LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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South Carolina Hawaii West Virginia Delaware 52

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

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

JULY 16, 2021

We know a lot of you are waiting on tax refunds, stimulus checks, and even child tax credit payments. And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. Unemployment Tax Refund Recap. For this round, the IRS identified about 4.6

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LyfeAccounting

MARCH 10, 2021

Avoid Paying Tax Penalties: Here’s How. Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work.

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Tax tax return Real Estate Government 52

xendoo

JUNE 25, 2021

Accounting plays a major role in staying organized, managing taxes, and making smart decisions in any business. . Why accounting is important for real estate businesses. These tips are for you if your business is: Real estate broker or agent. Government bodies (e.g., Select Your Accounting Method.

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LyfeAccounting

JULY 9, 2021

And of course, the more money you make, the more you are usually taxed, right? Well no, there are actually foreign earned income exclusions that can help you avoid paying taxes on certain things. What are Foreign Earned Income Exclusions? So the foreign earned income exclusions mean that you do not have to pay U.S.

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income tax Tax Gambling tax return 52

LyfeAccounting

NOVEMBER 16, 2020

It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility. Let’s discuss the biggest issue for small businesses and tax professionals which is tax deductibility. State Taxes.

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payroll income tax Tax accounting and finance 52

xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Most small business owners choose cash basis, but if you do, you may have to adjust your accounting software.

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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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Tax CPA Education business tax 100

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. How Taxes Work? Without taxes, we’d have no government.

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LyfeAccounting

JUNE 15, 2021

So what is the #1 tax write-off for real estate investors? No, it’s not repairs, maintenance, or real estate taxes. The number 1 tax write-off for real estate investors is…. we’re going to break down depreciation, and how real estate investors can use it to save thousands of dollars in taxes. So what is it?

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LyfeAccounting

JUNE 24, 2021

So, there are a few things we need to clear up about the 2021 advance Child Tax Credit. You see, we recently published a post talking about the child tax credit and there were still a ton of questions left by parents in the comments, and we wanted to address them in this post. 17 Advance Child Tax Credit FAQs & Answers.

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LyfeAccounting

DECEMBER 30, 2020

?. Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. Yeah me, too.

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Real Estate Tax income tax Gaming 52

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. It can cost you thousands and thousands of dollars as your income increases. And of course, we want to make sure that you are doing everything you can to minimize your tax liabilities.

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Tax tax return income tax Start-ups 52

LyfeAccounting

MAY 5, 2021

Now there’s been a lot of talk from the President about raising the capital gain tax rate from 20% to 39.4%. And it’s suggested that the proposed rate would be one of the highest capital gains tax hikes we’ve seen in the last 100 years. Now, most people know about capital gains tax from the real estate they own.

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LyfeAccounting

AUGUST 10, 2021

Look, taxes are the single greatest expense that most people will pay over the course of their lives. It’s taxes. . Believe it or not, taxes are evading almost every single part of your life. You pay taxes on your income, on your purchases, the property you own, and so much more. The Tax Code is Not Your Enemy.

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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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LyfeAccounting

JUNE 11, 2021

New IRS Unemployment Tax Refund Update. If you, or anyone you know, paid any taxes on unemployment last year, read on because we have some very important news for you. It is regarding 2020 tax refunds and those who paid taxes on their unemployment compensation last year. MILLION taxpayers are getting tax refunds.

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LyfeAccounting

OCTOBER 23, 2020

ways to reduce taxable income and pay lower taxes. In today’s post, I’ll be going over legal ways you can reduce your taxable income. In all seriousness, reducing taxable income is something we all want to do, right? In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning.

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LyfeAccounting

JULY 30, 2021

Income from Dividends or Cash Flow. Tax Advantages. So ultimately, when it comes to passive income, real estate investing wins by far. Tax Advantages. So let’s take a look at the tax side of things – our favorite part of the equation by far. And this is treated very differently for tax purposes.

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LyfeAccounting

JANUARY 25, 2021

Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. I’ve paid thousands of dollars in payroll tax penalties. This meant that their wages were not taxed at all. So if they made $1600/month, that’s the exact amount that went into their bank account.

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