From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or [...]
The wonderful life of self-employment includes many things including autonomy, ability to earn as much money as you want, self-sufficiency and the feeling of accomplishment that comes with creating something. I have owned my own firm for 12 years and every year there is a new challenge. In the first years it was how [...]
Hiring a CPA is a big step in a company growth plan and should be taken pretty seriously. Just like you interview employees or check out other potential vendors, a CPA should be vetted to match your specific needs. A couple months ago I was taken through multiple steps which was not the norm. [...]
As usual Congress has waited until the 9th hour to announce tax provisions that were extended into 2015 or made permanent. This is basically par for the course and is done every single year. Take a look at this long list of provisions that are pretty important to most taxpayers. INDIVIDUAL PROVISIONS: Child Credit [...]
As usual Congress has waited until the 9th hour to announce tax provisions that were extended into 2015 or made permanent. This is basically par for the course and is done every single year. Take a look at this long list of provisions that are pretty important to most small business taxpayers. BUSINESS PROVISIONS: [...]
Let's talk about a CPA or Certified Public Accountant in a nutshell. Well actually there is no such thing as a CPA in a nutshell. We are a profession that is fairly old and that means there are a bunch of different types of CPA’s. Just like lawyers, there are specialists in their field and industries [...]
If you are looking for last minute tax credits for Arizona state taxes you will be glad to see these! Take a quick look before December 31st BUT its not too late if you wait until April 15th! 1. Qualifying Charitable Organizations Maximum Credit: $400 for a married couple filing jointly Contribution Deadline: December 31 List [...]
The magic word is “please”. That is what we are taught growing up. My parents at a very young age always reminded me to say please and thank you as that was the polite way of expressing gratitude and appreciation. Now, my oldest daughter reminds me of my rude and bossy language and adds [...]
If you are one of the many individuals or families who purchase their health insurance through the federal or a state government health insurance marketplace and are receiving an advance premium tax credit (subsidy of premium available to those with low to moderate income) to help you pay the cost of that insurance, you should [...]
More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax [...]