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
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
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
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
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
At some point, most small business owners needs financing or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having 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
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
