LyfeAccounting

MAY 18, 2021

When you work for someone else as an employee, your taxes are automatically withheld and paid by your employer to the IRS and state agencies throughout the year. For most employees, this is why little to no taxes are due when they file their tax returns. But for business owners, it’s different. Don’t feel bad.

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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

JULY 3, 2021

When people give you money or they give you grants, they can write them off as a charitable donation on their tax return. You have tax exemption status. Of course, from our tax planning perspective, the biggest benefit is having tax exemption status once you incorporate your 501(c)(3). Registered agent.

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LyfeAccounting

JANUARY 14, 2021

What happens if you don’t pay your quarterly tax payments. For guidance or advice specific to your situation, you should consult with your tax or legal counsel. What are Estimated Quarterly Tax Payments? You had no tax liability for the prior year. Your prior tax year covered a 12-month period.

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LyfeAccounting

OCTOBER 18, 2020

With a budget, you can plan for future expenses and the anticipated resources that would cover those expenses. It Helps You With Tax Preparation. In most cases, your business has to file a tax return every year. Even more, you also have to file a personal return that requires your business return be filed.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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LyfeAccounting

MARCH 5, 2021

Today, we are going to help you select the best entity for your business. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free. Legal vs Tax Entity. A legal entity is an entity that you register with your state. State income tax.

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. Form Schedule C is not actually a separate business tax return.

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LyfeAccounting

MAY 8, 2021

At the end of the day, what we’re trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS. So when it comes to tax write offs for rental property, you need to know there is a difference between getting tax deductions as: an ACTIVE real estate investor, and.

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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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LyfeAccounting

DECEMBER 28, 2020

And what I am going to tell you today is actually LEGAL. So legal that it’s actually right on the IRS and State Government’s websites, most people just have NO Clue about it! It is not meant to take the place of legal and accounting advice specific to your business. The “What” and “Why” of Business Tax Credits.

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