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Tax Blog Posts from your Tucson CPA & Tax Preparation Consultants
Encourage Your Employees To Review Federal Withholding Each Year
The IRS says, "All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld." However, employees may not be aware of the IRS' suggestion, which is why employers should tell them about it. Why...
Getting Representation Before the IRS
Nobody likes dealing with the IRS, but if you have to do it, it's nice to have an expert in your corner. That's why you have the right to retain an authorized representative of your choice to represent you in your dealings with the IRS. It's one of the fundamental...
At Tax Time, Don’t Forget the States!
Most states have a state income tax in addition to the federal income tax, and in some cases, certain localities have their own income taxes on top of those. Now is a good time to check to make sure you're up on the rules, which can often change with little notice....
What To Know About Business Financial Ratios
How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business's ability to remain liquid so you can meet your short-term liabilities. How much of a cash...
Consider These Tips for Early Retirement
Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62...
Tax Changes to Think About in 2022
The 2021 tax landscape was filled with headlines about new, possible, and pending legislation. When the year ended, taxpayers were left with many questions about what taxes would look like in 2022. For now, the Build Back Better Act is on hold, and many provisions of...
Small Business Resilience Depends on Keeping a Focused Perspective
Small businesses are resilient, and resilience is especially important in challenging times such as these. This type of strength and agility relies, in part, on good business instincts. But it also depends on a clear understanding of the measures that may impact...
IRS Provides Guidance on Schedules K-2 and K-3
The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the...
IRS Updates Recovery Rebate Credit FAQ
The IRS has updated its Recovery Rebate Credit FAQ, which is organized into eight categories. The full document is available online, but you can find some of the updates below. How does the 2021 Recovery Rebate Credit differ from the 2020 Recovery Rebate Credit? 2020...
Unemployment and Tax: Back to Normal
Unemployment income has always been taxable income. Those who apply for unemployment benefits can have federal tax, and any applicable state tax, withheld, but whether it's done check by check or in a lump sum, the recipient has to pay. However, because 2020 was such...
