Closing a Business in Arizona & Tax Obligations
Believe it or not, when the time comes to close your business, there is a lot of work to do. You can’t just shut your doors and hope the IRS goes away, because it won’t! There are different reasons for closing a business and a variety of methods to complete the...
Best Tax Practices for Operating a Business in Arizona
It’s a mistake to think your tax affairs will be smooth sailing once you become an established small business. No matter how long you have been operating your business, there is always a chance you will encounter some unusual situations. For example, do you know the...
Starting a Business in Arizona
Starting and running your own business is part of the American Dream, and there are some 27 million firms in the country, around 75 percent of which have no payroll. While the majority of these entrepreneurs are likely to have great knowledge of their respective...
Quick Guide to Employment Taxes
This guide relates to the payroll taxes paid by employers. If you are self-employed, you need to check out the IRS Self-Employed Individuals Tax Center to discover your tax obligations. Typically, employers calculate gross monthly earnings of employees before making...
Help Calculating Tips & Gratuities Under Taxable Income
Regardless of whether most of your income comes from tips, all tips or gratuities you receive while on the job are considered to be taxable income. Even non-cash gifts, such as tickets to sporting events, must be declared to the IRS, as they are subject to federal...
Help Calculating Retirement Fund Payments & Withdrawals Under Taxable Income
Retirement plan distributions are generally taxable unless they are from a designated Roth or Roth IRA account. Early withdrawals of funds from a retirement plan are subject to tax, and you may also be hit with a 10 percent additional tax penalty; however there are...
Help Calculating Debt Forgiven or Cancelled Under Taxable Income
Debt that is forgiven or cancelled by an official lender is deemed to be taxable income. For example, if you settle a $5,000 credit card debt for $2,000, you will owe income tax on the $3,000 that was forgiven. Get Professional Accounting Help! For further questions...
Help Calculating Alimony Payments Under Taxable Income
When you receive alimony from a spouse or former spouse, it is necessary to report it as income in the year you received it. Alimony payments you make are tax-deductible but only if they are made under an official divorce decree. Payments not made under an official...
Popular Non-Refundable Tax Credits You Should Know About
These credits can reduce your tax liability to zero but do not provide you with a refund. Here are some examples: Child Tax Credit: There are seven tests to help determine if your child is eligible. These tests include age, relationship, support, and residence. If the...
Refundable Tax Credits You Should Know About
A refundable tax credit can reduce your tax liability below zero, which means you can receive a tax refund from this form of credit. Here are some examples:Earned Income Tax Credit: This credit is designed for lower-income individuals and families who are working. The...