Discover why meticulous bookkeeping is not just a necessity but a cornerstone for the sustained success of your business. In our latest post, "Why Accurate Bookkeeping is Crucial for Your Business's Long-term Success," we delve into how keeping precise financial records can safeguard your business against unforeseen financial pitfalls and enhance strategic planning. Learn the key benefits of maintaining up-to-date books and how Logica Accounting Services can help streamline this critical process for your business. This insight is essential for anyone aiming to secure a prosperous future in today's competitive market.
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Why Accurate Bookkeeping is Crucial for Your Business's Long-term Success
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Common Accounting Mistakes And How To Avoid Them
Are you tired of struggling with your business finances? One of the most critical aspects of managing your business’s financial health is accounting. Unfortunately, accounting mistakes are all too common, and they can lead to serious consequences, including financial losses, legal issues, and even business failure. But don’t worry, we’ve got you covered! Logica Accounting Services has compiled a list of five crucial points to help you avoid common accounting mistakes and ensure your financial success.
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Navigating IRA Contributions for Tax Minimization: Key Reminders for Californians
As Californians rise from the aftermath of the floods, a silver lining emerges in the form of extended Individual Retirement Account (IRA) contribution deadlines. This unique opportunity not only allows Californians to bolster their retirement savings but also serves as an excellent strategy for tax minimization. At Logica Accounting Services, we are here to guide you through these adjustments and help you maximize your financial well-being.
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Unpacking the Emergency Tax Relief Act: A Lifeline for Californians Post-Disaster
In the wake of the devastating winter storms and subsequent floods that hit California earlier this year, the Federal and State governments have stepped in to provide some much-needed respite to the affected residents. The introduction of the Emergency Tax Relief Act extends the tax filing deadline, offering Californians additional time to organize their finances amid the recovery period. Logica Accounting Services has pieced together a guide to help you understand the nuances of this Act and its implications for you or your business.
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The Benefits Of Outsourcing Your Accounting Services For Your Small Business
As a small business owner, you have a never-ending to-do list. From managing your employees to meeting with clients, your day is jam-packed with tasks that require your attention. But there’s one crucial aspect of running a business that you shouldn’t neglect: accounting. As much as you might want to handle everything yourself, outsourcing your accounting services can be a game-changer for your business. So to explain the benefits of outsourcing your accounting services for your small business in detail, Logica Accounting Services has prepared a list of five points.
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Beware Of California’s Gig-Worker Law (AB5)
Business owners in California should be aware that California Law (AB5) has changed how employers determine whether a worker is an employee or an independent contractor. However, this Law only applies to California workers, regardless of where the employer is based. In contrast, it does not apply to workers outside of California, even if the employer is based in California.
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Business travel expenses: what counts and what don't: TAX Deductible VS Non-Deductible Items
As a freelancer, small business owner, or independent contractor, you may have a tendency to travel long distances for meetings or other business-related trips. Luckily for you, many business trips are easily tax deductible, though there are rules and regulations involved, of course. The IRS states that, for a trip to be travel expense deductible, it must be business related, common in your industry, and at least 100 miles away from the city in which you usually file your taxes. With that noted, there’s also rules on what could be considered a business expense under these circumstances.
As experts in the field, we at Logica Accounting Services want to help you understand what can and what can’t be deducted as business travel expense.
As for expenses you can write off, there’s no shortage of things to mention. The rule of thumb to go by is, if it’s necessary for you to get your job done, it probably counts as a business expense. Big or small, there’s a lot of bills that come with the territory for traveling for work. Here’s a few to keep in mind:
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When Will I Get My Tax Refund? How to Check the Status of Your IRS Payment
Original Article Source Credits: cnet, https://www.cnet.com
Article Written By: Katie Teague
Original Article Posted on: March 3, 2022
Link to Original Article: https://www.cnet.com/personal-finance/taxes/when-will-my-tax-refund-arrive-check-the-status-of-your-irs-money
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Changes to the earned income tax credit for the 2022 filing season
Original Article Source Credits: IRS, https://www.irs.gov
Article Written By: NA
Original Article Posted on: February 28, 2022
Link to Original Article: https://www.irs.gov/newsroom/changes-to-the-earned-income-tax-credit-for-the-2022-filing-season
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8 Smart Ways to Invest Your Tax Refund
Original Article Source Credits: the balance, https://www.thebalance.com
Article Written By: Jean Chatzky
Original Article Posted on: February 11, 2022
Link to Original Article: https://www.thebalance.com/smart-tax-refund-investments-4134434
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Interest rates increase for the second quarter of 2022
Original Article Source Credits: IRS, https://www.irs.gov
Article Written By: NA
Original Article Posted on: February 23, 2022
Link to Original Article: https://www.irs.gov/newsroom/interest-rates-increase-for-the-second-quarter-of-2022
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IRS Is Now Watching Side Gig Activities
Starting in 2022, the IRS will track people’s side hustle activities on transactions totaling $600 or more and/or 200 transactions. In prior years the reporting threshold was $20,000 and 200 transactions. It’s a significant threshold reduction that will affect many small business owners.
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COVID-19, What’s Next?
With the number of changes taking place through the pandemic, especially when it comes to accounting, many people and companies needed assistance with their accounts. Companies were changing their processes and handling virtual meetings, while remote working was becoming the norm.
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Logica Accounting Services Welcomes George G
Logica Accounting Services is pleased to welcome aboard Mr. George G.
George holds the position as an audit manager at one of the big five accounting firms in the USA.
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Announcing The New Website
We are delighted to announce the launch of our new website!
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New Website Under Construction
New Website Coming Soon!
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