Business Tax
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  • Attention: The Section 179 Expense deduction for 2024 is $1.22 million.  Deduction phase-out for the $1.22 million deduction begins when SEC 179 property exceeds $3.05 million. Reminder: the SUV expense limit is $30,500.

 

  • Extension of Bonus Depreciation:  The bonus depreciation percentage for qualified property that a taxpayer acquired before Sept. 28, 2017, and placed in service before Jan. 1, 2018, remains at 50 percent. Bonus depreciation expires in 2027. Special rules apply for longer production period property and certain aircraft.
 
  • Federal Minimum Wage:  Effective July 24, 2009 the Federal rate is $7.25 per hour. States can set rates higher if they choose. Check your state website if it does not follow fed rates. Note that the minimum wage for federal workers including contract workers goes to $10.35 per hr as of Jan 1, 2018.
  • Arizona Minimum Wage starting 1/1/2017:
    • $10 per hour in January 2017.
    • $10.50 in 2018.
    • $11 in 2019.
    • $12 in 2020. 
    • Starting in 2021, the minimum wage would be adjusted annually based on cost of living.
    • $14.35 in 2024.

 

  • The time allowed for an automatic extension for filing has been reduced from six months to five months for the following returns: Partnership returns Form 1065, Estate & Trust returns Form 1041, and Partnership Withholding Tax Form 8804.

 

  • New Filing Deadlines: Starting in 2016 the filing deadline for Partnership Returns is March 15'th, and C-Corporations is April 15'th.

TAXPAYERS CAN NOW PAY ALL FEDERAL TAXES ON THE WEB

(Note: The following information is from the I.R.S.)

Taxpayers can now enroll and pay all Federal taxes through a secure web site, http://www.eftps.gov. Up until now, the Electronic Federal Tax Payment System, (EFTPS), has been a service that businesses and individuals can use to pay all their federal taxes electronically, 24 hours a day, 7 days a week, via the phone or personal computer (PC) software. Now taxpayers can pay via the Internet.

If you are currently making 1040 ES payments quarterly to IRS or expect to in the future, you are a perfect candidate for EFTPS. Set up your quarterly payments for the year and they will automatically be deducted from your account on the day you choose.

EFTPS-OnLine is the same, easy to use system as the telephone and PC software versions of EFTPS, but it also includes new features. EFTPS-OnLine users will not only be able to pay their taxes when they want, but they can also review their tax payment history and print out payment confirmation. By using any of the EFTPS methods to pay taxes, taxpayers benefit from increased accuracy, easier payment and less paperwork.

For enrollment information please visit http://www.eftps.gov, or call 1-800-945-8400 or 1-800-555-4477. Once enrolled it takes 2-4 weeks to validate the information.