Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

If you are thinking about purchasing you own home and are not quite sure what you have to do in order to secure a mortgage loan it is a good idea to check out the banks and lenders who supply these loans, get to know what the interest rates are and decide if you will be able to afford a loan or not. Read the rest of this entry »

Late on Friday April 13, 2007, the Internal Revenue Service discovered  a new tax scam on the Internet that “lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance.”

There is only one place to access the Free File program, according to the IRS. That one place is IRS.gov.

To be eligible for Free File a taxpayer needs to have Adjusted Gross Income (AGI) of $52,000 or less. Read the rest of this entry »

Everyone pays taxes all their lives. We pay taxes on our purchases as well as property tax to cover the road in from of our homes, the school down the street and the value of our home.

Taxes can be costly but it is important when you are buying or own your own real estate property. Real estate property is based on the value of your home the higher the value is the more your property taxes are going to be each year. Read the rest of this entry »

The IRS has teamed up with nineteen different software companies in order to offer free or low cost tax preparation to the national public.  Many people in the United States don’t actually have access to this information and they spend much more than they need to in order to file their taxes.  The important thing to remember when browsing for free tax filing is that you must go through the IRS homepage, www.irs.gov, in order to obtain free tax preparation services.  It might be hard to choose from 19 different free tax file options, so here is a quick review of the top three free online tax preparation services out there. Read the rest of this entry »

At this late stage of the tax filing game, I would like to make an observation and offer some advice on extensions and installment agreements. My friends, I appreciate your reading of my articles and appreciate your listener ship of my radio program, “Better Business”. Let me return the favor and offer you some more free income tax advice.

If you are going to owe money, don’t put your return on extension thinking this will give you more time to pay. If you don’t have the money to pay, fill out an installment request, form 9465, and attach it to your 1040 by April 16 (April 17 for some of you lucky taxpayers). The Internal Revenue Service will accept this installment agreement without consideration providing the tax due is paid within a three year period. Your state and local governments will also accept this form for the most part. For example, if you owe $5,000 on your federal return, but can only send $1,000; fill out form 9465 to reflect Read the rest of this entry »

The Internal Revenue Service announced that there are 5 refunds, credits or services that taxpayers frequently overlook:

Telephone Excise Tax Refund –– This is a one-time refund of long distance excise taxes available on 2006 income tax returns. The refund applies to charges billed from March 2003 through July 2006. The IRS offers a standard refund amount of $30 to $60, or taxpayers can calculate the actual tax paid. Even if the taxpayer does not normally have to file a return, Form 1040EZ-T can be used to request this refund. Businesses and exempt organizations can also request it. Read the rest of this entry »

Many people think about buying and selling property without thinking about real estate taxes. Before you buy property you should be sure that you look into the taxes. Depending on where you live, your taxes may be very low, very high, or somewhere in the middle. Every homeowner will pay different amounts of real estate taxes because they are based on the actual value of your home.

When you buy property you can expect to pay property taxes, you may pay taxes for the development that you live in, and you will probably pay school taxes. All of these taxes can range from a couple hundred to a couple thousand dollars each year based on the percentage of tax that you pay on the value of your home as well as on the worth of your home. For instance, you are going to pay more tax if you have a million dollar home when you live in the same area as someone who Read the rest of this entry »

Many people start to panic after they find out that the IRS has selected their tax return to be audited, but an IRS audit is nothing to be afraid of.  It does not mean that they are out to get you and that they know you have broken some kind of tax law.  IRS audits are usually chosen by a computer program the IRS uses to insure useful auditing.  The computer will add up some statistics regarding deductions and expenses, and if the return has some mistake or has unusually high expenses or an unusually low gross profit margin, you might get audited.  Using tax services like H&R Block will also Read the rest of this entry »

If you own a home based business, or even a small business, here is a list of some of the small business tax write offs you should be aware of. The tax laws are setup in such a way as to help you with starting a business. So we should make sure we are writing off everything we are entitled to.

Home Office: This constitutes a room, where your office equipment is located, which only has one entrance and exit. The rule of thumb is you should be able to shut a door, and not need to go I there except to work in the office. The way the deduction works, is take the square footage of the  office, and divide by the square footage of the house. This gives you are percentage, like 15%. Then you can take 15% from the mortgage (or rent), home owners insurance, electric, gas, water, and trash bills, and write this off to the business. Read the rest of this entry »

Internet home based business opportunities offer tremendous tax advantages that you would not be able to receive in a traditional job.  The fact is tax laws are written to promote business ownership.  When you do own your own business, you can then take advantage of the numerous tax advantages inherent with business ownership.

The primary difference between the way in which and employee pays their taxes and the way in which a business owner pays their taxes is when they pay and how this affects what the money they get to keep.  An employee pays their taxes first on whatever they earn and keep whatever is left after paying their taxes.  The business owner is able to go out and Read the rest of this entry »