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)

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.