It’s that time of year again where we should consider meeting to discuss any year end strategies that might reduce your 2023 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies we can employ to help minimize your taxable income and resulting federal tax liability for 2023. I have compiled a list of actions based on current tax rules that may help you save tax… It’s that time of year again where we should consider meeting to discuss any year end strategies that might reduce your 2023 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies we can employ to help minimize your taxable income and resulting federal tax liability for 2023. I have compiled a list of actions based on current tax rules that may help you save tax… With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to recent changes made by the Inflation Reduction Act of 2022 and the potential change in congressional balance of power resulting from the midterm elections. Whether or not tax increases become effective next year, the standard year-end approach of deferring income and accelerating… PHASE-2 SELF-REPORTING SEASON STARTS 1/3/2022: If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. On 6/11/21, the Health Resources and Services Administration (HRSA) issued guidance available at: https://www.hhs.gov/sites/default/files/provider-post-payment-notice-of-reporting-requirements-june-2021.pdf. For Practices that received PRFs of more than $10k between 7/1/20 and 12/31/20, your self-reporting period starts 1/1/22 and ends 3/31/22. We’ll be reaching out soon to our practice clients… Summary of Key Tax Provisions from Recent Tax Legislation Economic impact payments (EIPs) The American Rescue Plan Act created a new round of EIPs that were sent to qualifying individuals. As with last year’s stimulus payments, the EIPs were set up as advance payments of a recovery rebate credit. If you qualified, you should have received these payments already. However, if the IRS owes you more, this additional amount will be captured and claimed… The American Rescue Plan Act (ARPA), P.L. 117-2, introduced many new tax changes when it was enacted in March. Some retroactively affected 2020 returns, and many more will affect this 2021 tax returns, so now is the time to get ready for next year’s tax filing season. Economic Impact Payments: ARPA enacted a new round of economic impact payments that were sent to qualifying individuals in 2021. Just like 2020’s two rounds of stimulus payments,… Starting A Business in Tucson AZ is exciting; you’re finally making your dream a reality. While you’re looking ahead, there are many factors to consider. Your first step should be to find a CPA. Ike Braden is a licensed CPA in both Arizona and Montana with over 15 years of public accounting experience. Ike is located in Tucson, Arizona and works with individuals, small to mid-sized businesses and self-employed clients. He provides tax services (preparation,… When starting a small business, taking the time to set up your record keeping system properly, right from the beginning, will save you time and money down the road – and could make the difference between success and failure. Certified public accountants (CPAs) are experts in small business finance including taxes, financial reporting, business advisory, personal financial planning as well as bookkeeping and payroll processing. According to CPAs, good recordkeeping preparation and planning can: Make… Risk management is one of the most misunderstood, yet most important, areas of forming and operating a business. Many entrepreneurs are so busy with operational and financial matters that protection of their most important assets is often overlooked. Certified Public Accountants (CPAs) are integral to assisting in the formation, operation and protection of your business. Many people do not approach the protection of the business in the same way that they approach the protection of… Sole proprietorship, corporation, LLC: Try them on for size to find out which legal structure will best suit your business. Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company. Not only will this decision have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the…
INDIVIDUALS- 2023 Year-End Update & Planning Considerations
BUSINESSES – 2023 Year-End Update & Planning Considerations
2022 Update 10/31/2022
2022 UPDATE 1/4/2022
2021 – 4th QUARTER TAX UPDATE
2021 – 3rd QUARTER TAX UPDATE
Determining Your Readiness to Starting Your Own Business
Guide to Small Business Record keeping
Protecting What’s Important to You as a Business Owner
Choose Your Business Entity Structure