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 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

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Pooley Accounting Services

AUGUST 5, 2021

So, what do you REALLY need to keep for taxes, and how long do you need to keep it? . The purpose of keeping documents for taxes is to prove your income, expenses, etc. were what you claim on your tax return. Failure to provide documentation can cost you deductions or cause you to pay penalties or additional taxes. .

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MazumaBusinessAccounting

JANUARY 31, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle.

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xendoo

SEPTEMBER 10, 2021

Every small business owner should have access to an accountant. A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. Tax planning. Tax preparation.

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LyfeAccounting

JULY 20, 2021

Additionally, if you plan to have employees you will need an EIN number to file your payroll taxes. But the biggest reason you need an EIN is to file your business taxes. Instead, open a business bank account. You separate business and personal finances. You can simplify taxes. Estimated Taxes.

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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 a tax entity.

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LyfeAccounting

AUGUST 3, 2021

Some documents you would need to include in your forgiveness application are: Bank statements or third-party payroll service provider reports. Payroll tax filings. State quarterly business and individual employee wage reporting. Business rent payments. Business utility payments. Covered operating expenses.

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LyfeAccounting

JANUARY 20, 2021

If you did not receive round 1 of PPP loans or returned your loan, you are eligible to receive PPP for the first time if you meet the following conditions: Your businesses was in operation on February 15, 2020 and is currently operational. You had paid salaries and payroll taxes or paid independent contractors. 10 million.

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LyfeAccounting

NOVEMBER 2, 2020

In other words, we’re going to debate a 1099 vs W2 and which one may be best for your business. This is because selecting between these two options will determine your tax outcomes for both you and your employees. But that engagement can be renewed as many times as the businesses would like. retirement contributions.

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PYMNTS

AUGUST 23, 2019

We’re excited to help more businesses and their accountants finally take advantage of everything Xero and OnPay can do together.”. The partnering of OnPay and Xero allows agribusinesses and their accountants to sync financial information automatically and guarantee payroll taxes will be processed, filed and paid accurately. “We

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PYMNTS

MARCH 12, 2019

” It was the latter for Wave, which recently acquired small business account and debit card solutions provider Every. Holistic services offer the ability to gain visibility into cash flows and identify upcoming gaps, or to forecast which customers are likely to pay their invoices late, or notify when payroll taxes are due.

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LyfeAccounting

NOVEMBER 10, 2020

Accounting. Payroll Tax. So you can see, by setting and following a budget based on actual financial information from your business, you can increase profit. LYFE Accounting is here to help! The post How to Increase Profit in Your Business! appeared first on Small Business Accounting & Finance Blog.

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Accounting Seed

JULY 21, 2022

Even so, it’s better to take the time and keep your business finances separate. A separate bank account, separate credit card, and separate financial flows will simplify business expense tracking and taxes without worrying whether that minor repair bill was for work or the office. Tips for Good Accounting Workflows.

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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. What are Self-employment Taxes?

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Snyder

JANUARY 16, 2023

Accounting errors and mistakes in taxes. Clutch report states that 95% of small businesses are confident in the accuracy of their financial statements, and 30% of business owners also believe that they’re overpaying taxes. Want to brush up on basic accounting principles or small business accounting ?

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Snyder

JUNE 20, 2022

So for a small business owner, it’s vital to understand accounting so they can understand their business and also be able to communicate with banks and investors. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account.

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Legal vs Tax Entity. Self-Employment Tax.

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Steve Feinberg

OCTOBER 31, 2022

This isn’t because these businesses don’t understand how important bookkeeping is, but proper record keeping for budgeting, job costing, and tax filing takes time that a busy owner simply might not have. Bookkeeping’s greatest attribute for running a landscaping business comes down to proper budgeting. Track everything.

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LyfeAccounting

NOVEMBER 4, 2020

?. In today’s post, I’ll be going over everything you need to know about tax filings for your small business and how to stay out of trouble with the IRS. Similar to yourself as an individual, your small business has tax requirements that must be met in order to avoid unwanted penalties and interest from the IRS.

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LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. million dollars in PPP funding for the business Cars Direct and used fraudulent tax forms to support his application.

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Snyder

FEBRUARY 13, 2023

Many small business owners choose to initially manage their finances by themselves, sometimes with the help of only Excel spreadsheets. But as the business grows, so do the needs. Payroll tax, invoicing, and leger management are becoming more complex and begin to take much more time than initially anticipated.

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LyfeAccounting

JANUARY 25, 2021

I’ve been through it all, from trying to figure out how to do payroll for my very first employee, to figuring out how much I should pay my employees. I’ve paid thousands of dollars in payroll tax penalties. This meant that their wages were not taxed at all. Let me first describe the payroll process.

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LyfeAccounting

DECEMBER 28, 2020

Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes.

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