Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

A tax write off is the same thing as a tax deduction, and if you don’t know what expenses are legitimate deductions on your tax return, you won’t know what you can legitimately write off either.  In the case of tax write offs, what you don’t know can be very painful indeed.

Tax write offs are taken by business owners and are items which in normal circumstances might not be allowable deductions but become so when the situation of a business changes. Read the rest of this entry »

The Tax Code Reads as Follows:

Any United States person who has a financial interest in or signature authority, or other authority over any financial account(s) in a foreign country is required to file a Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

A potential nightmare all begins with Line 7 of Schedule B. Read the rest of this entry »

As a business owner, you know that there are plenty of accounting tasks and duties that you should take care of. Your accountant makes suggestions. Your banker maybe specifies particular requirements. Heck, even your bookkeeper may regularly be pointing out things you need to take care of. Here, however, rather than pointing out things you should do, I’ll point out two things that you should never do. Read the rest of this entry »

The manner in which the business is handled reflects on the growth and prospects of the company. It doesn’t depend on the size of the company. So the business man should hire the efficient CPAs who can handle the Complex Financial problem efficiently.
The following are the Top 7 best tips to find your efficient CPAs: Read the rest of this entry »

Do you find it extremely difficult to manage the different aspects of your business single handedly? Well this is understandable, a business demands huge amount of time, money, dedication and devotion and it is not possible on the part of the business owner to take care of all these at a time. Now there are different types of professional whose services you can hire for taking care of the different types of business needs. Finance, accounting and bookkeeping is one aspect of your business that you must not neglect at any cost. If you are one of those business owners who have an excellent knowledge about the proper handling of the financial aspect of your business, you are surely a fortunate person. However this is not the case every time, so business owners must make provision to hire the services of bookkeepers to take car of this work. Read the rest of this entry »

Accounting is one of the most intimidating subjects around and a lot of people steer clear of it. Anytime you mention debits and credits or balance sheets to someone, their eyes seem to glaze over. Professionals in the field of Accounting are perceived as a bean-counting, calculator pushing, group of people. In college, business students dread taking introduction to Accounting unless they are prospective accounting majors. The truth is, it’s not all that bad once you get the understanding of it. Honestly, Accounting is an acquired taste. You either like it or you don’t. Read the rest of this entry »

Are you considering firing your current accountant in favor of a new one? If so, you’re probably not sure if you’re overreacting or if you have just cause. The following warning signs will help you decide if it is time for you to change accountants:

Your accountant does not return your phone calls in a timely manner, if at all.

The bottom line here is you have hired your accountant to work for you. If he/she is not returning your telephone calls, or waits until you’ve left several messages before calling you back, take this seriously. A few incidents here and there are not something to worry about, as your accountant likely has many other clients and may not be in the office for days at a time. However, if not returning phone calls are the normal state of affairs, you will want to set up an appointment to discuss your concerns. Read the rest of this entry »

You hoped it would never happen to you, but it has.  You’re in trouble with the IRS, and despite all the nights you’ve stayed up until dawn trying to rearrange your finances so that you can pay them what they want; despite cutting back on all the spending, including the groceries–which wasn’t hard because you have no appetite any more; and despite doing your best not to sink into full-blown depression, the problem isn’t going away.  You need a favorable tax resolution, but you have no idea where you can turn to find it. Read the rest of this entry »

Tip #1: Keep it Separated

Too many business owners mix and mingle their personal and professional finances. Even if you are a sole proprietor keep you business business, and your personal personal. Set up separate checking accounts and if you need some funds from your small business, write yourself a check, or make a cash withdrawal. This will help come tax time when you need to separate business expenses. Even though the form of business is a path-through, you should still make sure a separation takes place. This will make expense tracking and budgeting much easier on you. Read the rest of this entry »

As a landlord, you will want to make sure you take advantage of all of the tax benefits you can receive by owning a property. There are many other deductions than just the obvious ones. Expenses incurred to cancel a lease, reimbursements to renters for expenses that they have incurred and many others exist. Make sure you are taking advantage of all of the expenses you have. Read the rest of this entry »