Tax and Accounting Articles

The following articles are provided as a courtesy to the web community at large and clients. As laws and regulations change on occasion it is always best to follow up any information provided here with a professional before taking any action. The articles outlined below are subject to your understanding of the Terms of Service for using this web site.

Where do I Have to File?
Many states are adopting economic presence over physical presence in order to determine where the business has to file an income tax return.
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Business Trips vs. Vacations
Make sure your business trip is not actually a non-deductible family vacation or pleasure cruise. Read the article to learn more.
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Arizona Targeted Tax credits
Arizona taxpayers can direct their dollars so that they get a credit for Arizona income taxes, and a Federal charitable tax deduction too. This article discusses how these tax credit programs work.
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Safe harbor provides simplified option for claiming home office deduction
Background. The general rule under Code Sec. 280A(a) is that no deduction is allowed for the business use of a dwelling unit that\\\'s also used by the taxpayer as a residence during the tax year. But under exceptions, if strict requirements are met, deductions are allowed for direct expenses and the business-use part of the indirect expenses relating to business use of a residence:
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Do You Need to Incorporate Your Business?
If you have started your own business, it is likely that you have received bits of advice here and there about incorporating your business, and you may be confused about the array of choices. This article provides a short questionnaire that may help with your decision.
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Casualty Losses
A tax deduction can be available to deduct losses from fire, storm, shipwreck, theft, and other casualties. Shipwreck is not likely here in Arizona, but theft, and wind and storm damage certainly is.
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What are the different ways to Manage Payroll?
When it comes to hiring employees, there are several responsibilities to consider. This article discusses what you need to do concerning setting up a payroll and your responsibilities in doing so.
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Penalty taxes for being without health insurance
For 2015, the penalty is $325 per adult and $162.50 per child (up to $975 for a family), or 2.0% of family income, whichever is greater
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How to Improve Small Business Cash Flow
Keeping a running cash flow is critical to the successful operation of any business new or old. This article talks about ways in which you can optimize your cash flow in your business.
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What is the best form of business for my company?
This article discusses the different legal ways to structure your business.
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Forgiven debt may be free from income tax
Discharged debt for which someone is personally liable is generally considered ordinary income to the borrower for income tax purposes. However, some ypes of relief are available, allowing taxpayers to exclude certain types of debt cancellation from taxation.
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Insurance For Home Based Businesses
If you have a home based business, chances are that you have a business liability policy but are you covered in the remote event that a client or customer injures him/herself on your premises? This article discusses Insurance concerning your home based business.
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Tips For Business Owners
This articles discusses how a tax advisor may be able to help you keep on track with your business goals.
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