LyfeAccounting

MAY 21, 2021

Examples include the money you spend on: researching your business, getting an office, ordering business cards, training yourself or your staff, and. Organizational costs are the costs to incorporate your LLC such as legal fees and state fees. Legal and Professional Services. everything in between. Salaries and Benefits.

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xendoo

FEBRUARY 15, 2022

Business tax law is often far more intricate than individual tax law. They will have an in-depth knowledge of legalities surrounding the business structure of an entity and the deductions that may be available to a given company. . They may also have received a master’s degree in finance, accounting, or tax.

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Accounting Insight

JUNE 27, 2022

. • Open Banking enables accountants to meet clients’ needs by matching services to the problems businesses are facing. The report outlines key steps needed to enhance adoption among accountants and small businesses. Open Banking offers tailored financial solutions that meet the needs of small businesses.

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LyfeAccounting

NOVEMBER 9, 2020

It is not meant to take the place of legal and accounting advice specific to your business. LLCs are legal entities that protect you from personal liability in the event of a lawsuit, for example. An LLC is simply a legal entity that comes with some protections for you as a business owner. S-Corp Electi on.

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xendoo

MARCH 18, 2021

Accountant? Which one does your business need, or does it need all three of them? Staying on top of your business’s finances is key for a small business owner, but you may need more than day-to-day bookkeeping. The right account professionals for your business. Bookkeeper? Actually, it depends.

CPA 52

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LyfeAccounting

JULY 27, 2021

For example, if one property losses a lawsuit against a tenant then only that property or that LLC is going to be responsible for the legal damages. That’s why keeping track will be easier while at the same time exposing you to less legal risk. Less legal risk. More legal risk. Owning 5 or more properties.

Real Estate 52

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Ryan Lazanis

SEPTEMBER 1, 2023

Below are some of the best cloud accounting software for small businesses. 1) QuickBooks Online A true juggernaut in the small business accounting software space, QuickBooks Online is widely known across firms and self-employed business owners alike as one of the best accounting software products.

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LyfeAccounting

NOVEMBER 10, 2020

Meals and entertainment: Typically, can deduct 50% of any business-related meal and entertainment expenses. Professional services: These are fees associated with necessary services to run a business such as accounting , bookkeeping , and legal fees. Supplies: The cost of supplies needed to run your business.

business tax 52

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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. Planning to incorporate your business?

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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.

income tax 52

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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. After you have your EIN, you’ll then be able to open a business bank account. We can help you with your business taxes, accounting, bookkeeping and more.

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Accounting Seed

JULY 21, 2022

To help, we’ve put together this list of key accounting advice for startups, including the pitfalls to watch out for and best practices for clean, efficient accounting workflows. Let’s get you “in the green” with this quick, info-packed startup accounting guide. Separating Business and Personal Finance. The answer?

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LyfeAccounting

FEBRUARY 14, 2021

And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants. There is no higher designation in the finance or accounting industry than the CPA license. And for a lot of people with very simple finances, that’s completely fine.

CPA 52

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LyfeAccounting

OCTOBER 16, 2020

Cons: The con of sole proprietorship is that your financial and legal situations are tied together. Pros: The major pro is that C Corporations are legal entities that shield stakeholders from personal liability and company debt. Step 5: Setup your business bank account. Step 7: Get business insurance.

accounting and finance 52

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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.

accounting and finance 52

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LyfeAccounting

JUNE 9, 2021

But before anything else, let me mention that by no means are we giving you legal or financial advice as this post is for informational purposes only. It is NOT legally required that a lawyer prepare this for you. And if you need more help with choosing the best business entity for you, contact us today. Statement of purpose.

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LyfeAccounting

JULY 19, 2021

This is simply because it separates the legal liability between your personal assets and your company’s assets (aka the rental property). Financing a property (or getting a loan for a property) can be much more challenging than buying a property as an individual. a shorter-term loan (no 30-year fixed terms). Rehab loans.

Real Estate 52

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LyfeAccounting

MARCH 25, 2021

You see with an LLC you are able to separate your business assets from your personal assets. So if someone sues your business and you lose then the only thing that they can go after legally are assets within your business. So, it gives you this sense of security through having a legal shield.

