According to the IRS, families that pay domestic workers and meet a certain income threshold are considered employers. This has become an issue in the past for public figures that run for office or are appointed to a high-level cabinet position. One of the best-known examples was Zoe Baird, President Bill Clinton’s 1993 nominee for […]
Is Your Family Subject to the Nanny Tax? Read More »
The 2017 tax filing season will be a challenging one for businesses and their CPAs. On top of the new Affordable Care Act (ACA) compliance requirements, the IRS has condensed its schedule and deadlines for filing W2s and certain types of 1099s for employees and independent contractors. These filing deadlines will now be moved up
New W2 and 1099 IRS Filing Deadlines for 2017 Read More »
Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable, and special rules may apply to some tax deductions, credits, and deadlines. Here are ten of those benefits: 1. Deadline Extensions. Some members of the military, such as those who serve in a combat
Tax Tips for Members of the Military Read More »
If you give money or goods to a charity in 2016, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible.
Six Facts About Charitable Donations Read More »
Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns or tax accounts. Each notice
What to do if you get a letter from the IRS . . . Read More »
Tax Return Identity Theft is Still a Problem: How to Prevent Tax Fraud Tax filing season is behind us, and you may have noticed that electronically filing your tax return this year required you to jump through a few more hoops. The IRS has taken measures to curb the rise of tax filing identity theft,
Tax Return Identity Theft is Still a Problem: How to Prevent Tax Fraud 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 »
Many taxpayers believe that after tax season, it is time to take a break from thinking about taxes and look forward to summer vacation. But before you start planning those getaways with family and friends, there are some steps you should take to help put you in a better tax position next year. Also, if
Important Tax Planning Steps Read More »
Spring is here, and with it comes the idea of new beginnings. This is the time of year when temperatures warm up and we look forward to our summer vacations. It is also the time when we do our spring-cleaning; getting rid of some of the stuff we no longer want or need. This year
4 Ways to Clean Up Your Finances Read More »
Many taxpayers that fall into the lower income brackets are not required to file a return. For the 2014 tax year, a single person under age 65 with an income of $10,150 or less is not required to file, and a married couple (both spouses under 65) filing jointly with an income of $20,300 is
Important Tax Credits You May Qualify For Read More »
BASC Expertise
3303 E Baseline Rd, Suite 107 Gilbert, AZ 85234
