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Claims for Employee and Self-Assistance Tax Credits: Vaccination

The federal government is urging all American employees and their families to be vaccinated against the highly infectious COVID-19 delta form, wreaking havoc across the country. If you have workers, you are most likely experiencing the same feelings.  Indeed, as the FDA grants final clearance to the different COVID-19 vaccines, an increasing number of employers […]

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Rent from your Spouse to Save on Self-Employment Taxes

As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden.  If you own an office building or other assets, you can set up a rental arrangement with your spouse that could

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Tax Consequences of Crowdfunding in Accounting

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

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Saving for Education: 529 Plans

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

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Tax Tips Business Entertainment Expenses

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

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Tax Tips for Older Americans

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not itemize your deductions, you

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Health Insurance Tax Penalties for 2016

The 2015 tax year has come and gone, and now is the time to prepare for 2016 taxes. One area that every taxpayers needs to address is making sure they have health insurance. This year, the penalties are set to increase significantly if you do not have a qualifying health plan. Under the Affordable Care Act of 2010 (a.k.a.

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When it comes to Tax Planning, Preparation is Critical

Preparation is crucial for all businesses. Preparation can help minimize stress and anxiety when dealing with your business taxes. Anyone who has ever been involved with the Boy Scouts knows that the motto of the organization is “be prepared.” Preparation, however, is more than just a good motto. It is also a virtue to live

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Seven Small Business Accounting Mistakes and How To Avoid Them

If you’re a small business owner, your plate is full with managing the day-to-day operations. You have to remember though, that if you’re a business owner your motivating factor – at the end of the day – is to have a balance sheet that isn’t in the red, right? While it’s true that to be successful you need to focus on your core competencies, you also need to keep an eye on the bottom line. For many entrepreneurs, it’s simply easier to contract out their bookkeeping and accounting to a qualified professional.

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Top Ten Online Business Resources

How many times have you said “now where did I see that” to yourself? If you’re like us A LOT! In today’s digital world we are inundated with information and tips. From personal finance to business marketing and social media to local deals, there are many resources. As an acocunting firm we’re always going to

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