Legal 52

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xendoo

MARCH 16, 2022

We will take you through the essentials of setting up your accounting for a new business. Separate personal and business finances. 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.

accrual accounting 52

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LyfeAccounting

AUGUST 12, 2021

They are intended to minimize confusion that could happen if two or more businesses have the same name, symbol, slogan, logo, or name. . Trademark Your Business: Why Register For One? . You actually are not required to register a trademark to have some legal protection. . Well, there you have it, how to trademark your business!

Legal 52

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LyfeAccounting

JUNE 9, 2021

A quick disclaimer that this is not financial or legal advice, and you should consult with your personal CPA or lawyer regarding your specific situation. The post The Cryptocurrency Tax Loophole No One Is Talking About appeared first on Small Business Accounting & Finance Blog. Let’s dive in. Talk to us today!

Tax 59

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LyfeAccounting

NOVEMBER 10, 2020

Legal Expense. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. And if you want to be more in control of your business’ finances, be sure to entrust your financial management like bookkeeping , accounting , business taxes and more with the experts.

bookkeeping 52

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LyfeAccounting

JANUARY 28, 2021

So an accredited investor is a person or a legal entity (like a financial institution or a corporation) who is allowed to participate in investments not registered with the U.S. The post Accredited Investing: Get HUGE Tax Advantages & Passive Income in 2021 appeared first on Small Business Accounting & Finance Blog.

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PYMNTS

MARCH 12, 2019

As banks and other players develop custom APIs to facilitate connectivity, even when not legally mandated to do so, other companies are deploying another strategy. ” It was the latter for Wave, which recently acquired small business account and debit card solutions provider Every. But in jurisdictions like the U.S.

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LyfeAccounting

JULY 28, 2021

This is not legally required, but will help you to justify their employment in your business. As an employer, you still have to comply with some legal requirements as you would if you hired a complete stranger. Now to help you save more on your business taxes, go ahead and talk to one of our CPA tax experts.

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LyfeAccounting

JUNE 18, 2021

So if you’re a business taxpayer and your business is due to a refund, don’t expect an additional interest payment from the IRS. Interest is paid at the legally prescribed rate and is adjusted quarterly. appeared first on Small Business Accounting & Finance Blog.

Tax 52

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LyfeAccounting

OCTOBER 21, 2020

When you’re starting and operating your business, you’re likely going to need some help. You may need some: legal advice. an accountant. IF you meet these requirements: You are legally liable for the loan. Tax Deductible Categories. Professional services. industry consultant. Simply drop us a call or contact us here.

business tax 52

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LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. And that is regardless if you made any money or not.

Tax 52

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LyfeAccounting

JULY 3, 2021

Now regulations vary greatly, from state to state, so these steps shouldn’t be taken as a substitute for competent legal counsel, and please do your own research. So your registered agent can be you or someone else you appoint, it can even be an outside party like a legal team. Registered agent. Select officers and directors.

Georgia 52

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LyfeAccounting

JANUARY 14, 2021

For guidance or advice specific to your situation, you should consult with your tax or legal counsel. The post Estimated Quarterly Tax Payments Explained (Complete Guide) appeared first on Small Business Accounting & Finance Blog. What happens if you don’t pay your quarterly tax payments. Ready to dive in?

Tax 52

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LyfeAccounting

DECEMBER 7, 2020

Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. We provide a number of financial solutions to businesses like yours- from tax preparation , to tax planning , to accounting , to bookkeeping , and to CFO services , we’re here to help! So let’s get started!

payroll tax 52

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LyfeAccounting

JUNE 11, 2021

An S-Corporation is not a legal entity. When you form your business with your state, there is not an option for “S-Corporation”. We can take care of that, and more for your business. appeared first on Small Business Accounting & Finance Blog. What is an S-Corporation? Contact us now!

Non-Profits 52

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LyfeAccounting

APRIL 28, 2021

Of course, you have to go about this in a very smart and legal way to successfully pull this off. The post Vehicle Tax Deduction: 8 Cars You Can Get Basically for Free appeared first on Small Business Accounting & Finance Blog. Now we don’t know about you, but that sounds like a lot of pounds.

Tax 52

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LyfeAccounting

OCTOBER 18, 2020

Bookkeeping is important because it allows you to take control of your business’ finances. Depending on your legal structure, the law requires you to keep financial records separate from your personal expenses. Failing to do so, can lead to termination of your business. It Helps You With Financial Management.

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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? If you’ve decided to work with a Virtual CPA today, don’t hesitate to contact us.

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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.

payroll tax 52

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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. appeared first on Small Business Accounting & Finance Blog. You will likely need to go through a firm to set up your 401K.

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