Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

The turning of the new year is a time for a new beginning. Unfortunately, January is also the time when the tax season begins in earnest. 1099-MISC filings are on of the first things that come up.

1099 tax forms are known as information reporting forms. They are used to essentially collect data by the IRS on who is paying what to whom. If you received dividends during the year from a company, you’ll receive a 1099 for those dividends.

While there are different types of 1099s, the 1099-MISC is the form that gives the most people the most trouble. Read the rest of this entry »

When it comes to taxes, we all want to reduce the amount we have to pay in. All tax planning basically falls to looking at all of your options and keeping organized records throughout the year. With a little forethought, you can lower your taxes. There are some basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits. Read the rest of this entry »

When trying to qualify for the earned income tax credit you or your spouse must satisfy the age test if filing a joint tax return. You can not be a dependent of another taxpayer, and are not a qualifying child of another taxpayer.

If married and filing a joint tax return you must include your social security number on your IRS tax return and that of your spouse. Married couples who file separate returns are not eligible for the earned income credit. If you are married, but your spouse did not live in your home for the last six months of the year, you may be able to file as head of household and take the credit. If you are married and file a joint return, you meet this rule if at least one spouse works and has earned income. Read the rest of this entry »

1. Provide complete and accurate information. Finding missing information and correcting mistakes costs time (and results in additional hours billed).

2. Maintain financial records, receipts, bank, credit card statements, deposit slips. Professionally prepared financial records provide powerful information that enables you to better manage your company. These records and reports enhance your business, so you may have an accurate picture of your financial health to make better business decisions. Read the rest of this entry »

These days a number of business enterprises are being established and this factor is leading to the rise in competition. The corporate world seems to be going through a tremendous change and this has definitely created a difference in all the aspects of the business and the corporate world. Today, where you turn your eyes, you get to see any number of firms. These are of all sizes, larger, medium and definitely small. Even though the sizes and the nature of each business vary from the other, one common factor that prevails in all of them is the role of the accounting or the bookkeeping departments of all these firms. This department is one of the most prominent departments of all organizations and holds an important position in determining the stand of a firm in the global business market. Therefore, it is necessary that each firm takes good and excellent quality of bookkeeping help to solve all their in-house accounting processes. Read the rest of this entry »

Many people look at accounting and say, “Accounting doesn’t make a lot of sense.” Well I hate to be bold but there is no better way to say, “Hey I’m a moron, I shouldn’t be running a business.” Accounting is the story of your business and you should know not only how to read that story but how to tell the story. There are a lot of complex accounting issues, they can be a nightmare. The chances are that you will never deal with them. Don’t worry about the complex stuff, focus on the larger aspec of accounting. You should be able to understand ninety-nine percent of all accounting issues with just a basic understanding of the principles and constraints. Read the rest of this entry »

Why is accounting so powerful? It is because it is all based off of one simple accounting equation:

Assets-Liabilities-Stockholder’s Equity = 0

Assets = Liabilities + Stockholder’s Equity

Stockholder’s Equity = Assets - Liabilities

Liabilities = Asset - Stockholder’s Equity Read the rest of this entry »

The primary reason behind running a business is to earn maximum profit and to have a good reputation in the industry and the market. Whenever a person establishes a new business, the main thing he keeps in his mind is to earn god revenue from the business and to be able to expand the business. Moreover, definitely the business owner would want to give good competition to his competitors, so that his business gains good reputation in the market. However, the size of a business does not really matter when revenue generation comes into the scene. Whenever the question of revenue generation is brought into focus, the main stress is laid on the accounting department of that firm. Well, a big and successful business does not really need to worry about getting good accounting professionals but it becomes a problem for a small business. In such cases, outsourcing services from a small business accounting firm is definitely one of the most reasonable decisions. Read the rest of this entry »

PayPal is a very well known merchant company, almost everyone has heard of it.  It’s a company that people trust not because of it’s name but because of the security it offers. With PayPal you can get an Business and Personal account for free. A personal account is good for when you want to manage your money online, money you might get from programs that you are involved in on the Internet.  It’s actually quicker to get your money that you earn online with Paypal instead of waiting for a check to come in the mail. If you need money you can also have people to wire you money to your paypal account it’s simple and easy.  With a Business account you can manage your business money, you can accept payments with credit cards on your own business website and to sign up for this useful tool is free. Read the rest of this entry »

Running a small business is tough enough…running a small business that’s disorganized is a whole different ballgame altogether.

It’s not an easy task when there’s so much to think about and be done.  When most business owners start out they’re not prepared for all of the red-tape that goes with running a business.  Keeping up with the accounting aspects including taxes, payroll, inventory costs, and purchasing costs is unfortunately an after-thought in the mind of many business owners. Read the rest of this entry »