Six Essential Tax Considerations for Small Businesses and Start-Ups To navigate the complexities of tax compliance and optimization, we have compiled a list of six essential tax considerations that can significantly impact the financial success of your small business or start-up. Step 1: Identifying Individual and Business Filing Status Choosing the Read more…
Nine factors commonly used to gauge whether it’s a business or a hobby Businesses engaged in activities for-profit can deduct costs as incurred whereas activities considered “hobbies” are subject to limitations on deductibility. By strategically addressing these following factors (and possibly others), you can strengthen your position to account for Read more…
Arizona Employees Must be Provided the New AZ Withholding Form With the change to Arizona’s income tax rates to a lower rate, the Department of Revenue has updated the 2023 Arizona employee income tax withholding form to reflect new lower withholding rates. Every Arizona employer is required to make this Read more…
Year-End Planning – Arizona Pass-through Entity State Tax Election Tax year 2022 will be the first year eligible partnerships and S corporations will be able to elect into an Arizona pass-through entity level tax at a rate comparable to that of individual residents of Arizona. The entity level tax is Read more…
2022 Year End Income Tax Planning for Your Business Before the end of the tax year, you may consider the following actions as a means of reducing your exposure to income taxes in the current year. Not all will apply to you, but many may. Please contact us to discuss Read more…
Required Reporting of Cash Receipts Over $10,000 In general, businesses must report to the IRS cash transactions in excess of $10,000 on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business within 15 days and the requirement cannot be avoided by splitting into multiple transactions. Before January Read more…
2021 Year-End Income Tax Planning for Your Business As we approach the end of another year, it is important to take some time to think of planning moves that may help lower your income tax costs this year. Below we have compiled a list of items that may help save Read more…
Business Meals Provided by Restaurants Fully Deductible in 2021 and 2022 In general, the ordinary and necessary food and beverage expenses of operating your business are tax deductible. However, the deduction for business meals has been limited to 50% of the otherwise allowable expense. Section 210 of the Consolidated Appropriations Read more…
Simplified Application for Forgiveness on Paycheck Protection Program (PPP) Loans of $150,000 or Less Section 307 of the Consolidated Appropriations Act (“Act”) introduced a simplified loan forgiveness application process for all PPP loans not exceeding $150,000. The one page self-certification requires the borrower to attest that they have complied with Read more…
Payroll Protection Program Loans, Round 2 Section 311 of the Consolidated Appropriations Act (“Act”) introduced the PPP “Second Draw Loans” (PPP2). It also expanded the list of qualified PPP eligible expenses while narrowing the definition of which businesses will be eligible for a 2nd PPP loan. The Act extended the Read more…