Tax Inflation Adjustments for 2025
The IRS announced the annual inflation adjustments for tax year 2025. Generally, the tax adjustments apply to income tax returns to be filed in tax season 2026.
Category: Tax compliance
Preparing for 2024 Tax Season
There are many tax uncertainties facing the end of 2024. Mainly, whether proposals from the presidential candidates will affect taxes. However, in any year, you can apply core tax planning strategies relative to income and deductions.
Employee Tax Withholdings
Employers are required by law to withhold employment taxes from their employees. Employment taxes include federal income tax, Social Security, and Medicare taxes.
Preparing for April 15, 2025
The next April 15 filing date may seem far away. You should start thinking about gathering information prior to April 15, 2025.
Employee v. Freelancer Tax Implications
As a business owner, a critical and ongoing predicament you face is whether you should onboard freelancers or hire employees. Learn how to make informed staffing decisions for your company and avoid potential tax implications.
Deducting Business Expenses
What are the rules for deducting business expenses for your business? To be deductible, a business expense must be both ordinary and necessary for your trade or business.
2024 Quarterly Estimated Tax Payments
The second quarter estimated tax payment deadline is June 17, 2024. Taxpayers should remember this deadline to avoid falling behind on their taxes and facing possible underpayment penalties. Taxpayers should also remember that third quarter payments are due September 16, 2024, and the final estimated tax payment for tax year 2024 is due January 15, 2025.
What Triggers an IRS Business Audit
Are you concerned about the likelihood of your business being audited by the IRS? What does the IRS see as red flags? How can you avoid them?
2024 First Quarter Estimated Tax Payments
The first quarter estimated tax payment for tax year 2024 is due April 15. Estimated payments apply to self-employed individuals, retirees, investors, businesses, and corporations.
Business Tax Records
When operating an Arizona business, in addition to the industry, the services or products that you offer will affect the records you retain. What records does the IRS expect you to retain? How should you record and organize your business-related costs and revenue?
Proposed Regulations Reporting Digital Assets
As evidenced by recently issued proposed regulations, the IRS is increasingly scrutinizing digital assets.
Appealing an IRS Decision
You have the right as a taxpayer to appeal an IRS decision in an independent forum. Learn more about your rights regarding IRS decision appeals.