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
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,
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
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
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
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
WHAT CAN A 1040 REVIEW DO FOR YOU? Get a picture of your current tax situation and receive professional advice and suggestions that you can make to brighten your financial future and pay less taxes! Help reduce taxable income
If you’re one of the more than 3.4 million taxpayers who claimed deductions for business use of a home (commonly referred to as the home office deduction)–but haven’t taken advantage of it because you thought it was too complicated–then you
Under a joint IRS and U.S. Department of the Treasury ruling issued in 2013, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes, including income and gift and estate taxes. The
Taxpayers should be aware of the most recent scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. In the latest twist, the scammer claims to
