Insights
Solar tax incentives have been in place for years, but recent expansions have sparked a surge in solar installations across the country. Both residential and rental property owners are now benefitting from new federal tax credits designed to accelerate the adoption of clean energy and sustainable practices. The Inflation Reduction Act (IRA) of 2022 expanded…
Read MoreMany small businesses are family-owned and operated with employees that have been with the company for years. Manager oversight can become lax. Staff and co-workers are like “family,” or they may actually be family. Long-term employees are trusted. But it is when owners and managers don’t maintain proper controls over their processes that those closest…
Read MoreThinking about one’s own mortality is no one’s favorite way to pass the time. Yet if you own any stuff or love anyone, it is something you will eventually have to consider. You work hard to provide a home, a living, a fulfilling present, and a secure future for yourself and your family, so it…
Read MoreAccess Retirement Funds in a Disaster
The SECURE 2.0 Act that went into effect in March 2022, makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. This is good information to have should you be affected by a disaster and need that access. The IRS provides the following important information. Who is…
Arizona Minimum Wage to Rise for 2025
Effective January 1, 2025, Arizona’s minimum wage will be increased by 35 cents from $14.35 to $14.70 per hour. Arizona law requires the minimum wage to increase yearly based on the percentage increase in the consumer price index as of August of each year. The federal minimum wage remains at $7.25 per hour, but Arizona…
What Business Owners Need to Know About Business Travel Deductions
When it comes to deducting business travel expenses, business owners and employers face a maze of rules that can be both complicated and prone to change. However, understanding these regulations can significantly help businesses maximize their tax write-offs and lower their annual tax bills. Following are some guidelines and tips to ensure compliance with IRS…
News Alert: Beneficial Ownership Information Reporting – Business Clients
This is to alert you to recent developments regarding Beneficial Ownership Information reporting, commonly referred to as BOI or BOIR. BOI filing is a requirement to everyone that owns an entity that is formed or registered the State such as an LLC, Corporation, or similar. On December 3, 2024, a federal court in Texas issued…
Residential Rental Property Owners – Transaction Privilege Tax Update
Effective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this tax and there is currently no requirement to collect state or county sales tax from residential rentals. The City of Tucson does not charge this…
Time to Renew Transaction Privilege Tax License
You have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid for one calendar year, January 1 to December 31. All licenses must be renewed by January 1st, 2025, to apply to the current year. If…
The Tax Benefits of Giving
With fall décor already lining the shelves, it feels like the season of giving is right around the corner. As you consider your gifts and donations this year, keep in mind the potential tax benefits that charitable donations can offer, making your generosity even more rewarding. This article outlines the tax advantages of charitable giving and…