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 [...]
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: [...]
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 [...]
If the IRS kept all or a portion of the federal refund you were expecting, it may be because you owe money for certain delinquent debts. If that is true, the IRS or the Department of Treasury's Bureau of the Fiscal Service (BFS), which issues IRS tax refunds, can offset or reduce your federal tax [...]
Have payroll income or be self-employed. There are a multitude of possible combinations. If so, the IRS withholding calculator is not suitable for your needs, and you will probably need professional assistance in determining a combination of estimated taxes and payroll withholding You Probably Need to Adjust Your W-4 One more thing about [...]
I find it interesting to learn about what our nation’s top leaders are proposing in regards to taxes. Many policies of the federal government are put into place to encourage people towards a particular social agenda. For example, child credits where working families with children qualify for a $1,000 tax credit (have children please and [...]
Just like you go to the doctor and the dentist regularly for a checkup, it’s also a good idea to give yourself a regular financial checkup. While you still might have 15+ years until retirement, you're not a kid anymore either. It's probably time to take a hard look at your financial situation and make [...]
The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 [...]
There are changes that are taking place at the beginning of the year that may affect your business if you're in Arizona. Today we attended a webinar on the changes affecting sales taxes and licensing in the State of Arizona. Retailers and Contractors who collect/charge sales taxes will be affected. Here are the highlights: Everyone [...]
Business progression is something that I have to very quickly access when getting to know a potential customer. From my experience I can quickly identify the stage that someone is in with just a few questions. This is more of an art than a science, after all we are all unique individuals. Each stage requires [...]