Are Nonprofits Exempt from Arizona Sales Tax?

One of the appeals of establishing a nonprofit organization is that these organizations are generally exempt from paying one or more types of tax. But just because an entity is exempt from one type of tax does not mean it is exempt from all taxes. In my work with Arizona nonprofit organizations, one common question…

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Why More Businesses are Turning to Fractional CFO Services

For many small and mid-sized businesses (SMEs), hiring a full-time Chief Financial Officer (CFO) can often exceed operational needs or current budget realities, despite the clear value seasoned financial leaders bring to the table. Because of this, many businesses are turning to fractional CFO services as an alternative to capture the executive-level expertise without the…

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Good Record Keeping Practices You Should Know

I don’t know about you, but paper represents a major problem for me at home and in the office. How long should I keep records of purchases like appliances, real estate, or assets used in a business? Should I keep copies of bills and invoices? Discarding records that should be kept poses a wide range…

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Planning for W-2 Year-End Payroll Filings

With the end of the year approaching, your business should have a plan in place for a crucial step: W-2 filing. W-2 filing directly affects your employees-timeliness and accuracy are vital. What is a W-2? Also referred to as the Wage and Tax Statement, this form reports an employee’s annual wages and taxes withheld during a…

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Employee vs. Freelancer: Tax and Financial Implications for Business Owners

Deciding to onboard a freelancer, also known as an independent contractor, requires understanding the tax and financial implications. Following are some considerations as you determine what works best for your business. What to expect when you hire an employee (W-2) You will be responsible for withholding taxes from the employee’s paychecks: Federal and State income…

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What To Know About Overtime Rules

Overtime rules under the Fair Labor Standards Act (FLSA) can be confusing, but business owners need to know the provisions. Following are some provisions to be aware of. There’s no limit on the number of hours employees age 16 and older may work in any workweek. The FLSA doesn’t require overtime pay for work on…

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Key Tax Considerations for Real Estate Investors in 2024

Amid the backdrop of market realignment, higher interest rates, and shifting workplace habits, investors remain cautiously optimistic about their real estate allocations heading into 2024. After an overall slower acquisition pace in 2023, market uncertainties prompted investors to adopt a wait-and-see approach, hoping for property values and interest rates to reconcile. However, for those looking…

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Reminder – Income from Short-Term Rentals is Taxable in Arizona

Many property owners in Arizona offer short-term residential rentals–lodging rental stays for less than 30 days—especially in the winter. Arizona Department of Revenue (ADOR) reminds property owners that the income from short-term rental stays is subject to Arizona transaction privilege tax (TPT). From ADOR: “If a property owner is only renting their residence for an…

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Arizona One-Time General Welfare Rebate

The Arizona Department of Revenue (DOR) will be issuing a one-time individual income tax general welfare rebate, entitled the Arizona Families Tax Rebate to Arizona taxpayers who meet the following requirements:     filed a full-year resident tax return for tax year 2021 and     claimed a dependent tax credit on the tax return…

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How Your Home Affects Your Taxes: Energy Credits

Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected by the changes in the law depends on your income, where you live, how much you spent (or plan to spend) on a home, and…

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