Legendary Accounting Services, LLC

02/23/2025

Important updates to the minimum wage and PTO laws!

We knew it was coming but there was a lot of uncertainty as to exactly what the details would be. Politicians in Lansing reached a compromise and the details are now finalized. Here’s what you need to know:

ℹ️ Minimum Wage Increase

Now: $12.48/hr (effective immediately)

2026: $13.73/hr → 2027: $15.00/hr

ℹ️ Tipped Workers Minimum Wage

Now: $4.74/hr (38% of standard wage)

Upcoming: Gradual increases until reaching 50% of standard wage by 2031

ℹ️ Paid Sick Leave Expansion

Pushed back to October 1, 2025

Small businesses (≤10 employees) → Up to 40 hours of paid sick leave

Businesses with 10+ employees → Up to 72 hours of paid sick leave

These new policies affect every employer in the state of Michigan so if you need help sorting out the details, contact us today!

02/03/2025

Tip of the Week!

Investing in Yourself is Tax Deductible!

Courses, conferences, certifications, and even industry-related books—if they help you grow in your profession, they’re likely deductible! 🎓📚
Learning new skills or staying up-to-date in your industry benefits your business and could save you at tax time.
What’s the most valuable class or workshop you’ve attended? We’d love to hear about it!
Don't forget, the best way to ensure that you are claiming every deductible expense is accurate bookkeeping all year long!

01/27/2025

📅🍫 It's National Chocolate Cake Day! 🎂🎉

Who doesn't love a rich, chocolate cake?! Did you know? The first chocolate cake recipe was published way back in 1847! 🍰✨

Just like a good chocolate cake, your business finances deserve the perfect balance of all the right ingredients. At Legendary Accounting Services, we make sure your books are as smooth as the frosting on your favorite dessert!

👉 Call or message today for a FREE books review and let us take the stress out of bookkeeping—because you deserve to have your cake and eat it too!

📞 (269) 512-0425

Bookkeeping covers a wide variety of services that we will customize to fit the needs of your business. From bank reconciliation to monthly financial statements, payroll, payroll/sales tax and much more. Take a look at our List of Services or Call Now to find what works best for your business

01/27/2025

Tip of the Week!

Business Meals—What’s Deductible?

Did you know you can write off 50% of the cost of meals when discussing business with clients, partners, or employees? 🍽️ To qualify, the meal must be directly related to your business, and you’ll want to keep receipts with notes on who attended and the purpose of the meal.
Bonus: There were a lot of temporary deductions granted to encourage small businesses when the nation shut down, most of these have expired! It is important to stay updated on annual changes.

As always, ensuring you get the most tax deductions and credits possible starts with accurate bookkeeping all year long!

01/24/2025

🚨 Reminder: 1099 Forms Are Due In Just 1 Week! 🚨

It’s that time of year to send out your 1099 forms! 🗓️
The deadline is January 31st, so let’s make sure you’re prepared.

Here’s a quick guide:

📄 Who should get a 1099-NEC?
Anyone you paid $600 or more during the year for services (not goods) who is not your employee.
Example: Independent contractors, freelancers, or subcontractors.

📄 Who should get a 1099-MISC?
If you paid $600 or more in rent, prizes, awards, or other income types.
Example: Rent for office space or payments to an attorney (for legal services exceeding $600).

📄 Who does NOT need a 1099?
Corporations (with some exceptions like attorney payments).
Payments made by credit card or third-party services like PayPal (those are reported by the payment processor).

Still unsure who should receive a 1099 or how to file? We’re here to help! Reach out to Legendary Accounting Services to ensure you’re compliant and on time. Let’s get those 1099s squared away! 💼✍️

01/24/2025

Happy National Pie Day! 🥧

Not to be confused with Pi Day, this day is all about the delicious kind of pie—apple, pumpkin, pecan, or even pizza! But hey, if you accidentally celebrated with a calculator instead of a fork, we’ll call that a well-rounded effort. 😄

Today’s the perfect excuse to grab a slice (or two) of your favorite pie. Let’s settle the debate: sweet or savory—what’s the best kind of pie? Let us know in the comments!

Just remember, there’s no math required to enjoy this holiday. 😉

01/22/2025

Stay warm out there!❄ A few things to remember:

✅ Bundle Up! Even indoors, wear warm socks and long sleeves. After all, we were begging for hoodie season!

✅ Check your furnace filters! A clean filter results in a more efficient piece of equipment and better result.

✅ Seal drafts that allow the cold air into your home. Plastic over your windows is great, an alternative could be a blanket covering the window.

❌ NEVER leave your space heater unattended. It can happen in the blink of an eye, lets stay safe this winter.

As always, please check on your neighbors!

01/20/2025

Tip of the Week!

Driving for Business? Keep Those Mileage Logs!

Do you drive your personal vehicle for business purposes? 🚗 Whether it’s meeting clients, running errands for your business, or delivering goods, those miles could be deductible!

You can choose between the standard mileage rate or actual expenses (like gas, maintenance, and insurance).

Pro Tip: Use a mileage tracker app to make record-keeping a breeze!

What’s the most surprising expense you’ve deducted? Share below!

01/16/2025

Happy National Spend Your Gift Card Day! 💳

💡 Did you know? Around 47% of Americans have at least one unused gift card, voucher, or store credit lying around, amounting to over $23 billion in unspent value nationwide!

So, if you’ve got a gift card tucked away, today’s the perfect day to spend it! Every dollar counts, especially when it’s already in your pocket.

01/13/2025

Tip of the Week!

What exactly can you write off on your taxes? Over the next few weeks, we'll be sharing tips to help small business owners like you maximize your deductions and keep more of your hard-earned money.

This weeks tip: the home office deduction!

If you work from home, you might qualify for the home office deduction! 🏠💼

What counts? A portion of your rent or mortgage, utilities, and even internet costs if you have a dedicated space exclusively for your business.

Pro Tip: Keep good records and measure your workspace to calculate the deduction accurately.

Not sure if you qualify? Let us know—we’re here to help!