From the tax tips Tag

Tax FAQ Series – Can You Talk To My Financial Advisor About My Tax Returns and Tax Information?

Yes, of course. BUT, we do need a signed 3rd party waiver from you to discuss your matters with the advisor. This also goes for anyone other than you. _______________________________________________________________________ If you have a question […]

Tax FAQ Series – What Can I Do If I Am Still Waiting On (or didn’t receive) a 1099 From a Company That I Worked For?

We just need the amount to report it. The 1099 isn’t necessary SO LONG as we have the proper, accurate amount. Have more questions? Call (480) 888-7111 to schedule your free consultation today! _______________________________________________________________________ […]

Tax FAQ Series – What Amount Of My State Refund Is Taxable?

The state refund is only taxable to the extent that it exceeded the sales tax deduction. This carry forward amount is calculated on what is called the “Refunds Worksheet” that can be found in […]

Tax FAQ Series – Is There A Time Limit For Capital Losses?

These types of losses can carry forward until they’re used. There is NO time limit. Have more questions? Call (480) 888-7111 to schedule your free consultation today. _______________________________________________________________________ Have a question you would like […]

Tax FAQ Series: What is the deadline to contribute to my retirement plan?

IRA/ROTH/401K – The day your tax return is due – usually April 15th. If you filed an extension, then you have until October 15th. SEP – the tax deadline of the employer (check with […]

Tax FAQ Series: Are business & personal taxes the same?

The Tax Code allows you to report business activity on your personal return using a Schedule C or on a separate business return. Either way you’re providing a “Business” return. When you use a […]

Should my 1099 income be reported to me personally or to my business?

If you receive income reported on Form 1099-MISC, then you’ll want to report that income under your “EIN” or tax ID number, not your social security number. If you end up with a 1099 […]

My state doesn’t have a state income tax. Am I still required to file a tax return for my business?

In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]

What are “Adjusting Journal Entries,” sometimes called “General Journal Entries” or “General Journal Adjustments”?

A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]

Tax FAQ Series – Calling the IRS to Request a Change – Isn’t It Simple?

What about contacting the IRS – can’t you just call them and let them know the change? In theory, yes. But it’s a very complex process. In order to contact the IRS, we have […]