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. Huge Tax Advantages for Accredited Investors. Now let’s talk about the tax advantage for accredited investors.

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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

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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LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? Now unless you’re an accountant reading this then we know you didn’t go to school to learn taxes and you probably don’t spend your weekends binge reading the tax code. Your tax deduction would be about $17,250.

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LyfeAccounting

JUNE 15, 2021

So what is the #1 tax write-off for real estate investors? No, it’s not repairs, maintenance, or real estate taxes. The number 1 tax write-off for real estate investors is…. Real estate is one of the most tax-advantaged investment vehicles. So what is it?

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LyfeAccounting

JULY 19, 2021

Now whether you are an aspiring real estate investor or a current real estate investor, you may want an LLC for various different reasons like having a tenant that’s a little “sketchy?”. We love real estate investing because it gives you some major tax benefits such as depreciation and tax-free passive income. .

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LyfeAccounting

APRIL 30, 2021

All to save you the most on your taxes. In either case, you want to make sure you’re aware of the tax write offs (OR deductions) you can take to minimize your taxes or even maximize your tax refund. Top 5 Tax Write Offs for New LLCs. This would give you a business percentage use of your home. Are you ready?

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Snyder

NOVEMBER 17, 2022

No one can be an expert in all those areas, that’s why finding a helpful blog for accountants is such a great idea. We’ve compiled some great examples of accounting blogs to help you stay up to date on breaking news, the latest accounting software, cloud accounting, taxes, finance trends and so much more.

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LyfeAccounting

JULY 23, 2021

This is the number one way real estate investors accumulate wealth and that is the 1031 exchange. The 1031 exchange specifically comes from Section 1031 in the Internal Revenue Code, and it allows real estate investors to defer paying taxes on real estate gains. What is a 1031 Exchange.

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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. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link.

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LyfeAccounting

JULY 30, 2021

In today’s post, we’re going to settle the great debate once and for all – and that is the answer to one question: Which is the better investment – stocks vs real estate? It’s no secret that real estate investing has created 90% of the world’s millionaires. Which is Better- Stocks vs. Real Estate Investing?

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LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. And the capital gains tax on real estate works a lot differently than other forms of taxes.

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LyfeAccounting

JUNE 9, 2021

So you decided to move forward with your business idea…. Whether that’s selling products online, being a consultant, investing in real estate, or being a 1099 contractor. That way, you have limited liability in case someone decides to sue your business. Our expert accounting consultants will be happy to help!

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Accounting Seed

JULY 21, 2022

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. Growing pains like these can make it hard to maintain good startup accounting workflows. Small Business Accounting Tips.

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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

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. Now, this post is focused purely on real estate. So we assume that you are either : A current real estate investor, or. You are considering becoming a real estate investor. So we personally love real estate.

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LyfeAccounting

MAY 5, 2021

Now there’s been a lot of talk from the President about raising the capital gain tax rate from 20% to 39.4%. And it’s suggested that the proposed rate would be one of the highest capital gains tax hikes we’ve seen in the last 100 years. Now, most people know about capital gains tax from the real estate they own.

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LyfeAccounting

AUGUST 10, 2021

Look, taxes are the single greatest expense that most people will pay over the course of their lives. It’s taxes. . Believe it or not, taxes are evading almost every single part of your life. You pay taxes on your income, on your purchases, the property you own, and so much more. The Tax Code is Not Your Enemy.

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LyfeAccounting

OCTOBER 26, 2020

By the end of this post, you will understand the House Sales Tax! Whatever the reason is when selling your house, one thing you want to take into consideration is your potential house sales tax liability. Now understanding and navigating your way around taxes can be a daunting task if you are not a CPA or Uncle Sam himself.

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LyfeAccounting

JUNE 21, 2021

And eventually, tax time will come. So in this post, we’ll give you the top write-offs for Turo rental car company, so you can leverage the tax system on your way to growing your new business. 7 Tax Write-offs for Turo Rental Company. So there you have it, our top 7 tax write-offs for Turo rental car company.

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? 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. 12 Best Tax Breaks To Help You Save Money. 0% Tax on Capital Gains.

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LyfeAccounting

JULY 15, 2021

In general, real estate appreciates in value over time. And if you choose to sell your home at that point, you would not have to pay any capital gains tax on the sale, up to $500,000 for married couples. There are tax incentives for homeownership. You’re also able to deduct what you paid in property taxes as well.

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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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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like.

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