The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025: During this seven-year period, you may not deduct any interest on prior or current home equity debt, with certain exceptions. Also during this seven-year period, the maximum amount you may treat […]
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You hate IRS penalties, right? Everyone does! BASC Expertise your Mesa tax professional can help alleviate your stress. There are a lot of strategies we can use on your behalf to potentially defeat an IRS penalty. Thanks to the courts, though, we now have a brand-new way to beat an IRS penalty. It’s
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Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. This can be confusing to business owners, please contact your Gilbert small business accountant for guidance. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.
Overview of Meals and Entertainment for 2018 Read More »
The recent tax reform destroyed what was a win-win tax benefit for both the employer and the employee. BASC Expertise your Gilbert tax specialist can guide you through the changes. Transportation fringe benefits came into being in 1992 under the Energy Policy of 1992 (Pub. Law. 102-486). One difficulty was that the benefits expired often
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Updated income-tax withholding tables have been released for 2018 reflecting changes made by the tax reform legislation enacted last month. BASC Expertise payroll Mesa can help your small business. The updated withholding information, available on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as
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You and your S corporation continue to enjoy good news in 2018 when it comes to your health insurance. BASC Expertise business accounting Mesa can guide you. And that good news also applies to your 2017 taxes. You first have to thank the 21st Century Cures Act for: Reinstating and extending IRS Notice 2015-17 to
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Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. BASC Expertise tax preparation Mesa can guide you. 1.
Who Should File a 2017 Tax Return? Read More »
Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Â BASC Expertise tax preparation Gilbert can guide you.Here are five that survived. 1. Mortgage Interest Deduction While the House bill repealed the mortgage interest deduction, the final version of the act retained
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You can pay your child to work in your business and get paid for paying your child. BASC Expertise business accounting Mesa can guide you. The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little in income taxes. The three points below elaborate on this:
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U.S. citizens and resident aliens use one of three different forms for filing individual federal income tax returns: 1040EZ, 1040A, or 1040. If you’re wondering which form you should use, keep reading. BASC Expertise tax preparation Gilbert can help you. Form 1040EZ Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, is
Federal Tax Forms: Which one should you use? Read More »
