CTP

MARCH 9, 2022

Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time. We’ll discuss five of the main strategies for legally lowering your clients’ tax burden. But saving one year is better than falling victim to a 7% tax increase!

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MyIRSRelief

DECEMBER 15, 2022

Compliance with laws and regulations: SoCal small business owners are required to keep certain financial records in order to comply with various laws and regulations, such as tax laws. Proper accounting and bookkeeping can help them to meet these requirements and avoid potential legal issues. What is income tax preparation service?

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Withum

NOVEMBER 28, 2023

With the year coming to an end, it’s essential to kickstart your 2023 tax preparations and start thinking about tax-saving techniques, potential opportunities, and the recent legal modifications that might impact your tax obligations.

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CPA Practice

DECEMBER 13, 2023

The following five strategies can help firms leverage tax season and increase client retention throughout the year. Integrating guiding questions into your tax planning sessions can tease out information that identifies areas where you can offer your client advisory services that help them meet their goals.

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LyfeAccounting

JUNE 7, 2021

We have 10 tips on how you can avoid paying taxes. Because for most people, paying taxes is such a drag, annoying, frustrating… So today, we want to talk about how to avoid taxes and give you 10 legit and legal ways to do so. And that is all legal. Keep reading! piece of art.

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Going Concern

JANUARY 4, 2024

Tax Credits & Incentive Services). Sund assists clients with asset-related tax planning and helps them assess the impact of tangible property regulations on their business. Swartos advises real estate clients in all phases of audits, reviews and other attestation engagements, as well as in employee benefit plans.

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MyIRSRelief

APRIL 22, 2024

The process involves submitting an application to the IRS with a detailed explanation of your financial situation, often with the help of a tax professional. How Can I Resolve Unfiled Tax Returns in Corona, CA? Failing to file tax returns can lead to penalties and potential legal issues.

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LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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ThomsonReuters

JUNE 15, 2022

Now more than ever, your tax and accounting staff require a robust system or framework that leverages technology so that they can keep up with regulatory developments in a timely manner. Top CPA firms have long understood the need to elevate their staff from being tax preparers to tax advisors.

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LyfeAccounting

FEBRUARY 14, 2021

In Fortune 500 corporations, CPAs might help prepare annual reports for shareholders and record very complex financial transactions. 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.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden.

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Ryan Lazanis

MAY 24, 2023

Tax software is starting to move online and the promise is that tax software will become far more integrated into your accounting suite to help automate the completion of tax forms, making tax preparation much more seamless and beneficial for your current and potential clients.

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xendoo

MARCH 18, 2021

Additionally, they can help set up business accounting systems, teach you best practices, keep you legal, and prevent missed deadlines and noncompliance penalties. CPA act as consultants on many issues, including taxes and accounting. Generally, CPAs services include: Prepare financial statements. Prepare and file taxes.

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xendoo

JANUARY 11, 2021

For example, a bookkeeper that does routine data entry charges less than a CPA (Certified Public Accountant) who’s highly qualified to advise on business strategy or tax planning. “How much do accountants charge to do taxes?” ” You may only need an accountant for an occasional project such as tax preparation.

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xendoo

NOVEMBER 23, 2020

Professional and Legal Fees. This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. As long as the contribution is made to a qualified organization, you can deduct this on your personal tax return.

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LyfeAccounting

JUNE 9, 2021

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. A quick disclaimer that this is not financial or legal advice, and you should consult with your personal CPA or lawyer regarding your specific situation. Let’s dive in. Quick Cryptocurrency Story.

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ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. Tax software for foreign asset reporting Tax planning and preparation software are valuable tools for accountants serving clients with foreign assets.

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LyfeAccounting

MAY 27, 2021

By incorporating a business or forming an LLC, you create a business that is legally separate from the owner. As mentioned above, a business federal tax identification number, also called an EIN, is a nine-digit number that acts like the social security number for the business. Step 2: Get an EIN. Click “Apply Online” under step 3.

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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. Won’t I just end up paying tax on it later?”. Deferring income.

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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? Now if you’re considering outsourcing your tax planning or tax preparation needs, you’re in the right place!

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LyfeAccounting

DECEMBER 7, 2020

My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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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 while this is a great tax benefit, don’t get carried away trying to go even further by taking depreciation and trying to resell it afterwards.

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LyfeAccounting

MAY 18, 2021

So if it’s been 3 years, you’ll have to pay the fees associated with all 3 years to be in good standing and legal to operate. Tax Mistake #7: Failing to be taxed as an S-Corporation. We actually have a post covering the ins and outs of S-Corporation taxes so be sure to check it out when you get a chance.

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Snyder

NOVEMBER 14, 2022

If you love your clients, you’ll do your utmost to meet your customers’ needs 24/7 while doing their firm tax work. When a CPA is in the zombie zone, you can’t perform well during the tax filing season. Will your clients be satisfied with loosely done books auditing and tax preparation in the end? Let’s put it straight.

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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. In order to plan for the future, you have to have a good understanding of the past.

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LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have the most experience in preparing tax forms and can also advise you on what should or should not go on your return. Or, contact us today to talk to one of our tax experts!

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LyfeAccounting

MARCH 10, 2021

You see, the IRS will send you several letters telling you about the owed amount, tax penalties, and tax interest. And if you ignore them, the IRS could determine that you are evading taxes or committing tax fraud, which could put you on the hook for legal fines. And even jail time. Request a Penalty Waiver.

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CPA Practice

MARCH 19, 2024

Marriage The first question that a lot of newlyweds ask themselves and/or their tax preparer is – “Can we still file as single?” If you are legally married, the answer is no, and you may not want to anyway given the potential tax implications. Jamie Scott is a partner at The Bonadio Group.

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xendoo

JANUARY 31, 2022

Your Schedule C can be submitted electronically with your personal income tax or stapled to your paper form. To understand this better, consider the way that small business taxes are typically handled. Sole proprietorships and single-owner LLCs are legally considered pass-through entities. . Legal and professional fees.

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LyfeAccounting

MAY 13, 2021

In this post, we’re going to break down the capital gains tax on real estate transactions to help you understand and minimize any taxes you might owe. Of course, this is not legal advice and we are writing this post for informational purposes only. Alright, let’s talk about the capital gains tax.

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 0% Tax on Capital Gains.

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LyfeAccounting

DECEMBER 30, 2020

Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link. But it’s important that you first understand how taxes work. Contact us today!

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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. LYFE Accounting has everything you need for your business’ tax filings. If yes then great!

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