2014 - Page 2 of 2

Aug
26
2014

Unreimbursed Employee Expenses

Do you have out of pocket expenses for work? If your employer does not reimburse you for those expenses, there is a possible tax benefit from paying them out of your pocket. You may be able to deduct some of those expenses on Schedule A of your 1040. Some common examples of expenses you can deduct are dues to professional societies, uniforms, and travel expenses. Before you can deduct any of those expenses, you need to answer “yes” to these 4 questions:

Aug
13
2014

Arizona Construction Contractors Sales Tax Changes Are Coming!

A bill signed by Arizona Governor Jan Brewer in June 2013 to reform Arizona sales tax law includes a substantial change to the way construction contractors will pay sales taxes beginning January 1, 2015.

While the new law has been touted by many as simplification, the Arizona Department of Revenue has done very little to inform construction contractors how the law will affect the way they do business.

Under current law,

Aug
01
2014

Sales Tax Simplification

Arizona business owners, are you tired of filing multiple forms to report your transaction privilege tax (TPT) each month? If so, you are in luck. With the enactment of HB 2111, effective January 1, 2015, there will be one form on which you report your sales and use taxes, and one payment to remit your tax liabilities for all counties and cities in Arizona. You will no longer have to file up to nineteen separate reports each month.

Jul
28
2014

Education Savings Plans and Qualified Expenses

By Patricia M. McCoy, CPA

The popularity of educational savings accounts such as 529 Qualified Tuition Plans (QTPs) and Coverdell Education Savings Accounts (ESAs) continues to grow, and we are taking this opportunity to provide a broad overview of these plans, along with some details of deductions allowed for the distributions. 529 and Coverdell accounts are valuable tax planning tools for ensuring that your loved ones have access to funds set aside specifically for educational purposes.

Jun
26
2014

Labor Law Posters and Notices

Employers must post certain labor notices, which vary from state to state and federal agencies, for their employees to read. For example, California requires employers to post a payday notice which outlines regular paydays with a place and time of payment, while Arizona has no such requirement. Requirements can also vary depending on the nature of the business, such as the required notices for federal contractors.

Employers must also keep postings current for matters such as updates to federal and state minimum wage requirements.

Mar
03
2014

Donations, Gift Acknowledgements, and Thank-you Letters

Now that tax season is upon us, most individual filers are scrambling to maximize their itemized deductions. One thing that many filers look to for those extra deductions is charitable contributions. The IRS requires thank-you letters from nonprofit organizations to substantiate the claims of these deductions in excess of $250. But what should be in a thank-you letter? What required language needs to be in the letter? What part of the gift is considered a donation?

Feb
20
2014

HBL CPAs has expanded!

Our family has expanded! And so did our need for space! As a result of the recent merger, HBL recently underwent a large expansionary renovation to accommodate our growing family. From new ceilings, flooring, a completely gutted kitchen, and completely renovated bathrooms to a whole new 3000+ square foot addition, we’re excited to be settling into our new home.

From late October 2013 until January 2014, our office was, for lack of a better phrase,

Feb
13
2014

2013 Filing Season – Make the Most of the New Individual Deductions and Credits

There are a few new deductions and credits for this tax season, outlined below. In addition, if you’d had any sort of unusual event during the year (marriage/divorce, birth of a child, adoption of a child, new home purchase or refinancing, new job, retirement, etc.) please alert us to your news before we start preparing your return. There are many opportunities related to these types of events that can reduce your tax bill.

Simplified Home Office Deduction

Beginning in tax year 2013 (returns filed in 2014),

Jan
18
2014

2013 Filing Season – Preparing for your Individual Tax Return

Whether you are meeting with us for a tax interview or just dropping off your information this year, advance preparation on your part can make this filing season nearly painless. A few recommendations:

Complete your organizer (especially the questionnaire section) as thoroughly as possible. If you have misplaced your organizer, please call us and we will be happy to provide another one.
Bring your source documents; to prepare your return,