Business Tax

Forgot Something on Your Tax Return?

If you realize you forgot something on your tax return, you can amend that return after it has been filed. There are many reasons individuals need to amend their returns, whether it is for the just-filed 2014 return or prior year returns. Here are some key points when considering whether to file an amended federal (Form 1040X) or state income tax return. If you are amending for a refund, be aware that refunds generally won’t be paid for returns if the three-year statute of limitations from the filing due date has expired. Except for amending a return to carry back [...]

2016-10-27T16:54:56+00:00July 24th, 2015|Business Tax, Personal Tax|Comments Off on Forgot Something on Your Tax Return?

Ten Steps to Starting A Business in Arizona

Republished from the Arizona Corporation Commission IMPORTANT – the following is only a suggestion of the sequence and type of steps that might be needed to start a business in Arizona. Your particular business, tax, or legal needs may require that you take different action or do things in a different order. The below information is only an overview, and is not intended to provide legal or tax advice or to be a complete resource. We recommend you consult with knowledgeable professionals such as an accountant and an attorney to determine the particular needs of your business.   1. CHOOSE [...]

2016-10-27T16:54:56+00:00May 25th, 2015|Business Tax|Comments Off on Ten Steps to Starting A Business in Arizona

What is the deal with EMV Credit Card Processing?

Guest post by Ben Ford of American Payment Solutions, a locally owned and operated merchant processing company. You’ve probably heard talk of EMV with increasing regularity over the past several months. This new regulation seems to be creating a sizable knot in the stomachs of most business owners. It’s doubly scary because it is being advertised as the key to credit card security. With breaking news of new credit card data breaches every time we turn around, and deadlines for implementation of EMV set for 2015, it’s understandable that EMV is the topic everyone both does and doesn’t want to [...]

2015-05-08T15:27:24+00:00May 20th, 2015|Business Tax|Comments Off on What is the deal with EMV Credit Card Processing?

First Quarter Business Check-Up

In a recent April 2015 report published in the CPA Insider, Blake Christian, a partner with the CPA Firm HCVT, LLP created an outstanding list of questions that every business owner should be looking at.  We will be asking these questions throughout the summer:   1. Are you tracking revenue and expense trends for the past three years? How do you benchmark yourself? Do you have resources that show you industry statistics? Are you using up-to-date computerized software? 2. What is your debt-to-equity ratio? During the economic downturn, many of our clients relied on debt to finance their business activity, however, [...]

2016-10-27T16:54:56+00:00May 1st, 2015|Accounting, Business Tax|Comments Off on First Quarter Business Check-Up

What kind of expenses are deductible when travelling for business?

The actual costs of travel (e.g., plane fare, cab to airport, etc.) are deductible for out-of-town business trips. You are also allowed to deduct the cost of meals and lodging. Your meals are deductible even if they are “personal,” i.e., not connected with business, although, as with all deductible meals, only 50% of the cost is allowed (80% for long-haul truckers, certain airline, train and bus employees, and certain merchant mariners). Additionally, no deduction is allowed for meal or lodging expenses that are “lavish or extravagant,” a term that has been interpreted to mean “unreasonable.” Personal entertainment costs on the [...]

2016-10-27T16:54:56+00:00March 30th, 2015|Business Tax|Comments Off on What kind of expenses are deductible when travelling for business?

Can I deduct my home computer?

The deductibility of the cost of buying and operating a home computer, including related equipment such as printers, drives, scanners, modems, etc., depends on how you use the computer. Strictly personal use. As you might guess, you get no tax deduction where you use the computer for entertainment, education, avocation, hobbies, and other personal purposes. For your employer's work. You can take an expense deduction under a special Code election the year you place in service a home computer you pay for, plus deduct accelerated depreciation over 5 tax years, plus deduct the operating expenses, if the computer: (a) is [...]

2016-10-27T16:54:57+00:00January 30th, 2015|Business Tax, Personal Tax|Comments Off on Can I deduct my home computer?

Is a Like-Kind Exchange a Good Option for Your Business?

Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax consequences. They must satisfy IRS rules, however, which include: The properties must have the same “nature or character,” as set forth in IRS guidance. The exchanges can be business or investment properties put to a productive use. The exchanges can’t involve inventory, most securities and some other assets. Taxes must be paid on any cash or non-similar property that is part of the deal. Keep in mind that like-kind exchanges [...]

2014-07-11T12:36:01+00:00January 20th, 2015|Business Tax|Comments Off on Is a Like-Kind Exchange a Good Option for Your Business?

“Every Business Needs an Accountant”

Published via YouTube on Mar 26, 2014 Arizona business attorney Ruth Carter explains why every business, even those that are operating on a shoestring budget, needs an accountant, and she shares her experience working with hers. A good accountant is worth their weight in gold. They will save you time and headaches in the long run. They are a critical partner for your business' success. You can see all the ways to contact and connect with Ruth on the Carter Law Firm website: Disclaimer: This video does not constitute legal advice. Watching this video does not create an attorney-client [...]

2016-10-27T16:54:57+00:00December 22nd, 2014|Accounting, Business Tax|Comments Off on “Every Business Needs an Accountant”

Your Financial Plan: What role does your business play?

Assess the value of your business and how it contributes to your overall net worth If you’re like most small business owners, you’re focused on day-to-day operations and have little time to think about long-term plans. But there may come a day when you realize you won’t be able to continue working forever, and that’s often a little late to start planning where your income will come from and how your business can fit into your overall financial plan. […]

2018-02-27T10:26:24+00:00November 30th, 2014|Business Tax, General Consulting|Comments Off on Your Financial Plan: What role does your business play?

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