LyfeAccounting

OCTOBER 21, 2020

?. In federal taxes you owe $78,435.72. Look, those were like your tax liabilities from last year. So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. Because like clockwork, taxes come due every year.

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LyfeAccounting

JUNE 9, 2021

All it takes to use this cryptocurrency tax loophole is a click of a button and it works for all cryptocurrencies at the moment. Our goal for today’s post is to explain the cryptocurrency tax loophole in an easy-to-understand manner, so you can benefit from it. The Cryptocurrency Tax Loophole. Let’s dive in.

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Ryan Lazanis

SEPTEMBER 19, 2023

The Top 43 Examples of Accounting Websites Without further ado, in no particular order, here are 43 examples of the best accounting websites you should explore to gain valuable ideas and insights into effective design and content strategies. MBS Accountancy Since 2011, MBS Accountancy has served U.S.

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Snyder

JANUARY 10, 2023

After all, accounting, as an integral part of a business, is something not to put aside. To answer the above question, we’ll need to look at small business accounting as a process. So keep reading to learn more about small business accounting cost: 1. Cost of accounting software.

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CPA Practice

FEBRUARY 1, 2024

SMBs said they’re relying on credit cards as funding sources, while entrepreneurial hopefuls said even a bigger tax return could help them secure the funds they need to start their businesses. The new poll results underscore five ways that accountants and firms can partner with clients to better serve them in 2024.

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LyfeAccounting

NOVEMBER 10, 2020

And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. That’s right, if you’ve carved out a portion of your home for business use, you can claim more than a handful of tax advantages and deductions. about… now. about… now.

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LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. I missed payroll tax filing deadlines that cost me thousands of dollars.

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LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. And by the end of this post, you’ll understand what’s causing more tax refund delays. What’s Causing More Tax Refund Delays.

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LyfeAccounting

JANUARY 14, 2021

?. If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Who has to pay quarterly tax payments.

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LyfeAccounting

FEBRUARY 9, 2021

?. What are the tax benefits of S-Corps? And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. – Medicare.

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LyfeAccounting

JULY 28, 2021

If you have kids under age 18 and a business, then you have a huge opportunity to save on taxes. And that is by hiring them in your business and placing them on the payroll. And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? Stop paying taxes then pay your kids.

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LyfeAccounting

APRIL 28, 2021

So, the vehicle tax deduction can allow you to purchase your dream car, basically for free. Of course, you have to go about this in a very smart and legal way to successfully pull this off. So we decided to do some research and look at some vehicles someone could buy that would qualify for the vehicle tax deduction.

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LyfeAccounting

MAY 18, 2021

Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general. 7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. After all, you want to write off as many business tax deductions as possible.

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LyfeAccounting

JANUARY 28, 2021

And that’s awesome because accredited investors can get some huge tax advantage and in some cases, you can end up paying very little to no taxes. So an accredited investor is a person or a legal entity (like a financial institution or a corporation) who is allowed to participate in investments not registered with the U.S.

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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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xendoo

JANUARY 11, 2021

They know they’re probably making mistakes and missing opportunities that a pro would spot right away, but they don’t know if accounting services will save more than they cost. “How much do accountants charge for year-round bookkeeping services?” “How much do accountants charge to do taxes?”

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LyfeAccounting

JUNE 17, 2021

A quick disclaimer that this is not legal advice, and you should get your operating agreement checked by an attorney of your choice. An Operating Agreement is a legally binding document that outlines in detail the rights and responsibilities of the members of the LLC and how the business will operate. Tax Write-offs for LLC.

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LyfeAccounting

OCTOBER 28, 2020

As you can probably tell from the title – 5 year end tax tips, in today’s post, I’ll be going over tax tips and specifically year-end tax tips that will save you on your tax bill! Now I know the pure thought of taxes is not exactly fun. 5 Year End Tax Tips You Can Try. This tax tip is actually 2 fold.

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LyfeAccounting

JANUARY 31, 2021

If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction… then you’re probably paying more than you have to in taxes to the IRS. If that’s you, and you work from home, then get ready to lower that tax payment to the government. property taxes. homeowners insurance.

