If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. BASC Expertise tax preparation Mesa can help you. Note: You can deduct contributions to a charity only if you itemize deductions using Schedule A of […]
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Does your rental property activity meet the definition of a trade or business activity? If yes, your rentals produce the best possible tax benefits. BASC Expertise small business accounting Gilbert can guide you. In general, you report your rental properties on Schedule E of your tax return. When your activity rises to the level of
Are You a Rental Property Business? If So, You WIN! Read More »
Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. BASC Expertise tax preparation Mesa can help you. Don’t Procrastinate. Resist the temptation to put off
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Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). If you do not receive your
Missing Important Tax Forms? Here’s what to do Read More »
The office-in-the-home deduction produces good-to-excellent cash benefits when it eliminates commuting mileage. That’s the result you achieve when you claim an administrative office in your home. BASC Expertise small business accounting Mesa can guide you. To qualify for the home-office deduction, you must use the office exclusively for the business or businesses for which you
Home Office with More than One Business or Spouse Invasion Read More »
Tax reform created a new 20 percent tax deduction for select pass-through entities. Will your business operation create the 20 percent tax deduction for you? BASC Expertise business accounting Mesa can help. If not, and if that is due to too much income and a lack of (a) wages and/or (b) depreciable property, a switch
Tax Reform and Entity Choice: Proprietorship or S Corporation? Read More »
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Surface Transportation Act) changed the date by which a partnership, real estate mortgage investment conduits (REMICs), or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from
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BASC Expertise a small business tax filing Mesa can help you through the changes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per
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Tax reform did much damage to tax deductions for business entertainment and meal expenses. BASC Expertise small business accounting Gilbert can guide you. But meals served at business presentations survived the entertainment and prospect and client meal bloodletting. And not only did presentation expenses survive as deductions, but they also continue as 100 percent business
Tax Reform Allows 100% Deduction for Presentation Expenses Read More »
You likely know that tax reform did away with business tax deductions for prospect and client golf. BASC Expertise small business tax filing Gilbert can guide you. But did you know that charity golf is gone too? Buried in tax reform is the elimination of the 100 percent business deduction for charity golf and other
Are you a Charity Golfer? New Tax Reform Guidelines May Change That. Read More »
