Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

For many people, life’s routines are perceived as a matter of endless work to earn that weekly or bi-weekly pay check to continue paying off monthly debts. At least, that’s how it feels. In reality, though, we work to earn money as a means to an end; basic living. Being able to eat, care for one’s family, maintain a home, and care for the needs of others are some of the most critical concerns of life. Unfortunately, even addressing these basics all require money, so we work long hours. Read the rest of this entry »

Are you ready for a productive Tax Planning Season with knowledge and understanding of how to plan for your Tax Preparation in January? With a little planning this fall, you too can save money on your taxes in the Spring.

Recently, I had a tax client come by after she received a letter from IRS. She was understandably concerned, but her manner was rude, full of entitlement, and demanding. I responded to her rude demands with polite and courteous answers, and spent several hours on the phone researching her problem. On several occasions during the process of answering her questions, I had to call and ask for more information, each time she got ruder and more demanding. Read the rest of this entry »

Knowing income tax law is not enough. In order to offer value to taxpayers, tax law knowledge must be combined with effective tax planning strategies in order to yield maximum benefit. What would you do if you owned a landscaping business with the upcoming facts and circumstances? I will tell what I would do.

While having a quiet night out at a local restaurant, listening to music from a local band, I am approached by a friend that has just started a landscaping business. He is married and has one young daughter, age twelve. He will have gross receipts of $48,000 and will receive a 1099 for his efforts. His first question to me is how he should go about making quarterly estimated tax payments to cover both income tax expense and social security tax (SE tax). My response to him was; “hold on there young fellow. Let’s have a discussion of the facts and circumstances before we begin”. Read the rest of this entry »

Buying property overseas is something that many people want to do for their entire lives.  When they are finally able, they often rush into the purchase without consider the tax implications of buying and owning a property in that specific jurisdiction.  While taxes are not a favorite subject of anyone, one of the best tax tips that you will ever receive is to research the tax laws in the jurisdiction in which you plan to buy.  Researching and taxing the time to understand the tax laws will allow you to budget these things into your plan.  There’s nothing worse than to be surprised by the taxes on a new home, so be sure to arm yourself with knowledge so you can truly enjoy your new home. Read the rest of this entry »

Every year I always get asked at least a dozen times the same thing…”Who must file an income tax return?” The answer is almost always the same…”you!”. But, there are a few who are not required to file, the I.R.S. recently responded with this response.

2.1 Filing Requirements/Status/Dependents/Exemptions: Filing Requirements
How much does a student have to make before he or she has to file an income tax return?
If you are an unmarried dependent, you must file a tax return if your earned and/or unearned income exceeds certain limits. To find these limits refer to Filing Requirements for Dependents in Publication 501, Exemption, Standard Deduction and Filing Information. If part of your earned income is from tips, see Tax Topic 402, Tips. Read the rest of this entry »

There are three types of tax that you will be responsible for when you start your eBay business.  They are 1) sales and use tax, 2) payroll tax and 3) income tax.

Sales and use tax - Just about every state, and many cities and other local authorities, imposes a sales tax on items sold.  Each state has different rules, so it’s important to find out the rules in your state and city.  As a seller, you are responsible for collecting and remitting the proper sales tax to the state you live in.  You are also responsible for preparing and submitting a report detailing the amount of your sales and the sales tax collected. Read the rest of this entry »

Wouldn’t it be great if you could deduct some of your home costs as business expenses on your federal income tax return? Along with the regular business deductions you can take, you may be able to deduct part of your home mortgage interest, utilities, and repairs of your current home.

The important thing to know is what a legitimate deduction is and what it is not, since small or home based business owners are three times more likely to be audited than non-small business or home based business owners. Read the rest of this entry »

Learning how to find overlooked tax deductions and credits can reap you a bundle of money at tax time.

Why do some people always seem to get a bigger tax refund than others? What if there was an easy way you could learn to increase your tax refund by 15%, 25% - even 50% or more. How much more money would you get at tax time as a result? Read the rest of this entry »

If you participate in a retirement plan, you can start distributing money at 59 and half years of age. Ah, but what are the tax consequences if you do so at an earlier age?

Americans are infamous for their overall unwillingness or inability to save money. The numbers are, frankly, scary. Most people save next to nothing. In fact, a recent study showed on average that people were actually spending more than they were taking in earlier this year. This effectively means that the average American is saving nothing. Read the rest of this entry »

Not sure how to prepare your home business taxes? Are you wondering what kind of deductions you qualify for? Do you have a home based business and not sure how to handle your taxes?

What if I told you that you could find all the information online that you needed for your home business taxes. What if I told you there are online tax software programs that can supply all of the necessary forms for your home business taxes. What if I told you there were easy to follow guides and instructions, would you be interested? Read the rest of this entry »