What the Tax Reform Act Means for You Congress has passed a tax reform act that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new act, which was signed into law on Dec. 22, 2017. You can [...]
Should I File a Tax Return? Most people file a tax return because they have to. Even if a taxpayer doesn’t have to file, there are times they should. They may be eligible for a tax refund and not know it. Here are five tips on whether to file a tax return: General Filing [...]
Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled [...]
THE FAIR WAGES AND HEALTHY FAMILIES ACT Earned Paid Sick Time Employers: click here to download a pdf of the AZ Earned Paid Sick Time Poster 2017 EXEMPTIONS: The Fair Wages and Healthy Families Act (the “Act”) does not apply to any person who is employed by a parent or a sibling; any person [...]
Late Filing and Late Payment Tips April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and [...]
Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, [...]
Do I Need To File a Tax Return? Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file [...]
What is Reasonable Compensation for a shareholder-employee of an S Corporation? The IRS requires that S corporations “pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee.” Fox Peterson can help you determine what your compensation should be [...]
October Due Dates October is traditionally chock-full of scary activities such as horror-fests of books and movies, Halloween — and various tax due dates. Though it's still September, those due dates are creeping up faster than you think. Fortunately, acting now can save the day. Here's what you need to know. Individual income tax [...]
Sale of Principal Residence In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. Exclusion of Gain. You may be able to exclude part [...]
