income tax Real Estate small business accounting tax planning 
LyfeAccounting
JUNE 7, 2021
Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. For example, you make $100 passive income, but you have $150 in depreciation.
LyfeAccounting
JULY 28, 2021
And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. But there are rules and a proper way to do it. It’s simple.
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LyfeAccounting
MARCH 10, 2021
Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). Let’s look at 3 common scenarios.
LyfeAccounting
DECEMBER 30, 2020
In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. So I decided to take a deeper look into it and share how you could also pay very little in taxes with real estate. But it’s important that you first understand how taxes work. INCOME TAXED.
LyfeAccounting
MAY 13, 2021
If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. Uncle Sam’s piece of the pie is called the capital gains tax. Both of these taxes are taxed differently.
LyfeAccounting
MAY 8, 2021
Now, this post is focused purely on real estate. So we assume that you are either : A current real estate investor, or. You are considering becoming a real estate investor. By owning your own single-family property, or maybe getting to a real estate syndication and investing with a group of people.
MyIRSRelief
NOVEMBER 19, 2021
That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC).
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