Jack’s Journal: Issue 1
Jack’s Journal: Issue 1 Read More »
Self Employed with No Employees? Get your Paycheck Protection Program Cash Now!
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s true. The lucky recipient could be you. To obtain
Self Employed with No Employees? Get your Paycheck Protection Program Cash Now! Read More »
Should You Really Wait to File your Taxes Even Though They moved the Tax Filing Deadline?
The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law. We’ll explain who gets relief; what the IRS postponed; and perhaps more important, what wasn’t postponed. We’ll also tell
Rent from your Spouse to Save on Self-Employment Taxes
As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building or other assets, you can set up a rental arrangement with your spouse that could
Rent from your Spouse to Save on Self-Employment Taxes Read More »
Business Vehicles and the Different Ways to Depreciate them..
Planning to buy more business vehicles this year? New to this year the Tax Cuts and Jobs Act increased bonus depreciation to 100%. Unlike most tax provisions that involve a tax election, the one requires you to elect out of the option if you choose to do so. Example: If you or your
Business Vehicles and the Different Ways to Depreciate them.. Read More »
Do you qualify for the Earned Income Tax Credit – EITC?
The EITC is a benefit for working people with low to moderate income. To qualify there are a couple different requirements that must be met such as: -you have earned income and adjusted gross income within certain limits; AND -you meet certain basic rules; AND you either: -meet the rules for those without a
Do you qualify for the Earned Income Tax Credit – EITC? Read More »
The New SECURE ACT for 2020 Law Changes
There were quite of few things that were passed by Congress on December 19th, 2019 and then signed into law by the President on December 20th, 2019.Most changes that occurred are about how you save money for retirement, how the money in your retirement account can be used and some changes in regard to Section
The New SECURE ACT for 2020 Law Changes Read More »
OPERATING AGREEMENT NEEDED FOR NEW ARIZONA LLC LAW
OPERATING AGREEMENT NEEDED FOR NEW ARIZONA LLC LAW For Decades, Arizona Businesses have chosen to be a Limited Liability Company due to it being a preferable legal entity for construction and other industries. Other than some minuscule changes to Arizona law, many Arizona LLC laws remained unchanged since 1992. However, things have taken a little
OPERATING AGREEMENT NEEDED FOR NEW ARIZONA LLC LAW Read More »
The S-Corp Tax Election and What it Can Mean to You!
Of all the business entities someone could form, the S corporation is by far the most misunderstood. This is because the S-Corp is a tax designation rather than an actual business entity. Both limited liability companies (LLCs) and corporations can file to be taxed as an S corp. However, no state offers entrepreneurs the option
The S-Corp Tax Election and What it Can Mean to You! Read More »
Taxes for Military Personnel
With Veterans Day approaching, we wanted to dedicate this month’s blog post to our military men and women. We salute and honor you this month and thank you for your sacrifice. Whether it be sacrificing time with your family, or putting yourself at risk, BASC Expertise wants you to know that we are thankful for
Taxes for Military Personnel Read More »