Author name: bascexpertise.com

Mileage Tracking for Tax Deduction Every business owner, no matter how small, must keep good records. But whether it’s tracking of mileage for tax deduction, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job. No matter how good your intentions are in January, the chances are good […]

Withholding Tax AZ Tax withholding in AZ can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation. It’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation. Many

Do you need to renew your ITINs in AZ? Under the Protecting Americans from Tax Hikes (PATH) Act. Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return. For at least once in the last three consecutive years will expire December 31, 2018. In addition, ITINs with middle digits 73,

Though it’s never too late to start saving for Retirement AZ. The sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains–that’s the power of compounding–and the best way to accumulate wealth. Set Realistic Goals. Project your retirement expenses based on your needs, not

Ways in safeguarding financial records against Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to

Self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home and can use the simplified option or the regular method to claim a deduction. For tax years prior to 2018, employees could

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. 1. Moving Expenses Prior to tax reform (i.e., for tax years starting before January 1, 2018), taxpayers could deduct expenses related to moving for a job as long as

The short answer is that yes, tips are taxable. If you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is considered taxable income. Here are a few other tips about tips: Taxable income. Tips