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Are you a business owner or self-employed individual? Or a small business owner? It is important to make sure you pay your estimated taxes in order to avoid any unforeseen tax bills or even a penalty for your file the following year. Letting your tax bills pile up leaves unpleasant surprises for the end of the year and we want to make sure that doesn’t happen to you. Keep in mind that estimated taxes are due January 15, 2022. Take a Look! Here’s What You Need to Know for Estimated Tax Payments It’s necessary for taxpayers to make estimated tax

Let’s start off your new year with success! We’ve created a checklist to help you prepare for 2022 with ease! Here’s your chance to get organized and make your financial planning more efficient. Good news, if you are a current Logistis member, most of the items on the checklist are taken care of for you so go enjoy your holiday and leave the rest to us.   2021 End of the Year Checklist Make sure to finalize all 2021 financial statements. Gather documentation and check 2021 tax deadlines. Before January 31, submit Form 1099 to contractors. If your business is

Bye, bye lockdown. Hello, travel! Looking to add travel back on the books for 2021 and 2022? Did you know that days spent traveling could effectively be treated as business days? This means that if you take your time arriving at your business destination or have to be on your business trip for a couple extra days, the days spent sightseeing could count as a part of the entire trip. The number of business versus personal days is critical but the scales can tip in your favor. According to this article by CPA Practice Advisor, you must prove that your

Your income can now be updated with the new feature of the Child Tax Credit Update Portal. These changes should be made by November 29, 2021 so that these updates are reviewed in the December payment. Once this has been updated, the payment will be adjusted to verify everyone that they receive the total advance payment of the year. For a married couple, the income update will be applied to each spouse which can influence both of their future monthly advance payments for the child tax credit.  This feature can assist families with obtaining the accurate amount of advance child

Latest Update With Child Tax Credit  Families now have the opportunity to obtain their Child Tax Credit payment every month by updating their bank account information. This can only be completed through IRS.gov. Online updates can be implemented and people will receive either a direct deposit or check depending on their bank account status. These payments can vary depending on the age of your child. It could go up to $300 per child every month from July to December, which can end up being more than you expect. A few more changes have been made like the increase of credit

Just because you don’t pay sales tax doesn’t mean that you aren’t responsible for paying it.  Let’s Define “Use Tax” Use tax is when you don’t pay tax on goods, but the state you live in requires that you pay sales tax on all goods. It is required to pay sales tax on all goods if you live in a place where sales tax is mandatory. It is still required even if a vendor doesn’t charge it. State income tax return is the most efficient way to pay and report use tax.  The California’s sales tax agency states, “if sales