General News and Information Archives - Page 34 of 40

Jan
20
2017

Time may be running out — again — for tax-free treatment of home mortgage debt forgiveness

Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Think of it this way: If a creditor forgives a debt, you avoid the expense of making the payments, which increases your net income.

Fortunately, since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with qualified principal residence indebtedness (QPRI).

Jan
18
2017

Prepaid tuition vs. college savings: Which type of 529 plan is better?

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits:

Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred.
Some states offer tax incentives for contributing in the form of deductions or credits.
The plans usually offer high contribution limits, and there are no income limits for contributing.

Prepaid tuition plans

With this type of 529 plan,

Jan
03
2017

The Arizona Department of Revenue Updates the Transaction Privilege Tax for 2017

With several changes to the Arizona Transaction Privilege Tax (TPT) for 2017, the Arizona Department of Revenue has created an interactive tutorial resource to help taxpayers through the TPT payment process. The tutorials offer step-by-step instructions on a variety of TPT related topics. New user enrollment, filing a TPT return, adding a business location, selecting a business location, making a TPT payment, and other additional tutorials are included. The new tutorials can be found at: https://www.azdor.gov/tutorials/index.html.

Dec
16
2016

The Child and Dependent Care Credit

Are you a working parent paying to put your child in daycare?
If so, did you know there’s a credit for child care expenses that could lower your taxes?

The average annual cost of care for an infant in a child care center in Arizona is $9,993, almost as much as college tuition at a four year college! The Child and Dependent Care Credit (a credit against your federal income taxes) can provide some tax relief for these expenses.

Dec
09
2016

Do Nonprofit Organizations File Tax Return?

shutterstock_139230092 Even though most tax-exempt organizations do not pay federal taxes, most of them have to file an annual information return, which is called a Form 990.

Form 990 is an annual information return required to be filed with the IRS by most organizations exempt from income tax under section 501(a), and certain political organizations and nonexempt

Dec
07
2016

Bill.com: Is it worth it for your business?

Recently, more and more companies have been partnering up with QuickBooks Online to enhance your experience with cloud based accounting. Bill.com has been the most popular update to come up in the recent years, and it may be worth looking into for your business

What is Bill.com?

Bill.com is a US based cash flow management and accounting system. It has the capability to process bill payments, send invoices, collect payments,

Dec
02
2016

Do all non-profit organizations need to have an audit? What kinds are there?

The term “audit” usually sparks apprehension in us all. Most of us are familiar wit shutterstock_462987193 h the term from the IRS. Let’s be honest, none of us “want” to be audited. However, it’s not always a bad thing.

In actuality, a financial audit most commonly refers to an independent review of an organization’s financial books. Usually conducted annually, it’s really just a part of a reliable checks-and-balances system to make sure everything is in order.

Nov
29
2016

Traditional IRAs vs. Roth IRAs

We’re often faced with the open-ended question from clients about how to strategically plan for retirement, and often, the answers are not as simple as “yes” or “no” to a client-posed question. Usually, the best retirement strategies are a culmination of careful tax planning over many years, but sometimes, changing circumstances warrant a re-evaluation of the approach. Individual Retirement Accounts (IRAs) are one of the typical areas that clients look into when it comes to retirement planning.

Oct
31
2016

New Filing Date, 1099-MISC when reporting amounts in Box 7

Are shutterstock_124697734 you required to file Form 1099-MISC to report nonemployee compensation payments for the 2016 calendar year? This information is reported in box 7 on Form 1099-MISC. If so, please be advised that there is a new filing requirement for these returns. As in the past, the form is due to the recipient by January 31, 2017. However, new for 2016 returns, they are also due to the IRS by January 31, 2017 as well.

Oct
21
2016

Tax Considerations for Newly Married Couples

shutterstock_119177737 You’ve put a tremendous amount of time and effort in the months leading up to your wedding day to ensure everything is perfect so that your special day goes off without a hitch. Taxes are probably the last thing on your mind, however, they really are something you should address. The following are some basic tax considerations for newlyweds: