1099's have proven to be a point of confusion for many clients, so we’ve compiled a list of all the people you need to send a 1099 as a point of reference. Feel free to use this blog as a reference as your prepare to send these out in just a few short months. [...]
Military service members take many sacrifices and have special obligations in order to serve their country; naturally, their taxes are affected. There are a number of special tax breaks they are entitled to and this post will be to inform our service members of what exactly they entail. Residence or Domicile: Because there are times [...]
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 [...]
If you've ever wondered, why am I paying so much in taxes? perhaps you've picked the wrong entity type or business structure for your business. Small business owners frequently make mistakes in this area that cost them a lot of money at tax time. The best structure for a particular business can vary based on [...]
When you were a kid, you imagined becoming an entrepreneur — a dream that turned into reality a few years ago when you started your first small business and began enjoying the freedom of being your own boss. But, since then, your profits haven’t grown at the rate you’d hoped they would. If you can [...]
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, [...]
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, [...]
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 [...]
If you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately it is a little more complicated than that. Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs [...]
2014 marks the year when we really had to worry about the tax implications of this law. No matter your political opinions this is now an issue that affects millions. It is what it is! The Affordable Care Act, the federal health care law, will bring some surprises at tax time for many. This [...]