The Tax GAB

/The Tax GAB
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 [...]

5 02, 2019

5 Ways to Improve the Health of your Business

By | 2019-02-08T15:19:24-07:00 February 5th, 2019|Blog, Business Advice, Monthly GAB, new business owner, Small Business GAB, Starting a new business, The Tax GAB, Uncategorized|Comments Off on 5 Ways to Improve the Health of your Business

What does it actually mean to have a healthy business? A healthy business is a soulful business that encourages creativity, connection, and big dreams. It cares for its workers and customers and values its purpose. With that said, here are 5 ways to improve business health. Ask yourself if your business has a purpose. Why [...]

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 [...]

17 11, 2017

Military Tax Breaks You Might Not Know About

By | 2017-11-17T22:36:34-07:00 November 17th, 2017|Blog, Financial, Monthly GAB, Tax, The Tax GAB, time and money savers|2 Comments

Military service members take many sacrifices and have special obligations in order to serve their country; naturally, their taxes are affected. There are a number of special tax breaks they are entitled to and this post will be to inform our service members of what exactly they entail. Residence or Domicile: Because there are times [...]

17 10, 2017

What You Need to Know About the Possible Tax Reform

By | 2017-10-17T20:44:01-07:00 October 17th, 2017|Business Advice, Financial, For CPA's, Tax, The Tax GAB|Comments Off on What You Need to Know About the Possible Tax Reform

The Republican members of Congress just released a proposal for their vision on tax reform. This is an issue we’ve been hearing about since Trump’s campaign, and  many of us may be wondering what it means this time around. Some issues have been addressed with more specificity than before, but some issues are still lacking [...]

19 04, 2017

Tax Implications of Crowdfunding

By | 2017-04-19T13:30:28-07:00 April 19th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Tax Implications of Crowdfunding

Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of [...]

7 04, 2017

Don’t Overlook Tax Deductions for Home Ownership

By | 2017-04-07T12:59:15-07:00 April 7th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Don’t Overlook Tax Deductions for Home Ownership

Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a home, including the potential for capital appreciation and the fact that many of the costs are tax deductible, while rent is [...]

7 04, 2017

Estimated Tax Payments Are Not Just for the Self-Employed

By | 2017-04-07T12:51:38-07:00 April 7th, 2017|Blog, Monthly GAB, Tax, The Tax GAB|Comments Off on Estimated Tax Payments Are Not Just for the Self-Employed

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making quarterly estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes on a quarterly basis [...]

2 12, 2016

Increasing Minimum Wage: What you need to know!

By | 2016-12-02T12:29:30-07:00 December 2nd, 2016|Blog, Financial, Monthly GAB, Small Business GAB, Tax, The Tax GAB|Comments Off on Increasing Minimum Wage: What you need to know!

Whew! Elections are over. Now here is some of the fallout for employers: As you may already know Arizona voters passed Proposition 206 for an increase to minimum wage from $8.05 to $10 starting January 1st, 2017. Here are a few more details on the changes below. Increase the minimum wage to $10 in 2017, [...]

2 11, 2016

So You Want to Deduct Your Work Clothes?

By | 2016-11-02T12:42:16-07:00 November 2nd, 2016|Blog, Monthly GAB, new business owner, Small Business GAB, The Tax GAB|Comments Off on So You Want to Deduct Your Work Clothes?

A frequent question that arises is: Can I deduct the cost of my work clothing on my tax return? The answer to that question is “maybe.” The IRS provides the following guidelines for when expenses for work clothes are deductible: 1) They are worn as a condition of employment, AND 2) The clothing is not [...]