27 08, 2020

Unemployment is Taxable: Everything Tucson Residents Need to Know

By | 2020-08-27T16:50:42-07:00 August 27th, 2020|Tax, Uncategorized|0 Comments

Did you know that unemployment compensation is taxable? If you received unemployment benefits this year, then it is reportable on your 2020 Federal income tax return. This includes special unemployment compensation granted under the CARES Act earlier this year. To learn more about how unemployment is taxable, keep reading.  Why it Matters that Unemployment is [...]

26 08, 2020

Nexus Sales Tax: Info for Phoenix Business Owners

By | 2020-08-26T14:47:07-07:00 August 26th, 2020|Tax|0 Comments

Have you ever heard of Economic Nexus or Nexus Sales Tax? Nexus Sales Tax is the requirement for businesses to collect sales tax in states they are selling to. If you are an online business based out of Phoenix, keep reading. Nexus Sales Tax and What You Need to Know as a Phoenix Business Owner [...]

13 08, 2020

Executive Order to Delay Federal Payroll Tax

By | 2020-08-13T14:40:34-07:00 August 13th, 2020|COVID-19 News, Tax, Uncategorized|0 Comments

On Saturday, August 8, President Trump signed an executive order to help Americans get back on their feet and stimulate the economy.  Part of this executive order will delay Federal payroll tax. The constitutionality of this order is expected to be challenged.  The following summarizes the order: To start, the executive order hopes to [...]

12 08, 2020

Mid-Year Tax Planning Tips for Tucson Small Businesses

By | 2020-08-13T09:39:16-07:00 August 12th, 2020|COVID-19 News, Tax, time and money savers, Uncategorized|0 Comments

Are you ready for some Mid-year tax planning? It's important to have your taxes in mind at all parts of the year, but the mid-point is a great time to evaluate everything and see how you're doing. Mid-year tax planning is a great way to make sure you are in compliance and will help [...]

19 02, 2020

IRS Form 1099-NEC Regulations in 2020

By | 2020-02-21T10:03:58-07:00 February 19th, 2020|IRS, Tax|Comments Off on IRS Form 1099-NEC Regulations in 2020

The IRS has, for years, used the 1099-MISC for all payments made to non-employees. In the 2021 tax year, they are making changes. The new IRS form 1099-NEC will be the new way to report non-employee compensation for payments made in 2020. Keep reading to learn more about what counts for the IRS form [...]

25 10, 2019

2019 End of Year Tax Checklist for Money Saving

By | 2019-10-29T12:16:42-07:00 October 25th, 2019|Tax, Uncategorized|Comments Off on 2019 End of Year Tax Checklist for Money Saving

The end of the year can definitely creep up quickly! That's why we've made this 2019 end of year tax checklist to aid you in your end-of-year close-out. You can download this post as a PDF checklist by clicking here. Review your bookkeeping. If it’s not done, complete it and then review it. Look [...]

11 03, 2019

What You Need to Know About Estimated Tax Payments

By | 2019-03-11T12:56:02-07:00 March 11th, 2019|Tax, Uncategorized|1 Comment

Anyone whose taxes are not sufficiently withheld, or anyone who has income that is not subject to withholding taxes are liable to make estimated tax payments. A payment made towards your taxes from an estimate you have made about your earnings for the year is an estimated tax payment. Failure to complete these payments [...]

5 02, 2019

6 Critical Tax Procedures You’re Forgetting

By | 2019-02-05T18:28:42-07:00 February 5th, 2019|1099, Accounting, Blog, Business Advice, Cashflow, Cloud accounting, Featured Slider, Monthly GAB, new business owner, Tax, tax refund, taxes, The Tax GAB, Uncategorized|Comments Off on 6 Critical Tax Procedures You’re Forgetting

In the beginning process, there are a lot of parts of business ownership that can be easily forgotten. Don’t let taxes be one of those forgotten elements! Here are SIX important tax procedures to keep in mind as you start your business. Keep good records of your purchases and statements before it comes time [...]

3 12, 2018

Independent Contractors and Employees: How They’re Different

By | 2018-12-03T03:56:59-07:00 December 3rd, 2018|1099, Accounting, Billing, Blog, Business Advice, Income, IRS, Monthly GAB, new business owner, New employees, Our Services, Small Business GAB, Starting a new business, Startups, Tax, tax refund, taxes, The Tax GAB, time to hire|Comments Off on Independent Contractors and Employees: How They’re Different

As your business grows over time you will probably want to expand and hire people for different roles. Luckily, there are many options available for companies who need to find talented workers. As an employer, there are two main types of workers: employees and independent contractors. What’s the difference you ask? For a new [...]

8 10, 2018

How to Fill out a 1099

By | 2018-10-08T18:52:53-07:00 October 8th, 2018|1099, Accounting, Billing, Business Advice, Financial, Income, IRS, new business owner, Our Services, Tax, taxes|Comments Off on How to Fill out a 1099

In a previous post, we discussed who gets a 1099, and now you need to know how to fill out a 1099. Documents like this can be intimidating at first glance, but when you break them down it is quite simple. Here is our guide, box by box, of how to fill out a [...]