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…
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…
2022 Year-End Individual Tax Planning Although this year included some major changes in the tax code as it relates to energy credits (mostly effective in 2023 and subsequent years), it was the first year since the passage of the Tax Cuts and Jobs Act of 2017 that planning for income Read more…
IRS Urges Taxpayers to Watch Out for Tax Avoidance Strategies In its annual Dirty Dozen list of tax scams, the IRS warns against four schemes targeting individuals and businesses seeking to avoid paying taxes by hiding assets or not filing returns. These schemes can result in theft of sensitive financial Read more…
2021 Individual Year-End Income Tax Planning 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 be helpful if taken Read more…
“Dirty Dozen” Tax Scams Every year, the IRS releases a list of what it calls “the worst of the worst tax scams” of the year. Due to the unprecedented COVID-19 global pandemic, this year’s Dirty Dozen pose additional unique threats of which taxpayers should be mindful. With the implementation of 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…
2020 Individual Year-End Income Tax Planning As we approach the end of an eventful year, it is important to take some time to think of planning moves that may help lower your 2020 income tax bill. Below we have compiled a list of items that may help to save or Read more…