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
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
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do
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
Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal employees, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months
If you’re thinking about hiring new employees this this year you won’t want to miss out on tax and Payroll tax deduction breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research &
Accounting: Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to
Many parents are looking for ways to save for their child’s education. A 529 Plan through a Gilbert Tax Professional or accounting expert is an excellent way to do so. Thanks to the passage of tax reform legislation in 2017,
Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, it’s not too late, and it may be easier than you think. BASC Expertise your
If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. BASC Expertise a Mesa small business accountant can guide you through the process. 1. Deducting
