LyfeAccounting

JULY 20, 2021

An operating agreement is a legal document that outlines the rights, rules, and obligations for the internal operations of your LLC. It is there to lay ground rules and procedures for how the business owners and the managers of the business will handle decisions. Open a Business Bank Account.

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xendoo

APRIL 19, 2021

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Sign up for a free trial today.

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xendoo

MAY 26, 2021

However, business owners don’t generally get to count salaries or benefits to themselves as deductions because doing so would essentially make any profits from the business tax exempt. Deduct Mileage and Business Travel. Do you or any of your employees drive a personal vehicle as part of the business?

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LyfeAccounting

JULY 28, 2021

This is not legally required, but will help you to justify their employment in your business. This is so you can take bigger business tax deductions and shift some of your income to your kids who are probably in a much lower tax bracket. The next thing to keep in mind is their pay.

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LyfeAccounting

DECEMBER 1, 2020

Just don’t expect tax or legal advice. A registered agent is an individual or business that accepts tax and legal documents on behalf of your business. And if you need help with your business’ financial management, LYFE Accounting got your back.

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Ronika Khanna CPA,CA

JUNE 25, 2021

There are several reasons that you might decide to transition your sole proprietorship to a corporation : Growth Your business is experiencing growth that requires a more official business structure and a separate legal entity to deal with the additional complexities of growth. Change contracts, billing etc.

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LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. After all, you want to write off as many business tax deductions as possible.

Tax 52

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LyfeAccounting

DECEMBER 7, 2020

My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

payroll tax 52

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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

NOVEMBER 10, 2020

Payroll Tax. Legal Expense. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. LYFE Accounting is here to help! The post How to Increase Profit in Your Business! appeared first on Small Business Accounting & Finance Blog.

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LyfeAccounting

NOVEMBER 2, 2020

Now usually, a business will engage with an independent contractor for a specific period of time and with a specific contract. But that engagement can be renewed as many times as the businesses would like. And since your level of control is relatively, your level of financial and legal responsibility is also low.

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LyfeAccounting

APRIL 27, 2021

You might encounter administrative fees, investment fees, legal fees, and more. But of course, fees will vary based on who you choose to do business with. In our opinion, the tax benefits of the contributions and the flexibility to take advantage of Roth contributions or take loans when you need money outweigh the cons here.

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LyfeAccounting

JANUARY 31, 2021

Now I can’t legally advise you in this post in terms of what you should do in your unique situation, so be sure to contact your CPA, aka, LYFE Accounting , to file your business taxes and make sure you use this deduction correctly. So get this – now they’re calling this the “Administrative Use Exception”.

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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.

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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

NOVEMBER 3, 2020

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…. So eventually, tax time came and it was time to file his business taxes.

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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. In addition, you will want to register your business name with your state.

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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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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. business tax deductions. Contact us here.

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LyfeAccounting

OCTOBER 12, 2020

I have personally helped small businesses literally save thousands of dollars by legally avoiding overpaying in taxes by choosing the right entity. Now to be fair, I am not a lawyer and am not giving you any legal advice. After all, taxes are one of (if not the biggest) expenses you’d have! Sound good?

income tax 52

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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

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

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!

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LyfeAccounting

DECEMBER 28, 2020

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. And what I am going to tell you today is actually LEGAL. Business Tax Credits vs Tax Deductions.

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