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The Financial Management Blog for Surprise, Arizona

2020 tax planning considerations for businesses, individuals

This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the FFCRA and the CARES Act, the loan programs made available like the PPP and the EIDL, and the unemployment/stimulus programs that touched many Americans.

Temporarily or permanently closing a business? Don’t forget about sales tax

The COVID-19 pandemic has created a tumultuous state for businesses across the country as they’ve had to close either temporarily due to state restrictions or permanently due to consecutive months of low to no revenue. Businesses in the restaurant, retail, beauty, and fitness industries have been especially hard-hit with temporary and permanent closures. Now, states are urging business owners to stay on top of their sales tax obligations in order to avoid significant fees and penalties.

Here’s what you need to know if you’ve had to temporarily or permanently close your business.

How Often Should You Meet With Your Business Accountant?

Once you engage a business accountant, the next question you may face is how often should you meet with them. The answer, as with many things in business, depends on your situation. What does that mean for you? Here are four of the most common meeting schedules between small businesses and their CPAs so you can pick the right one for you.

Understanding the electric vehicles tax credit program

As consumers become more conscious in their environmental footprint and look for ways to save money, more and more electric vehicles can be seen on the roads today stretching from coast to coast. At this point, most taxpayers know or have heard of an electric vehicle tax credit program, but what they may not know is that there are specific conditions and limitations that must be met, and that some vehicles have actually phased out of the program. So, before you consider an electric vehicle for your next purchase, make sure it qualifies.

Here’s a rundown of what you need to know about the electric vehicle tax credit, how it works, and what qualifies.

Popular Ways to Save for College

Popular Ways to Save for College — Surprise, AZ — Monheit Frisch CPAs PLCPaying for their children’s future college plans is a challenge most Americans face no matter what their current financial picture looks like. With the rising costs of attending college and a great deal of uncertainty around exactly how to plan, many parents find themselves unsure even where to begin. To help you get started, here is a short guide to common college savings tools.

529 Savings Plans

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