Whether you’re starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business plan is a valuable tool. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of […]
Preparing an Effective Business Plan Read More »
Health Care Law If you haven’t signed up for health insurance this year, do so now and avoid or reduce any penalty you might be subject to. Depending on your income, you may be able to claim the premium tax credit that reduces your premium payment or reduces your tax obligations, as long as you
Year-End Tax Planning Strategies for Individuals Part 3 Read More »
Accelerating Income and Deductions Accelerating income into 2017 is an especially good idea for taxpayers who anticipate being in a higher tax bracket next year or whose earnings are close to threshold amounts ($200,000 for single filers and $250,000 for married filing jointly) that make them liable for additional Medicare Tax or Net Investment Income
Year-End Tax Planning Strategies for Individuals Part 2 Read More »
Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may
Year-End Tax Planning Strategies for Individuals Part 1 Read More »
You can pay your child to work in your business and get paid yourself for this arrangement. Sound too good to be true? BASC Expertise your tax preparation team can help you set this up. The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little
Hire Your Child and Get Paid Read More »
As a business owner, you are entitled to deduct certain expenses on your tax return such as those relating to entertaining clients. Entertainment is considered any activity that provides entertainment, amusement, or recreation. It may also include meeting the personal, living, or family needs of individuals including providing meals, a hotel suite, or a car
Tax Tips Business Entertainment Expenses Read More »
Are you considering purchasing an existing business with another party, be sure to consult a Mesa tax preparation professional with experience before doing so. If you are buying a business that will include more than one co-owner, you need a buy-sell agreement. You have multiple reasons to put a buy-sell agreement in place and not
Buying a Business with Co-Owners? You Need a Buy-Sell Agreement! Read More »
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because
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If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related party, and that can really complicate matters. Deirdre and her tax preparation Gilbert team can help you have a
Selling to a Related Party Can Kill Your Tax Losses Read More »
Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes.
Small Business Tax Tips: Payroll Expenses Read More »
