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…
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…
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 Arizona Individual Income Tax Rates for High Income Earners are Uncertain While the 2021 Arizona individual income tax brackets look similar to prior years (with a maximum 4.5% rate), potential adjustments, options and variations may pile on as an Arizona taxpayer’s income increases. Following is a summary of the potential Read more…
2020 Year-End Individual 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. We continue to implement the Tax Cuts and Jobs Act of 2017 (TJCA) which contained Read more…
2019 Individual Year End Income Tax Planning As year-end approaches, it is a good time to think of planning moves that may help lower your tax bill this year. Taking proactive steps before the end of 2019 can potentially save or defer taxes. To ensure you make the most of Read more…
Be Aware of California’s Stringent Source Income Rules for Service Businesses A recent California Office of Tax Appeals ruling determined that an Arizona individual who had a contract for screenwriting services for two California LLCs had California source income on which he had to pay California tax, even though Read more…