LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). Treating yourself is not always a bad idea.

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LyfeAccounting

JULY 1, 2021

Are you a crooked politician or someone who occasionally takes money in exchange for government contracts ? They didn’t get to enjoy their inflated income for too long before they were arrested and charged with taking kickbacks worth over 20 million dollars from contractors in exchange for large government contracts and inflating invoices.

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LyfeAccounting

DECEMBER 7, 2020

Combined, 7.65% in FICA taxes. Federal Unemployment Tax Act. Not to be confused with FICA, FUTA taxes are paid only by the employer to help the Federal government assist states with their unemployment program if needed. FUTA is a 6% tax based on the first $7,000 of wages you pay each employee. More specifically, 6.2%

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LyfeAccounting

DECEMBER 1, 2020

Step 3: Putting together your governing documents. And if you need help with your business’ financial management, LYFE Accounting got your back. We can help you with your business taxes, accounting, bookkeeping and more. The post How to Incorporate a Business – 6 Easy Steps!

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LyfeAccounting

JANUARY 31, 2021

All you have to be is a business owner or independent contractor – meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. If that’s you, and you work from home, then get ready to lower that tax payment to the government. How Do You Calculate Your Home Office Deduction?

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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? So if you had a $150,000 tax liability, the money you would have to pay the government anyway, this would allow you to get a $150,000 tax write-off. And this can be a tax savings of 30-40%! Crazy right? Sounds good, right?

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LyfeAccounting

SEPTEMBER 15, 2020

You’re going get taxed on all of your profits, so it’s better to pay yourself something so you can pay your tax bill, right? Why you may elect to pay yourself a W-2 Salary from your Small Business. Tax-aside, there are legitimate “business” reasons to pay yourself a salary.

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xendoo

MARCH 16, 2022

Therefore, you will be taxed independently as an employee of the corporation. If you are self-employed, you’ll need to withhold taxes from your income and then remit them to the government the same way an employer withholds taxes from their employee’s pay. Outsource your accounting.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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LyfeAccounting

JANUARY 13, 2021

Now obviously, taxes are something EVERYONE pays. Without taxes, we’d have no government. But fortunately, you pay taxes. And collectively, we’ve all paid over 3 trillion dollars in taxes to the government in recent years to fund these programs. Everyone pays taxes based on their income.

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LyfeAccounting

OCTOBER 27, 2020

By the way, if you want to learn more about small business tax deduction then make sure you read my post here. Step 2: Calculate Your Income Taxes. Here, you want to start multiplying your tax income by tax year’s bracket, which here they are for 2020. With that said, Jimmy’s total taxable income is $57,800.

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LyfeAccounting

DECEMBER 28, 2020

See, what most people don’t understand is that the government uses the tax code to motivate people to take actions related to their economic agenda. Yes, even many accountants I know aren’t aware of the tax incentives that small and large businesses are taking advantage of to DRAMATICALLY reduce their tax liability.

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LyfeAccounting

OCTOBER 12, 2020

In total, it was roughly 15% being paid to the government in employment taxes. Well as a business owner, the IRS figures, well hey, you’re both the employer and the employee and need to pay us the full 15.3%. And their self-employment taxes were born. appeared first on Small Business Accounting & Finance Blog.

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PYMNTS

MARCH 19, 2018

In his analysis, the senator found small businesses are likely to spend more on accounting services, which could detract from their focus on business growth.

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