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17 10, 2017

What You Need to Know About the Possible Tax Reform

By | 2017-10-17T20:44:01+00:00 October 17th, 2017|Business Advice, Financial, For CPA's, Tax, The Tax GAB|0 Comments

The Republican members of Congress just released a proposal for their vision on tax reform. This is an issue we’ve been hearing about since Trump’s campaign, and  many of us may be wondering what it means this time around. Some issues have been addressed with more specificity than before, but some issues are still lacking [...]

19 04, 2017

Tax Implications of Crowdfunding

By | 2017-04-19T13:30:28+00:00 April 19th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Tax Implications of Crowdfunding

Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of [...]

7 04, 2017

Don’t Overlook Tax Deductions for Home Ownership

By | 2017-04-07T12:59:15+00:00 April 7th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Don’t Overlook Tax Deductions for Home Ownership

Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a home, including the potential for capital appreciation and the fact that many of the costs are tax deductible, while rent is [...]

7 04, 2017

Estimated Tax Payments Are Not Just for the Self-Employed

By | 2017-04-07T12:51:38+00:00 April 7th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Estimated Tax Payments Are Not Just for the Self-Employed

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making quarterly estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes on a quarterly basis [...]

2 12, 2016

Increasing Minimum Wage: What you need to know!

By | 2016-12-02T12:29:30+00:00 December 2nd, 2016|Blog, Financial, Monthly GAB, Small Business GAB, Tax, The Tax GAB|Comments Off on Increasing Minimum Wage: What you need to know!

Whew! Elections are over. Now here is some of the fallout for employers: As you may already know Arizona voters passed Proposition 206 for an increase to minimum wage from $8.05 to $10 starting January 1st, 2017. Here are a few more details on the changes below. Increase the minimum wage to $10 in 2017, [...]

2 11, 2016

So You Want to Deduct Your Work Clothes?

By | 2016-11-02T12:42:16+00:00 November 2nd, 2016|Blog, Monthly GAB, new business owner, Small Business GAB, The Tax GAB|Comments Off on So You Want to Deduct Your Work Clothes?

A frequent question that arises is: Can I deduct the cost of my work clothing on my tax return? The answer to that question is “maybe.” The IRS provides the following guidelines for when expenses for work clothes are deductible: 1) They are worn as a condition of employment, AND 2) The clothing is not [...]

2 11, 2016

Who Claims the Kids? You or Your Ex-Spouse?

By | 2016-11-02T12:32:02+00:00 November 2nd, 2016|Blog, Financial, Monthly GAB, Tax, The Tax GAB|Comments Off on Who Claims the Kids? You or Your Ex-Spouse?

If you are a divorced or separated parent with children, a commonly encountered but often-misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At issue [...]

7 09, 2016

Where did your Federal income tax dollars go in 2015?

By | 2016-09-07T15:49:15+00:00 September 7th, 2016|Blog, Business Advice, Financial, Monthly GAB, new business owner, Tax, The Tax GAB, time and money savers|1 Comment

Where did your Federal income tax dollars go in 2015? The National Priorities Project recently broke down the United States $4.2 trillion dollar Federal budget detailing where your tax dollars were allocated. The majority of your Federal income tax dollars go to health programs, defense and interest on the national debt. In 2015, the average [...]

7 03, 2016

March 2016 Tax Due Dates

By | 2016-03-07T19:23:19+00:00 March 7th, 2016|Blog, Monthly GAB, The Tax GAB|Comments Off on March 2016 Tax Due Dates

March 2016 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA [...]

4 02, 2016

Household Help: Employee or Contractor?

By | 2016-02-04T11:18:55+00:00 February 4th, 2016|Blog, Monthly GAB, The Tax GAB|Comments Off on Household Help: Employee or Contractor?

Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that individual is a household employee. Whether a household worker is considered an [...]