In Part I of this series, we looked at reasons why major retailers and many lawmakers in both parties are in favor of the Marketplace Fairness Act. Now we will examine some of the opposing arguments, as well as the implications of this law on businesses and consumers. Reasons to Oppose the Marketplace Fairness Act: […]
The Marketplace Fairness Act: How it will affect Retailers and Consumers (Part II) Read More »
In May of 2013, the U.S. Senate passed a bill called The Marketplace Fairness Act of 2013. As of March 2014, this bill is currently under consideration in the House of Representatives and is believed to have a better than 50% chance of passing. If this new law were enacted, it would allow states to
The Marketplace Fairness Act: How it will affect Retailers and Consumers (Part I) Read More »
We have already looked at ten of the most commonly overlooked tax deductions in Part I and Part II; here are five additional deductions you may qualify for: Tax Free Social Security Benefits: Believing that social security payments are taxable is a common mistake made by many elderly taxpayers. They can be subject to taxes,
15 Tax Deductions Many Consumers Overlook (Part III) Read More »
Continuing our look from Part I at some of the most overlooked tax deductions, we will discuss another five that may affect you or someone you know: State Income Taxes Paid: State taxes paid throughout the year can be included in your itemized federal deductions. Remember also to claim any state taxes you owed last
15 Tax Deductions Many Consumers Overlook (Part II) Read More »
The U.S. Federal Tax Code is one of the most complicated systems on the planet. With thousands of laws, rules, and regulations that apply to American taxpayers, it can be difficult to stay on top of everything. You may have heard that American consumers left roughly $1 billion on the table in unclaimed deductions and
15 Tax Deductions Many Consumers Overlook (Part I) Read More »
East Valley Accounting Firm BASC Expertise to Host 2013 Tax Strategies Workshop Deirdre Morhet will be sharing on what business owners can still do pertaining to their 2013 taxes. CHANDLER, AZ (January 22, 2014) BASC Expertise, an East Valley small business accounting firm, is hosting their monthly “Breakfast at BASC” workshop on Thursday, January 23rd
East Valley Accounting Firm BASC Expertise to Host 2013 Tax Strategies Workshop Read More »
In Part I of our series, we looked at a few of the tax breaks that were reduced or eliminated at the start of 2014. Now let’s look at some of the additions to the tax code taking affect this year. Individual Mandate to Purchase Health Insurance: Despite attempts to delay and/or eliminate it, the
Important Tax Law Changes for 2014 (Part II) Read More »
With the start of a New Year comes several changes to the tax code and this year is no different. At the stroke of midnight December 31, 2013, 55 tax-breaks expired without any action by Congress to extend them. Some may be extended later in the year retroactively, so stay tuned for that. Until then,
Important Tax Law Changes for 2014 (Part I) Read More »
The holiday season is here, and time is running out on 2013. However, just because there are only a couple weeks left in the year does not mean there are no more opportunities to save on your taxes. In fact, there are several year-end ways to lower your taxable income. Here are some of the
Year End Ways to Save on Taxes Read More »
In Part I, we examined how the Affordable Care Act will impact the tax filings of individuals. There are also some important taxes and mandates on businesses that are worth noting. Employer Mandate: Starting in 2015 (delayed from its original implementation year of 2014), employers with 50 or more employees will be subject to a
Tax Implications of the Affordable Care Act (Part II) Read More »
