY 3, 2021

So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. But we can’t ignore that it has some incredible tax benefits for its members and managers. Registered agent.

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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. Not every letter means you owe more taxes. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed.

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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 12, 2020

Because of their legal designation, CPAs are able to do more than a typical accountant and are highly sought after. Now, why are businesses choosing to outsource their accounting needs to a Virtual CPA instead of a traditional CPA? Accounts Payable & Receivables. Tax Planning. Tax Audits.

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LyfeAccounting

OCTOBER 18, 2020

With a budget, you can plan for future expenses and the anticipated resources that would cover those expenses. 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.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 0% Tax on Capital Gains.

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Legal vs Tax Entity.

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LyfeAccounting

OCTOBER 23, 2020

ways to reduce taxable income and pay lower taxes. In today’s post, I’ll be going over legal ways you can reduce your taxable income. If you choose to capitalize on these tips, you are going to save thousands of dollars or more on your taxes. With tax planning, I go over the ins and outs of a taxpayer’s situation.

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LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. And the capital gains tax on real estate works a lot differently than other forms of taxes.

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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. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link.

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LyfeAccounting

NOVEMBER 4, 2020

?. In today’s post, I’ll be going over everything you need to know about tax filings for your small business and how to stay out of trouble with the IRS. Similar to yourself as an individual, your small business has tax requirements that must be met in order to avoid unwanted penalties and interest from the IRS.

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LyfeAccounting

DECEMBER 28, 2020

Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes.

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