Categories for Business and Corporate

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?

Nov
30
2011

Arizona Tax Credits Available for 2011

For those of you that are required to file Arizona Individual Income tax returns for 2011, there is still time to make charitable contributions that will qualify for credits on your 2011 Arizona Individual Income Tax Return. As a reminder, Arizona credits are a dollar for dollar reduction to your Arizona income tax liability while at the same time allow you a certain amount of discretion as to how a portion of your tax dollars are used.

Nov
14
2011

Tax Deductions Related to Business Use of Automobiles

In general, if you use your vehicle in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, “car” includes a passenger vehicle, van, pickup or panel truck.

Personal vs. business miles – Business use of your car can include traveling from one work location to another work location within your tax home area;

Sep
19
2011

Plan Now For Tax Record Keeping to Reduce Tax-Time Stress

You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice, or substantiate items on your return if you are selected for an audit.

Here are a few things the IRS wants you to know about recordkeeping.

Jun
23
2011

Foreign Financial Account Reporting

As a reminder, on or before June 30, 2011, any U.S. person with a financial interest in or signature authority over foreign financial accounts generally must file Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (FBAR) if, at any point during the 2010 calendar year, the aggregate value of the accounts exceeds $10,000. The June 30, 2011 deadline is when the Form TD F 90-22.1 is received, not when mailed.

Let HBL be your Tucson CPA firm,

Jun
20
2011

Tax Classification of Employee vs Independent Contractor

Employee vs. Independent Contractor – Seven Tips for Business Owners

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to file.

Here are seven things every business owner should know about hiring people as independent contractors versus hiring them as employees.

Jun
10
2011

2nd Quarter Estimated Tax Payments Due

As a reminder 2nd quarter estimated tax voucher payments are due on Wednesday, June 15.

If you have any questions regarding these payments, please feel free to call our office.

Jun
06
2011

Starting a New Business

Six Tax Tips for New Business Owners

Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know.

1. First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file.