Do you drive yourself to work? If so, you might be thinking about additional expenses such as parking fees, gas, etc. Here’s some good news for you! You can log your mileage and get your tax deducted! You can now drive to work with the music blasting in the background without worrying too much by […]
Business Mileage: Everything You Have To Know Read More »
Do you have a 401(k), an ESOP, a profit-sharing plan, or any qualifying employer-sponsored retirement plan where you own stock in your company? If not, This means that you should start planning for when you retire or leave your current job and have to deal with your stock. Your choice could have significant ramifications for
Do You Own Stock in a Company? Here’s Some Tax Strategy For You! Read More »
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 »
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 scrape through finding cash from other sources. 5 Myths on Business Financing AZ Unfortunately, many
Small Business Financing AZ: Securing a Loan Read More »
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 or less). Examples of this kind of work include retail workers employed exclusively during holiday
Seasonal Employees and Taxes Read More »
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 raise the cash you need but the downside is that the IRS considers that money
Tax Consequences of Crowdfunding in Accounting Read More »
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, 529 plans are now available to parents who wish to save for their child’s K-12
Saving for Education: 529 Plans Read More »
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, living, or family needs of individuals including providing meals, a hotel suite, or a car
Tax Tips Business Entertainment Expenses Read More »
Financial advice for small business owners is everywhere – from seasoned financial experts to individuals who have been running their own companies for years. While there is a wealth of beneficial information to read up on regarding general accounting practice, cash vs. accrual basis, and all of the brass tacks that go into financially managing
Bookkeeping Tips for Small Business Owners Read More »
Your taxes are more than a one-time-a-year endeavor, especially if you own a business. Running a business venture comes with additional tax due dates and the need to plan ahead to both meet those deadlines and ensure that you aren’t overpaying or underpaying with each filing. Failure to do so could jeopardize your business’ success
How to Implement a Tax Plan for Your Business Read More »
BASC Expertise
3303 E Baseline Rd, Suite 107 Gilbert, AZ 85234
