Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by[ … ]

Arizona Unemployment Rate Increases And Salary Growth Slows Compared To Rest Of U.S.

The state’s jobless rate ticked up a tenth of a point in December as companies shed employees. New figures from the Office of Economic Opportunity put the seasonally adjusted unemployment rate at 4.8 percent. That is the result, at least in part, of private sector employment dropping by about 1,900 jobs. And the new figure[ … ]

There’s still time to get substantiation for 2018 donations

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements[ … ]

2 Major Tax Law Changes for Individuals in 2019

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health[ … ]

A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns[ … ]

BeachFleischman and GMLCPA form joint venture to launch virtual firm, MOD Ventures, LLC

BeachFleischman PC, a Top 200 largest firm in the U.S. and GMLCPA PLLC, an outsourced client accounting and advisory services firm announces the formation of a joint venture to launch a virtual firm, MOD Ventures, LLC. MOD Ventures combines GMLCPA with the client accounting services department of BeachFleischman to form a company that will serve[ … ]

You may be able to save more for retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs:[ … ]

BeachFleischman PC promotes Eisenman and Mattull to Shareholder

Tucson, AZ – January 1, 2019 – BeachFleischman PC announces the promotions of Lyudmila Eisenman and Karen Mattull to Shareholder. The two shareholder additions serve to support strategic growth by deepening the firm’s specialized tax and healthcare industry practice as well as firm operations. The firm now has 23 shareholders and over 170 professional client[ … ]