Finding the right small business accountant is essential for ensuring your company’s financial stability and growth. If you’re considering choosing an accountant, it’s important to look for a professional who not only offers comprehensive accounting services in Phoenix but also understands your unique business needs. The right partner will provide proactive, personalized guidance and year-round support, helping you minimize tax burdens and stay compliant. With the right expertise on your side, you can focus on running your business with confidence, knowing your finances are in expert hands.

Are you looking for ways to keep more of your hard-earned revenue while improving your business’s financial stability? Smart tax planning for small business owners is a powerful tool for effective cash flow management, especially when you apply tailored Arizona tax strategies. By taking a proactive approach, you can minimize your tax burden, avoid surprises at tax time, and ensure your finances stay healthy throughout the year. Discover how strategic planning not only brings you peace of mind but also helps you achieve more predictable and reliable cash flow for your business.

Personal Items

• Copy of last year’s Income Tax return
• Proof of identification (Drivers License, Govt. issued Photo I.D.)
• Social Security Card, birth date for you and your family on the Tax return
• Your permanent resident mailing address or a P.O. Box number
• Bank account information or a voided check for direct deposit (for your refund)

What is a Tax deduction?
Tax deductions reduce how much you pay in taxes by lowering your taxable income. You’re simply subtracting how much of your income is taxed and reducing how much you owe in taxes.

The Qualified Business Income deduction also called the QBI deduction or 199A deduction. It was created by the Tax Cuts and Jobs Act (TCJA) and it is in affect for tax years 2018 to 2025

QBI allows small business owners to deduct up to 20% of their qualified business income from an S corporation, partnership, sole proprietorship, trust or estate at the owner level. It allows additional 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

The 2018 is the first tax filing year under the new Tax Cuts and Jobs Act (TCJA). It took effect on January 1, 2018.  Tax rates generally are reduced for most taxpayers under this new tax law, but some of the tax filers may notice smaller or no refunds on their tax returns.

In 2017, a donation that qualified for an Arizona Tax Credit was 100% refundable on your Arizona Tax Return and qualified as a Federal Tax Deduction on Schedule A of your Federal 1040. Unfortunately, only tax donations made before August 27, 2018 will qualify as both a Federal Deduction and Arizona Tax Credit. After August 27, 2018 you have the choice of one or the other.

The H & S Accounting team wishes you and your family a wonderful Holiday Season, and a happy, healthy, and peaceful New Year 2019!

That’s a good question. An Estate tax return is filed on Form 706 and used when a person dies and their estate is worth more than $5.43 million. The amount over $5.43 million is taxed on the Form 706. Since most people do not have an estate that large, they do not have to file the Form 706 because under that amount is not taxable.

Hiring your kids in your business is one of the most underused tax planning strategies that result in substantial tax savings. You will receive a business deduction for their gross wages. Working with you in your business can also instill a great work ethic and skills in saving money in your children at an early age. So, the rewards are great, but you must be sure to follow all the correct procedures that the tax code has in store for you. So, let’s go through all of them.

Many clients want to know the maximum amount of Arizona tax credits they can deduct each year on their current Arizona Individual Tax return. We will not only answer this question for you today but will also explain the individual credits and the date you need to fund each credit.

The H & S Accounting team wishes you a blessed holiday season and a happy, healthy, peaceful New Year 2018!

Now that your business is at the end of its year, let’s look at an effective tax planning method of making retirement contributions. We will compare the features of a SEP (Self Employed) IRA, Simple IRA, and Solo 401(K) Plan.  

Once your teen has started their part time job, there are always questions such as

• How much can they earn without having to file a tax return?
• Can a parent still take their teen as an exemption on their own tax return?

1. Not Filing at All. Life getting a little overwhelming and thinking of not worrying about filing your taxes on time? Not a good idea at all. The IRS can charge you with both a failure to pay penalty and a failure to file penalty. T

At H & S Accounting, we have built our reputation on providing the best customer service in the business. We asked our customers what they love about H & S Accounting, and here’s what they had to say:

As soon as the tax season approaches, businesses as well as individuals start worrying about their tax preparation. Undoubtedly, filing your taxes can be quite a hectic job to do. If you prepare ahead of time by getting all of your paperwork done, then it will be much less stressful when it is time to file.