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Tax tax return accounting and finance small business accounting 52

xendoo

MAY 9, 2021

Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC ? Now your small business has grown up thanks to your hard work and dedication. Since determining the status of your business is important to its success and potential, we’ll break it down for you.

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Ronika Khanna CPA,CA

JUNE 25, 2021

Registering and maintaining a sole proprietorship is fairly straightforward ; many business owners don’t put much thought into the financial aspects of it until tax time (when the mad scramble ensues). Alternatively, a customer or client might only do business with a corporation.

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LyfeAccounting

JULY 27, 2021

For example, if one property losses a lawsuit against a tenant then only that property or that LLC is going to be responsible for the legal damages. On top of that, having separation or multiple LLCs for each rental property means that it also separates the financials and taxes more. Less legal risk. More legal risk.

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LyfeAccounting

MARCH 25, 2021

You see with an LLC you are able to separate your business assets from your personal assets. So if someone sues your business and you lose then the only thing that they can go after legally are assets within your business. So, it gives you this sense of security through having a legal shield.

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xendoo

APRIL 19, 2021

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Tax organization. Print checks.

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LyfeAccounting

JULY 20, 2021

An operating agreement is a legal document that outlines the rights, rules, and obligations for the internal operations of your LLC. It is there to lay ground rules and procedures for how the business owners and the managers of the business will handle decisions. Instead, open a business bank account. Excise Tax.

income tax 52

income tax payroll tax accounting and finance Tax 52

xendoo

JUNE 25, 2021

But here’s the thing—running a real estate business is about more than making great deals. 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. Select Your Accounting Method.

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xendoo

DECEMBER 14, 2020

Every business needs a good tidying and updating at least once a year. The best time to do it is at the end of your tax year, which for many small businesses is the same as the calendar year. Don’t wait until tax time to make sense of this mess. File documents according to tax year for optimal organization.

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LyfeAccounting

JULY 3, 2021

So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. But we can’t ignore that it has some incredible tax benefits for its members and managers. Registered agent.

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LyfeAccounting

DECEMBER 1, 2020

C-corps are taxed once at the company level, and distributions of profits (aka dividends) to shareholders are taxed again on shareholders’ personal tax returns. Now here are the steps on how you can incorporate a business. Steps on How to Incorporate a Business. Just don’t expect tax or legal advice.

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xendoo

MARCH 18, 2021

So, accountants with the title of CPA offer a higher level of financial analysis for you and your business and can act as a fiduciary on your behalf. At that same time, an accountant can give you tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains.

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xendoo

MARCH 16, 2022

This means separating your business and personal finances. In fact, it is a legal requirement of LLCs and corporations to manage their business incomes in separate bank accounts. They can use their personal accounts for business, but we strongly advise against it. They include: Business name.

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PYMNTS

MARCH 7, 2018

In 2016, Justworks announced its entrance into the small business accounting and legal services space via collaborations with accounting and tax company inDinero and online legal services marketplace LawTrades.

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LyfeAccounting

JUNE 11, 2021

Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway. An S-Corporation is not a legal entity.

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LyfeAccounting

FEBRUARY 14, 2021

In small businesses, CPAs might help you select the best entity, hire your first employee, tax plan, create a budget, set your pricing, prepare financial projections, or oversee your books. What Can a CPA Do That Your Bookkeeper or Tax Preparer Cannot? Who Needs Certified Public Accountants?

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LyfeAccounting

JUNE 9, 2021

But before anything else, let me mention that by no means are we giving you legal or financial advice as this post is for informational purposes only. It is NOT legally required that a lawyer prepare this for you. And depending on the state, you may also have to pay state franchise taxes. Statement of purpose.

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Ryan Lazanis

SEPTEMBER 1, 2023

For small businesses today, web-based accounting software takes the cake in terms of ease of use and automation. Below are some of the best cloud accounting software for small businesses. No double-entry accounting is required. Then snap pics of your receipts and accounts payable invoices.

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