xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues.

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LyfeAccounting

JUNE 29, 2021

And this could be a legitimate reason because you’re getting an advance on your child tax credits. So technically, you will have less tax credits to offset any tax liability that you have when you file your tax return. You may not qualify for child tax credits. Contact us today!

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LyfeAccounting

OCTOBER 21, 2020

If you rent a location or equipment, you can deduct those payments as a business expense. Keep in mind, we’re talking about a business location. Not your actual home even if you have a home office because that’s covered on a personal tax return. Business meals. retirement contributions. health care expenses.

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LyfeAccounting

JANUARY 20, 2021

Second, you can use your 2019 and 2020 annual tax returns to confirm the revenue reduction. Like I mentioned above, if you need more financial and tax guidance for your specific situation, our tax consultants will be happy to help you. How big of a PPP loan can I receive? 10 million. Simply contact us today!

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LyfeAccounting

FEBRUARY 19, 2021

To report and pay federal income taxes on your single member LLC business, you will need to complete a Schedule C, which is a profit or loss business form. This is attached to your personal federal tax return that you file with the IRS. She also earned $25,000 from her part-time job as a consultant.

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LyfeAccounting

FEBRUARY 9, 2021

Speaking of losses, if your S-Corp loses money, those losses are then deductible on your personal income returns. As an example, if you are the sole owner of an S-Corp, and the business suffered a loss of $10,000, you would be able to take a $10,000 deduction on your tax return , meaning the loss can offset any other income that you received.

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LyfeAccounting

APRIL 23, 2021

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. Do it today and get in touch with one of our tax consultants to help you save more on your taxes.

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