LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. 9 Reasons Why Your Tax Refund is Delayed.

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LyfeAccounting

APRIL 27, 2021

We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? What Tax Refunds Are Not Good?

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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

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Keep reading to learn more about the child tax credit portal update! These people can now use the online tool to register for monthly child tax credit payments. Child Tax Credit Portal Update.

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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

JULY 16, 2021

We know a lot of you are waiting on tax refunds, stimulus checks, and even child tax credit payments. And this is related to the millions of people who were wrongfully taxed last year on their unemployment compensation. Unemployment Tax Refund Recap. So, it is not too late to correct this information on your return.

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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

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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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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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

MARCH 10, 2021

CPA accounting services most commonly include compilations, reviews, audits of financial information, and certain tax services. Compilations are basically financial statements that are prepared by an outside accountant. Tax Services . And if you want the best tax advisor for your business, hire a CPA.

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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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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

FEBRUARY 19, 2021

We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business. The single member LLC is a separate business entity from its owner.

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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 a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Not every letter means you owe more taxes. IRS Letter Type #1.

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xendoo

MAY 9, 2021

Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp to gain additional tax benefits that you’ve earned! LLC owners must pay self-employment taxes for all income. Tax-preferred retirement savings .

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LyfeAccounting

NOVEMBER 13, 2020

At LYFE Accounting, we’ve helped companies with their bookkeeping and accounting processes. We’ve helped companies with preparing their financial statements. And we’ve helped companies save a lot of money with tax preparations. So if you’re in a business, then understanding your financials are really important.

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LyfeAccounting

JUNE 4, 2021

If you pay yourself too much, you might risk putting your business in a bad financial situation. If you pay yourself too little, you might be overwhelmed by all of the taxes you owe as an LLC. And speaking of taxes, how exactly does that work when you pay yourself? How Taxes Work for LLC Pay. So let’s begin!

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LyfeAccounting

OCTOBER 18, 2020

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. This includes planning for strategic purposes and tax planning as mentioned previously.

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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 3, 2021

Tax credits vs tax deductions: What is the difference? Now, of course, no one really wants to pay more than their fair share of taxes. And understanding the difference between tax deductions and tax credits can give you more confidence that you are not paying too much in taxes. What is a Tax Credit?

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LyfeAccounting

MAY 24, 2021

So monthly payments through the new federal enhanced child tax credit will start on July 15, 2021. This child tax credit will go to close to 40 million households, or roughly 90% of children in the United States, according to the IRS. What Is The Monthly Child Tax Credit All About? Now, these are tax credits.

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LyfeAccounting

JUNE 11, 2021

New IRS Unemployment Tax Refund Update. If you, or anyone you know, paid any taxes on unemployment last year, read on because we have some very important news for you. It is regarding 2020 tax refunds and those who paid taxes on their unemployment compensation last year. MILLION taxpayers are getting tax refunds.

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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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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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xendoo

MARCH 18, 2021

A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. And cost can definitely feel like a huge barrier here – it can be hard for a small business to afford to hire an accountant. Or the interest!?) .

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LyfeAccounting

APRIL 8, 2021

In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. reasonable startup expenses for your type of business. Claiming 100% Business Use of Your Car. of all individual tax returns.

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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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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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MazumaBusinessAccounting

AUGUST 12, 2021

When it comes to your business taxes, filing is quick and easy. You can file your business taxes with your personal taxes using a Schedule C form. In addition, you can deduct expenses and losses from your business against any other income you might earn, which will lower your tax bill overall.

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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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