LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

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Snyder

JANUARY 10, 2023

After all, accounting, as an integral part of a business, is something not to put aside. To answer the above question, we’ll need to look at small business accounting as a process. So keep reading to learn more about small business accounting cost: 1. Cost of accounting software.

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LyfeAccounting

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes.

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LyfeAccounting

APRIL 27, 2021

We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. 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? What Tax Refunds Are Not Good?

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LyfeAccounting

OCTOBER 27, 2020

Hey guys, today we’re talking about the estimated tax penalty because it’s a sneaky tax and most people don’t even realize what it is. And of course, we want to make sure that you are doing everything you can to minimize your tax liabilities. Ok now let’s define what is an estimated tax penalty?

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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. – State Income Tax.

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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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? Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. Your tax deduction would be about $17,250.

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LyfeAccounting

JANUARY 31, 2021

If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction… then you’re probably paying more than you have to in taxes to the IRS. If that’s you, and you work from home, then get ready to lower that tax payment to the government. property taxes. HOA expenses.

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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. Step 3: Putting together your governing documents.

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LyfeAccounting

OCTOBER 12, 2020

I just saved one of my clients over $95,000 in tax expenses from making a simple entity change from an LLC to an S-Corp. We found out that they have been overpaying in taxes for years. And here’s the kicker, if they would have chosen the right entity to start with, they’d have hundreds of thousands in tax dollars in their pocket.

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xendoo

MARCH 16, 2022

They can use their personal accounts for business, but we strongly advise against it. Here’s why: It will make it easier to file taxes for your business (since they are separate from your personal accounts). Your accountants and bookkeepers can monitor the account more freely. Business license.

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LyfeAccounting

SEPTEMBER 15, 2020

I will tell you the business reasons in determining how to pay yourself. I will also tell you some of the tax implications you need to consider so you can avoid those painful IRS audits. I’m going to show you how I pay myself in my own business, and what you need to consider. You’re receiving money that has not been taxed.

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PYMNTS

MARCH 19, 2018

Tax reform is likely to lead small businesses (SMBs) in the U.S. to pay more for accounting services, according to new analysis from the Senate. Reports in Accounting Today said Senator Ron Wyden (D-Ore.), What good is a deduction if money spent in annual fees to your accountant far exceed the tax break?”

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