Section 199A is considered a valuable tax benefit for small business owners. It allows qualified businesses to deduct about 20% of net income. However, there are some limitations and restrictions. What qualifies as a business deduction and who may take it?
Arizona provides two separate tax credits for individuals who make contributions to charitable organizations: one for donations to Qualifying Charitable Organizations (QCOs) and second to Qualifying Foster Care Charitable Organizations (QFCOs).
The IRS announced the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
The IRS announced the annual inflation adjustments for tax year 2025. Generally, the tax adjustments apply to income tax returns to be filed in tax season 2026.
There are many tax uncertainties facing the end of 2024. Mainly, whether proposals from the presidential candidates will affect taxes. However, in any year, you can apply core tax planning strategies relative to income and deductions.
Employers are required by law to withhold employment taxes from their employees. Employment taxes include federal income tax, Social Security, and Medicare taxes.
The next April 15 filing date may seem far away. You should start thinking about gathering information prior to April 15, 2025.
As a business owner, a critical and ongoing predicament you face is whether you should onboard freelancers or hire employees. Learn how to make informed staffing decisions for your company and avoid potential tax implications.
Wallace Plese + Dreher attended the Northern Arizona University (NAU), W.A. Franke College of Business, Career Fair, on September 27, 2024. The Firm’s recruiting team, Alec Marceles, Emily Mead, and Taylor Waslaski attended the event.
What are the rules for deducting business expenses for your business? To be deductible, a business expense must be both ordinary and necessary for your trade or business.
Wallace Plese + Dreher attended Arizona State University (ASU), W. P. Carey School of Business, Meet the Firms, on September 23, 2024. The Firm’s recruiting team, Alec Alban, Jordan Zwick, and Emily Mead, attended the recruiting event.
Wallace Plese + Dreher attended The University of Arizona (UofA), Eller College of Management, Dhaliwal-Reidy School of Accountancy’s Meet the Firms, on September 19, 2024. The Firm’s recruiting team, Kevin Decker and Nathan Richard Salazar, CPA, attended the recruiting event.