A Business Owners Guide to Inflation
Everything I need to know about inflation, I learned in grade school – Too much money chasing too few goods and services, supply and demand, etc. It does not get any more complicated than that. Just as there are certain inviolable laws of physics (try jumping off the roof of your house and not hitting the ground), there are certain laws of economics that stay true no matter the circumstances. The law of Supply and
What are the Differences Between an Accountant and a CPA?
What is Accounting? Accounting is basically the recording and reporting of financial transactions. Anyone who does accounting functions can call themselves an accountant, even without a professional degree in accounting, although usually, an accountant does have an accounting-related degree. Often,
The Way-Too-Early Look Forward to Tax Year 2022
The Internal Revenue Service has announced annual inflation adjustments for the tax year 2022, meaning new tax-rate schedules and tax tables and cost-of-living adjustments for various tax breaks. Most numbers are up more than in recent years because of higher
What is the Best Business Structure for a Real Estate Agent?
Recently, one of our real estate clients asked me what the best business structure for her to use was. Every business structure has advantages and disadvantages; however, for most real estate agents and brokers, using an S corporation or LLC
Arizona Small Business Income Tax Highlights
Arizona Tax Form 140-SBI Tax Year 2021 Highlights On July 9, 2021, Governor Ducey signed Senate Bill 1783 establishing Title 43 Small Businesses, which provides for an alternative tax for Arizona small business income. Beginning with the tax year 2021,
2021 Tax Changes
If you haven't started already, it's time to begin thinking about your 2021 tax return. After all, the more tax planning you do, the more money you may be able to save. However, proper tax planning requires an understanding
Characteristics Of Too-Good-To-Be-True Tax Planning Strategies
As CPA’s, we are constantly bombarded by on-line or in-person solicitations for the next great Tax Avoidance Strategy. Just as frequently, we have clients that have pursued these strategies after attending a free-lunch seminar or heard it from a well-meaning
What you can expect in the 2021 Tax Season
The Internal Revenue Service (IRS) will soon start accepting federal tax returns for fiscal year 2020. The coronavirus pandemic and the many pandemic-related relief measures passed last year make this a unique tax season for taxpayers and the IRS. Congress