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
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?

Insiders

Sign Up for our Newsletter

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

article thumbnail

How to Change from an LLC to an S Corporation

xendoo

When you’re ready to change from an LLC to S Corp, we recommend that you consult an accountant or tax preparation services to make sure there are no mistakes that could cause you to lose your money-saving tax status. With bookkeeping, tax consulting, and tax filing all under one roof, your U.S.-based

article thumbnail

IRS Audit Red Flags & Triggers: How the IRS Catches You

LyfeAccounting

And if you want to ensure your taxes are being prepared and filed accurately, you can reach out to one of our tax consultants. We offer tax preparation services to help you this tax season.

audit 59
article thumbnail

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

LyfeAccounting

Also, if you need help and expert guidance from reliable tax consultants, tax preparers or tax planners, you can count on LYFE Accounting for that. The post Small Business Tax Deductions: Pay Less in Taxes with Business Deductions in 2020 appeared first on Small Business Accounting & Finance Blog.

article thumbnail

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

LyfeAccounting

If you want to save more on your small business taxes (we know you do), then check out our tax preparation and tax planning services today. Or, you can also talk to one of our tax consultants here. Get in touch with us now to get started saving on your taxes.

Tax 52
article thumbnail

Tax Benefits of S-Corporation: How Does a S-Corp Save Taxes?

LyfeAccounting

States such as New Hampshire, Tennessee, and Texas ignore S-corporation status and tax them as C-corporations. You will want to check with your CPA or tax consultant to determine if S-Corporation status is for you. Now, if after answering those two questions, you decide to elect to be taxed as an S-Corp, here is how to do it.

Tax 52