LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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Tax income tax tax return accounting and finance 52

LyfeAccounting

MARCH 10, 2021

5 Things You Should Know About Tax Penalties. 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).

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LyfeAccounting

JUNE 4, 2021

This means that the business’s taxable income is allocated directly to the owners, to pay on their individual tax return. Basically, in the eyes of the IRS, the business’s income is your income. Generally speaking, you will pay… federal income taxes, state income taxes, and.

CPA 52

CPA income tax Tax accounting and finance 52

LyfeAccounting

JANUARY 14, 2021

Quarterly taxes also known as quarterly estimated payments are taxes paid every quarter to the IRS by those who are self-employed or those who do not have withholding tax taken. This differs from a typical employee as most employers withhold employee income taxes for them. Who has to pay quarterly taxes?

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Tax accounting and finance tax preparation income tax 52

LyfeAccounting

FEBRUARY 9, 2021

Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.

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Tax audit New Hampshire income tax 52

LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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Tax tax preparation tax return tax consultant 52

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). Small-business tax credits.

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Tax CPA Education business tax 100

LyfeAccounting

JUNE 11, 2021

Earlier this year, the American Rescue Plan Act of 2021 excluded $10,200 in unemployment compensation when calculating taxable income. But a lot of taxpayers already filed their tax returns and paid the tax on this income. By the end of this post, we want you to be 100% clear on this new unemployment tax refund.

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Tax tax return tax preparation accounting and finance 52

Snyder

JANUARY 3, 2023

All small business owners need to be familiar with basic accounting and bookkeeping, as it gives them a clear picture of the state of their finances, allows them to make informed business decisions, and lets them react to any adverse changes faster. Small business accounting basics.

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accounting basics basic accounting bookkeeping Account 52

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. This helps make the tax system fair. How to Calculate Your Taxes.

Real Estate 52

Real Estate Tax income tax Gaming 52

LyfeAccounting

AUGUST 10, 2021

Other than taking the standard deduction or itemized deduction, there is very little that the average taxpayer can do to lower their income taxes… …outside of contributing to a retirement account to defer taxes until a later date. Step 4: Claim the deductions correctly on your tax return.

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Real Estate Tax tax return tax preparation 52