Is Your Employee a Worker or an Independent Contractor?
by admin / December 26th, 2013

There is an ongoing debate that is almost as old as the tax code itself.  If you have people working for your business, should you classify them as employees or as independent contractors? Classifying your workers as independent contractors generally saves you money.  That is because you avoid paying employment taxes and benefits on their […]

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Minimizing Estate Taxes and Other Related Problems for Your Family
by admin / December 10th, 2013

Eventually, someday, your family will receive your remaining assets from your estate. The transfer may be well planned for and tax-efficient or it may be unplanned, expensive and risky. That choice is up to you and relates to the decisions, if any, you make with your estate plan.  Without a written plan, you may give […]

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Charitable Tax Break Changes May Be Coming
by admin / November 20th, 2013

Congress is considering changes to the charitable contributions tax deductions for 2012.  Possible changes could include imposing a dollar cap on all itemized deductions, limiting the tax rate and replacing the deduction with a credit. “We want to ensure that whichever policies we ultimately decide to pursue are crafted in a way that makes the […]

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10 Facts About Capital Gains and Losses
by admin / November 20th, 2013

This article is a reprint from the IRS Tax Tips bulletin. The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: […]

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Beware Bogus IRS Emails
by admin / November 20th, 2013

The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal […]

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Required IRS Reporting for your 2012 Tax Return
by admin / November 20th, 2013

As part of our commitment to pro-active client service to our valued clients, we are advising  you  of additional I.R.S. reporting requirements related to foreign assets that you may own. If you had a financial interest in or signature authority over a foreign financial account such as a bank account, investment/securities account or a retirement […]

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IRS Form 1099 for Rental Activity
by admin / November 20th, 2013

As you may know, the IRS has suggested many changes regarding the requirements to file IRS Form 1099.  Since it has been somewhat confusing, we are explaining the current rule on IRS Form 1099. Generally, any trade or business (including rental business) that makes payments in the course of that trade or business for interest, […]

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How the Tax Provision in 2012 American Taxpayer Relief Act Will Affect You
by admin / November 20th, 2013

The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modifications of the estate tax, permanent relief from the AMT for individual taxpayers, limits […]

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7 Important Tax Facts about Medical & Dental Expenses
by admin / November 20th, 2013

The following article is from the IRS Tax Tips newsletter. If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental expense deduction. 1. You must […]

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Notice Regarding Property Taxes Due April 1, 2013
by admin / November 20th, 2013

The Pima County Tax Assessor has recently sent out 2013 personal property tax forms, which are used to determine the tax on personal property.  If you have not received one, or cannot find your copy, please call our office.  The form is due no later than April 1, 2013 and is subject to a 10 […]

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