LyfeAccounting

JUNE 2, 2021

. …you can amend to claim a refund within three years from the date they timely filed their original tax return or within two years from the date they pay the tax, whichever is later. Steps to Take When Filing Amended Tax Return. Step 1: Gather Necessary Documents. To amend your taxes you will need Form 1040-X.

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LyfeAccounting

MAY 27, 2021

And also, attaching documentation that supports your claim, and mailing it to the address on the letter. Don’t bring up 2020 tax concerns when 2019 is the tax year in question. Provide the supporting documentation for just the items being audited. Or, contact us today to talk to one of our tax experts!

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LyfeAccounting

MAY 18, 2021

per quarter as your quarterly estimated tax payment. Tax Mistake #3: Not reporting all of your income. When you receive any kind of tax document, like a 1099 or even a w-2, that same form has already been filed with the IRS. LYFE Accounting has the best solutions for every financial needs.

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LyfeAccounting

JULY 3, 2021

You have tax exemption status. Of course, from our tax planning perspective, the biggest benefit is having tax exemption status once you incorporate your 501(c)(3). This basically means the corporation or the 501(c)(3) nonprofit organization does not have to pay taxes. Select officers and directors.

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LyfeAccounting

JULY 28, 2021

And we mean why not involve your kids in your business, show them the ropes, and teach entrepreneurship? All while saving thousands of dollars on taxes. We actually recommend this a lot to our clients as a strategy when they work with our tax planning services. But there are rules and a proper way to do it.

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LyfeAccounting

FEBRUARY 19, 2021

Serving as an additional document to show potential lenders regarding the organization of your business. Particularly for manager-managed SMLLCs, specifying who will take over management of the business in the event the owner becomes incapacitated or dies. Get in touch with us today!

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CPA Practice

SEPTEMBER 6, 2023

From the advent of first-to-market generative AI systems like ChatGPT, to highly specialized, accounting-focused systems, proponents of AI are fervent in their belief that the technologies will dramatically improve client services, firm management, small business accounting and many other areas of operations.

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MyIRSRelief

NOVEMBER 19, 2021

This document from the Center on Budget and Policy Priorities contains detailed examples as well as answers to commonly asked questions. The most important thing to remember about the premium tax credit is that it’s refundable, meaning you can claim it even if you don’t owe any taxes.

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LyfeAccounting

FEBRUARY 24, 2021

When doing so, be sure the rental rate your offer your business is actually reasonable. You will want to keep documentation of both your rental rate and meeting minutes as evidence. If you need help with your tax preparation , tax planning , or want to talk to a tax professional , we’re just a call away!

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LyfeAccounting

AUGUST 10, 2021

In that event, you want to be able to confidently explain to the IRS how the expenses you claimed as deductions were used to benefit your business. As long as that is in accordance with the tax law, then you shouldn’t have anything to worry about. Step 3: Make sure you document everything.

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