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 the regular method to claim a deduction. For tax years prior to 2018, employees could […]
The Home Office Deduction: What’s New Read More »
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 1, 2018), taxpayers could deduct expenses related to moving for a job as long as
Five Tax Deductions that Disappeared in 2018 Read More »
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 that, here is what you should be aware of when filing an amended tax return.
Filing an Amended Return Read More »
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 is considered taxable income. Here are a few other tips about tips: Taxable income. Tips
Tip Income: Is it Taxable? Read More »
If you’re thinking about hiring new employees this this year you won’t want to miss out on tax and Payroll tax deduction breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research & Development Tax Credit, for tax years 2016 and beyond, startup businesses (C-corps and S-corps) with
Top 6 Tax Breaks for Businesses Hiring New Employees 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 »
Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, it’s not too late, and it may be easier than you think. BASC Expertise your Mesa tax professional can help you. First, gather any information related to income and deductions
What to do when your Tax Return is late Read More »
If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. BASC Expertise a Mesa small business accountant can guide you through the process. 1. Deducting the Cost of a Home Computer If you purchased a computer and use it for
Self-Employed? Five Easy Ways to Lower your Tax Bill Read More »
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. BASC Expertise specializes in Gilbert small business accounting. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in
Selling Your Small Business Read More »
