LyfeAccounting

FEBRUARY 14, 2021

What Can a CPA Do That Your Bookkeeper or Tax Preparer Cannot? Your tax preparer cannot represent you in court on a tax matter , a CPA can. Your accountant or bookkeeper cannot provide assurance, or in other words, certify that your financial statements are accurate and complete.

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xendoo

MARCH 18, 2021

They can answer your questions about financial reports, cash flow, depreciation, and other accounting processes and identify opportunities to improve profit margin and business growth. Certified Public Accounts can be the financial strategist for Fortune 500 companies or advisors to neighborhood businesses.

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xendoo

MAY 9, 2021

Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC ? Now your small business has grown up thanks to your hard work and dedication. Since determining the status of your business is important to its success and potential, we’ll break it down for you.

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LyfeAccounting

JUNE 9, 2021

Our goal for today’s post is to explain the cryptocurrency tax loophole in an easy-to-understand manner, so you can benefit from it. A quick disclaimer that this is not financial or legal advice, and you should consult with your personal CPA or lawyer regarding your specific situation. Let’s dive in. Quick Cryptocurrency Story.

Tax 59

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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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LyfeAccounting

OCTOBER 21, 2020

Let’s go ahead and look at some categories that are 100% tax deductible (meaning they deduct from your revenue, dollar for dollar). Tax Deductible Categories. When you’re starting and operating your business, you’re likely going to need some help. You may need some: legal advice. an accountant.

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LyfeAccounting

JUNE 18, 2021

So if you’re a business taxpayer and your business is due to a refund, don’t expect an additional interest payment from the IRS. Interest is paid at the legally prescribed rate and is adjusted quarterly. Thoroughly vet your tax preparer before giving them your personal information.

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LyfeAccounting

MAY 13, 2021

In this post, we’re going to break down the capital gains tax on real estate transactions to help you understand and minimize any taxes you might owe. Of course, this is not legal advice and we are writing this post for informational purposes only. Alright, let’s talk about the capital gains tax.

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LyfeAccounting

JANUARY 14, 2021

What happens if you don’t pay your quarterly tax payments. For guidance or advice specific to your situation, you should consult with your tax or legal counsel. What are Estimated Quarterly Tax Payments? Now if you’re considering outsourcing your tax planning or tax preparation needs, you’re in the right place!

Tax 52

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LyfeAccounting

MAY 27, 2021

This means that a sole proprietorship or general partnership can’t have a separate business credit history from their personal credit history. By incorporating a business or forming an LLC, you create a business that is legally separate from the owner. Read this post to learn more about how to incorporate a business.

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LyfeAccounting

APRIL 8, 2021

Note that this post is for educational purposes and you should contact your attorney or legal professional for specific advice for your situation. And if you want to ensure your taxes are being prepared and filed accurately, you can reach out to one of our tax consultants. And, the IRS loves catching them.

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LyfeAccounting

APRIL 28, 2021

So, the vehicle tax deduction can allow you to purchase your dream car, basically for free. Of course, you have to go about this in a very smart and legal way to successfully pull this off. And if want real savings from your taxes, our tax planning , and tax preparation services is just what you need.

Tax 52

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! 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. 0% Tax on Capital Gains.

Tax 52

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LyfeAccounting

MAY 18, 2021

So if it’s been 3 years, you’ll have to pay the fees associated with all 3 years to be in good standing and legal to operate. Tax Mistake #7: Failing to be taxed as an S-Corporation. We actually have a post covering the ins and outs of S-Corporation taxes so be sure to check it out when you get a chance.

Tax 52

Tax tax return accounting and finance Real Estate 52

LyfeAccounting

FEBRUARY 9, 2021

You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. We hope this post will help you determine if an S-Corporation is the right fit for your business, and so you can take advantage of the tax benefits of S-Corps. Ready to talk S-Corps?

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LyfeAccounting

NOVEMBER 4, 2020

Sole proprietorship small business tax filings are actually the same as single-member LLCs. The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. LYFE Accounting has everything you need for your business’ tax filings.

business tax 52

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LyfeAccounting

OCTOBER 18, 2020

A budget creates a financial roadmap for your business. 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. It’s a Requirement Under Law. There you have it.

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LyfeAccounting

DECEMBER 30, 2020

Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. Now we just wrote a post about the new tax brackets going into 2021, which you can read in this link. But it’s important that you first understand how taxes work. Contact us today!

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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 the most experience in preparing tax forms and can also advise you on what should or should not go on your return. Or, contact us today to talk to one of our tax experts!

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LyfeAccounting

MARCH 10, 2021

You see, the IRS will send you several letters telling you about the owed amount, tax penalties, and tax interest. And if you ignore them, the IRS could determine that you are evading taxes or committing tax fraud, which could put you on the hook for legal fines. And even jail time. Request a Penalty Waiver.

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LyfeAccounting

OCTOBER 28, 2020

This strategy is actually called tax loss harvesting – completely legal and legit. You basically, sell losing stocks, get the tax break, and then buy back the stock after 30 days at the lower losing price. The post 5 Year End Tax Tips for 2020 and Beyond! Especially if you think they won’t come back up.

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LyfeAccounting

DECEMBER 7, 2020

My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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