Health and Wellness Deductions
The IRS is reminding taxpayers that personal expenses pertaining to health and wellness cannot be deducted or reimbursed.
Insights
Deducting Business Meals
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
WP+D Holiday Masquerade Ball
Wallace Plese + Dreher (WP+D) hosted an employee masquerade ball at the Arizona Grand Resort & Spa on December 7, 2024.
Corporate Transparency Act (CTA) Blocked by Texas Court
In 2025, the Corporate Transparency Act (CTA) was scheduled to affect many businesses with some heavy-duty reporting requirements. A court has effectively stopped it for now, and possibly permanently.
Section 199A Qualified Business Income (QBI) Deduction
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 Tax Credits | Qualifying Charities
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).
Retirement Plan Contributions
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.
Tax Inflation Adjustments for 2025
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.
Preparing for 2024 Tax Season
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.
Employee Tax Withholdings
Employers are required by law to withhold employment taxes from their employees. Employment taxes include federal income tax, Social Security, and Medicare taxes.
Preparing for April 15, 2025
The next April 15 filing date may seem far away. You should start thinking about gathering information prior to April 15, 2025.
Employee v. Freelancer Tax Implications
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.