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.

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.

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.

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:

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

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.

Original Article Source Credits: IRS, https://www.irs.gov

Article Written By: NA 

Original Article Posted on: February 9, 2022

Link to Original Article: https://www.irs.gov/newsroom/irs-reminds-taxpayers-their-social-security-benefits-may-be-taxable

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