Need Help with Finding Tax Information?

The IRS suggests you use their online services to find tax information: Where’s My Refund? – This allows you to track the status of your refund. You can use the “Where’s My Refund?” tool within 24 hours after you e-file or 4 weeks after you file by paper. The tool is updated no more than …

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Save on Taxes While Growing Your Business

It’s a worthy goal; one that most all business owners would like to achieve – growing your business while at the same time saving on taxes. It can be done and the IRS gives us some amount of incentive. Consider investing in new equipment. More, better, newer, more efficient, perhaps? Sooner or later, it’s likely …

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New IRS Publication Helps You Understand the Affordable Care Act

There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. This publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015. This new publication provides important information for taxpayers who: Had health insurance coverage for the entire year Did …

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Taxes, Interest and Carrying Charges – Election to Capitalize

Choosing the election to capitalize can be tricky and even stressful at times. Electing to capitalize taxes, interest, and carrying charges isn’t as black and white of a decision as choosing to capitalize other long term assets. Some taxes and carrying charges that would normally be deducted currently or amortized may be capitalized if the …

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Work Opportunity Tax Credit – You May Still Qualify for 2014

If you hire employees of a “targeted group” (defined below), you may be eligible for the Work Opportunity Tax Credit (WOTC). The IRS has granted a transitional relief period until April 30, 2015 (originally this was 28 days after hire date), for qualified employees hired January 1, 2014 through December 31, 2014, since the law …

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Do you own an Arizona Rental House? Get Ready to be Licensed

The Arizona Department of Revenue (ADOR) and Arizona cities are changing the rules for owners of residential rental properties. By 2016, all property owners who meet the licensing requirements will be required to be licensed and to individually file sales tax returns (transaction privilege tax). Licensing requirements for residential rentals are available on the ADOR …

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WARNING – Federal Healthcare Coverage Information May be Incorrect

Last week the Obama administration reported that 800,000 people who signed up for health insurance under the Affordable Care Act received incorrect tax information on the forms they received from the federal exchange and should wait to receive new ones before filing their taxes. It was reported that roughly 95 % of those who received …

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Write Off Your Building Improvements under the Safe Harbor for Small Taxpayers

The IRS issued regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs expensing of business property. These new regulations are commonly called the “tangible property and repair regulations” or TPR regulations. The new regulations, which apply to tax years beginning in 2014, have many …

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What is a real estate unit of property?

Wondering what is this “unit of property” term you keep hearing? Well, here is your answer. The IRS issued new regulations in 2013 and 2014 trying to bring clarity to the many conflicting rules in the area of capitalization versus expensing of business property. These new regulations are commonly called the “tangible property and repair …

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How to Deduct Recurring Maintenance? The Routine Maintenance Safe Harbor

The Tangible Property and Repair Regulations & guidance issued in 2013 and 2014 has many new provisions including new “safe harbors” and definitions which affect all businesses that have depreciable property or pay for supplies and repairs. One area covered in the regulations is costs related to improving or repairing property and which of these …

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