LyfeAccounting

APRIL 23, 2021

And what if we told you the business tax code was actually set up for you to do so? And by the way, for the tax year 2021, the IRS is projecting the standard mileage rate will be 56 cents per mille, so a slight reduction but still something to take advantage of. Actual Expense Vehicle Tax Deduction. Crazy right?

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Going Concern

OCTOBER 11, 2022

The lack of new entrants comes from two factors: first a nationwide decline in accounting students (none of whom get hired by small firms); and second because small firms charge too little for their services to be able to pay comparable salaries. September 12, 2021. Educate the media about small business.

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Education Account accounted accountant 104

MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. Small potatoes? New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds?

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. Small potatoes? New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds?

Tax 52

Tax payroll tax payroll income tax 52

LyfeAccounting

APRIL 27, 2021

Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides. As of 2021, you can contribute up to $58,000 in a Solo 401K account. For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account.

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xendoo

MARCH 18, 2021

Additionally, if you wait until tax time to get it together, it can end up giving you a real headache – hiring an accountant at the last minute with books full of errors could cost you more than you set aside in the first place. What does online accounting software do?

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accounting software online accounting Account accounted 52

LyfeAccounting

NOVEMBER 23, 2020

The IRS just released the new Income Tax Brackets and Standard Deductions for 2021. Each year the IRS adjusts more than 60 provisions to account for inflation… and tax ranges just so happens to be one of them. This means, right now is a good time to start tax planning for 2021 even though we are still in 2020.

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LyfeAccounting

DECEMBER 7, 2020

Well, on August 8, 2020, the President issued an executive order stating that the employee’s portion of Social Security tax could be deferred effective September 1, 2020, through December 31, 2020 for US workers earning less than $4,000 on a pretax biweekly basis, or about $104,000 annually. As a bonus let’s talk about compensation.

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payroll tax payroll Tax income tax 52