Over 100 Years of Combined CPA Experience
Welcome to our Tax Blogs
Providing Tax Blogs on Tax, Accounting, Bookkeeping, and Business Consulting posts for all of Southern AZ.
Call for a FREE Initial Consultation
Over 35 Years in Business in Tucson, Arizona
Tax Blog Posts from your Tucson CPA & Tax Preparation Consultants
Do You Have a Hobby or a Business?
Caterer? Cupcake baker? Craft jeweler? Maybe even a glassblower? Your passion may have led to income. You should know about the special rules and limits for deductions. To start with, is your passion a business or a hobby? The IRS says people start a business to make...
Business Deductions: A Quick Review
You have lots of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one that is common and accepted in your trade or business. A necessary...
A 2021 Update on Tax and Education Credits
Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse or your dependents are taking postsecondary coursework, there's a strong chance a tax benefit may be in your future. The credits...
What Makes a Successful Bonus Program?
A bonus is extra money paid to employees in addition to their wages or salary. Sometimes called "incentive pay" or "variable pay," bonuses are used to incentivize qualified candidates to work for the company, motivate employees to achieve organizational goals and...
What a Will Should NOT Do
Making a will is the primary way to transfer ownership of your belongings after your death. You’ll often hear that a will should be a comprehensive list of your assets so that they can be found quickly and easily without your estate undergoing probate. But there are...
Planning Ahead for Tax Credits and Deductions
Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks...
DOL Withdraws Independent Contractor Rule
In May 2021, the Department of Labor withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” final rule. According to the Society for Human Resource Management, "The DOL has traditionally analyzed a number of factors to consider whether a...
Tax Treatment for Family Members Working in the Family Business
What kind of business is a mom-and-pop operation? It's probably not a question you pondered when you dreamed of going into business with your spouse. If your spouse is integral to carrying on its operations and shares in the profits and losses, you may consider...
Affordable Care Act Upheld — Again
White House Image by By Phil Roeder under CC BY License. In a 7-2 decision, the U.S. Supreme Court upheld, again, the Affordable Care Act. Texas and other states had sued to overturn it. The court's opinion, written by Justice Stephen Breyer, said that plaintiffs had...
IRS Adjusts HSA Limits for 2022
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021). Family: $7,300 (a $100 increase from 2021). According to the...
