When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited to the amount that exceeds 7.5% of a taxpayer’s adjusted gross income (AGI). With passage of the Affordable Care Act, commonly referred to as Obamacare, [...]
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 [...]
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 [...]
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 [...]
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 [...]
Five-Year Anniversary of Healthcare Reform: It has been five years since the Patient Protection and Affordable Care Act (the ACA) was signed into law. Healthcare reform has certainly been controversial, but this controversy does not absolve some businesses of certain responsibilities when it comes to offering minimum essential healthcare coverage to their employees. [...]
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 [...]
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 [...]