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My Accountant Bookkeeping & Tax Service

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Gilbert, AZ
My Accountant Bookkeeping & Tax Service

Expertly prepared tax returns for individuals and small businesses, bookkeeping & accounting for small businesses.

02/08/2020

Happy Tax Season everyone! Just a quick note to let you know we moved one door down. We are now in Suite 111. Can’t wait for you to see our new home!

09/22/2018

Military Contractors and Employees – Did You Know?

If you perform services for the U.S. Military in a combat zone and meet eligibility requirements, you may now be able to exclude as much as $103,900 in earnings from the gross income you report on your tax return. In the past, to qualify for the Foreign Earned Income Exclusion, you had to live in a foreign country and not "maintain an abode" in the U.S. However, in February 2018, Congress removed this requirement for military contractors and their employees working in registered combat zones.

You can only exclude foreign income that you earned while working in support of the U.S. Armed Forces, and you can't claim any deductions or credits related to that income, such as business travel expenses. Still, if you've worked in a combat zone, this law change could save you a lot at tax time.

The foreign earned income exclusion is not automatic. Please contact us to learn more about filing for this exclusion.

09/10/2018

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1st - August 31st quarter of the year is September 15th.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

09/07/2018

Paycheck Checkup - Did You Know?

With the major tax law changes, the IRS has issued several press releases urging taxpayers to use the IRS Withholding Calculator to double-check their tax withholding.

The Tax Cuts and Jobs Act passed in December, 2017 made significant changes including:

- Increased standard deduction
- Eliminated personal exemptions
- Increased Child Tax Credit
- Limited or discontinued certain deductions
- Changed the tax rates and brackets

Checking your withholding amount can help protect against having too little tax withheld and getting unexpected tax bills and penalties at tax time next year. You may also prefer to have less tax withheld up front and receive more in your paychecks.

The IRS Withholding Calculator can be found at: https://www.irs.gov/individuals/irs-withholding-calculator.

08/31/2018

Flexible Spending Accounts - Did You Know?

Flexible spending accounts (FSAs) are a way to pay for medical expenses and get a tax break at the same time. You decide how much to contribute to the FSA before the start of the year and then that amount is deducted from each paycheck. The contributions are pre-tax and the reimbursements for the expenses come out tax-free.

FSAs are generally "use it or lose it", however. If you don't use all the money, it will be lost. Unused dollars cannot be carried over from year-to-year. Make sure you are on track to use all of the funds. If not, they can be used for a variety of expenses, such as eye glasses and other items. Be sure to review your FSA spending to make sure you don't lose this tax-free benefit.

08/22/2018

Section 179 Deduction Limits - Did You Know?

If you are a business owner, the new tax law not only retained the section 179 deduction for certain types of equipment and other business purchases, but the limit was also expanded to $1 million for 2018. This rule allows the amount of these purchases to be expensed right away versus depreciated over a number of years. This can be a significant tax benefit for a company.

In order to qualify, the equipment or software purchase must be used for business use more than 50% of the time.

08/16/2018

Beneficiary Designations - Did You Know?

It's a good idea to regularly review (for example, every five years or whenever there is a major life change) beneficiary designations for retirement accounts, insurance policies, annuities, and estate planning documents.

Failure to do so can create serious problems, including unwanted tax liabilities or assets going to the wrong people.

08/10/2018

Child/Dependent Care Credit - Did You Know?

If you send your children to a summer day camp while you work or look for work, save your paperwork as you may be eligible for the IRS Child and Dependent Tax Credit. You may also qualify if you paid for someone to care for a child, dependent or spouse during the year.

The qualifying person can be a child under the age of 13 or a spouse or dependent who lived with the taxpayer for more than half the year, or someone who is physically or mentally not capable of caring for themselves.

08/03/2018

Hiring Your Kids - Did You Know?

During summer and other times in the year, you may be able to claim tax savings from hiring your kids to work in your business.

The work performed must be ordinary and necessary to the operation of the business. They will also require a Form W-4 and I-9, the same as hiring a normal employee.

Your business may be able to deduct their wages as a business expense and, if they are under 18 and working for a sole-proprietorship, not have to withhold F**A from their salary. Kids with earned income can also begin to contribute to an IRA and enjoy the benefits of a longer investment period.

07/25/2018

Summer Jobs - Did You Know?

If you're currently working at a summer job or know a teen or student who is, here is a useful tax-saving tip:

Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.

However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.

In the case of lawn care, potential deductible expenses may include: business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc.

07/19/2018

Employer Life Insurance - Did You Know?

If your employer provides you with life insurance and is paying the premiums for you there is no tax concern so long as the amount of coverage is $50,000 or less.

However, premiums paid by your employer in excess of $50,000 is a taxable benefit under an employer-provided group term life insurance program. As result, this is considered income that may be taxed and should be included in your filing.

Address

3651 E Baseline Road Ste 111
Gilbert, AZ
85234

Opening Hours

Monday	9am - 6pm
Tuesday	9am - 6pm
Wednesday	9am - 6pm
Thursday	9am - 6pm
Friday	9am - 6pm

Telephone

+14809880708

Website

http://myaccountantaz.com/

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