Cell phone usage in your company
The IRS has technically defined de minimus as $100 or less. If you are a company who provides a company cell phone for your employees to use, you do not have to worry about adding that to their W-2. You…
Do something that terrifies you every day.
One of my absolutely favorite authors is Tim Ferriss and to quote, "A person's success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have." I have always found that: If…
1 billion in refunds, Q&A with the Tax Goddess 3/14/17
If you have refunds due to you from the 2013 tax year, you need to make sure that you file before April 15th of this year; otherwise, those refunds belong to the government. If you think that you are owed…
ACA repeal and 2013 filings
If you're getting refunds from 2013 filing and you wait until after April 15th of this year to file, you will not get those refunds back. The IRS offices here in Phoenix have shut down their walk-in options. A former…
How to write off your travel. WithoutBags style!
Do you have a business reason for your travel? If you’re traveling for a personal reason or for a vacation, you cannot deduct those expenses. If you have a business purpose for your travels, you can certainly write those expenses off.…
Happy Mardi Gras! Don’t dig your head in the sand.
Never dig your head in the sand; always make sure that you try to work upfront with the IRS. They're actually quite good at setting up payment plans. There may be penalties and interest, but at least you won't have…
7 easy steps for saving more on your taxes
Want to make more money and legally keep that hard earned cash in your pocket! Here are 7 easy steps to follow. Seven easy steps to keeping more cash in your pocket. Step one, call us. Book an appointment with…
Love is in the air! Donating to charity using your Required Minimum Distributions!
If you have other sources of income and don’t really need the RMD from your IRA, you can also donate the funds directly to a charity. There are various ways to structure gifting. You can set up trusts, gift annually,…
Changed deadline by IRS for foreign bank accounts
Watch the Video to learn more about foreign bank accounts Does your CPA use an organizer to ask you about foreign bank accounts? One of the things that we do to ensure that our clients are getting the best…
Reimbursement of health insurance premiums
The government now allows the reimbursement of health insurance premiums for small business owners (50 FTE or less), which was taken away about a year and a half ago. There are many questions people have: “What is Trump going to…
IRS timelines and in person meetings Phoenix
The IRS is now saying it is going to take 45 days, 60 days, or 120 days to get a response. All walk-in options have been cancelled; if you have to physically go into an IRS office and submit something…
Why successful bookkeepers do not do their own bookkeeping; tips from the Tax Goddess
A bookkeeper would see many different scenarios, options, and loopholes that they can help you and your CPA apply to your situation. They would also help you with your month-end reconciliations by looking at the reports, not only from the bookkeeper…
LLC’s Tax Filling Rules
LLC’s Tax Filling Rules. Watch the Video! Having separate LLCs for each rental property, for legal reasons, and tax reasons Obtaining a line of credit or a credit card in the name of the LLC, as you would not want…
Did you know… Special form 14039 when someone passes away!
When someone passes away, you should file Form 14039 as quickly as possible. This very specific form allows the IRS to protect the social security number of the deceased person. To protect the deceased person’s social security number against fraud…
Gift limitations for business owners
Did you know that when you provide a gift to a customer, the maximum deductible amount is $25 per person? Do you and your bookkeeper know the most important points to consider when gifting? Any questions on how gifting works?…
