Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

A tax audit is usually not a welcoming experience for anyone in business.  Whether it is in part or total, the experience can be a minor problem if the audit is only about certain records, or a major dilemma in accounting for a complete audit of the business. Read the rest of this entry »

Most people find financial statements identical to a foreign language.  To ensure that financial statements are easier to understand, there is a set of rules and practices known as the generally accepted accounting principles (GAAP). Development of these rules provides a basic guideline accounting because I think it’s fair to say that it can get obtuse at times. There are a lot of variations to the meaning so here is the best answer.  It’s the generally accepted accounting rules and procedures that are necessary to define accounting practice. Basically it’s a set of theories that accountants come to accept, and controversies are lively with some methods between accountants. Read the rest of this entry »

It is every company, business and income earning individuals wish to pay lesser tax on the income earned.  However, paying lesser tax and tax evasion is separated by a thin border, which can be costly if not dealt with carefully.

Big organization engaged experienced knowledgeable tax professionals to work out the company tax liability. These professionals take into account all deductible expenses, capital allowances, etc, in a legitimate manner to achieve their objective, pay lesser tax. On top of it, the organization employs accounting professional to maintain the transaction records of the business, detailing every sales, purchases and expenses. These records enable the auditors and tax professionals to accomplish their objective. Read the rest of this entry »

After many years of having the “tax day” creep up on me, I have finally found a few great guidelines to handling the last minute rush.

1) GATHER THE FORMS YOU NEED. You can get them off the Internet at http://www.irs.gov/formspubs/index.html. Or you can go to the post office or, if you are using Turbo Tax, the forms are supplied with the program.

2) GET ALL YOUR PAPERWORK TOGETHER IN ADVANCE. This includes W-2 and 1099 forms. If you have not received them by January 31, call your company. Don’t forget to save a copy for your files. 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 »

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 »

IRS is like a silent business partner.  They usually accept your annual tax return as a legal record of how much you owe them!  However, like any good business partner, they may have a few questions.

And when your silent business partner ask questions, you may find your self needing a reliable and solid defense system.

One such system cost about $12.00 and can be found at your local office supply store. Read the rest of this entry »

Taxes are a fact of life, something that you can not get around.  Or, can you?  With the right education and a bit of financial know how there are many things that you can do to pay less in taxes and to have more money to live your life.  Best of all, these are all things that you can do legally and without having to worry about having an IRS audit in the process!

Tip 1:  Hiring A Professional Team Read the rest of this entry »

Receiving a Notice of Audit from the IRS is just the beginning of a stressful, worrisome, and possibly even fearful, situation. While you may feel like panicking, that’s the last thing you should do! So, take a deep breath and read on. You can survive your IRS audit by following these tips for before, during, and after the audit.

Before the Audit –>

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 »