Starting in 2025, you may be able to deduct the interest you pay on a car loan—even if it’s for personal use. That’s right: the same way mortgage interest can reduce your taxes, interest on your personally owned vehicle might now help you save on your tax bill, thanks to a new rule in effect…
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Welcome, Baby Girl! Celebrating Camille’s New Arrival
We’re thrilled to share some joyful news from The Royce CPA Firm family — our wonderful team member, Camille, has welcomed a beautiful baby girl into the world! She arrived on July 19th at 11:33 PM, and both mom and baby are doing well. Camille is now officially on maternity leave as she spends these…
Electric Vehicles for Contractors = Act Before 9/30/2025
Why Contractors Should Care About This Tax Credit If you’re thinking about upgrading your work trucks or vans, now’s the time to go electric. With the passage of the One Big Beautiful Bill Act (OBBBA) on July 4th of this year, the deadline to qualify for the $7,500 tax credit has moved up – way…
No Tax on Overtime? New Reporting Rule Means You Still Have Work to Do
Contractors: Act Now. With the new One Big Beautiful Bill Act (OBBBA), starting in 2025, your employees won’t have to pay federal income tax on their overtime wages. That’s great news for them. But for you, the employer, it means new tracking and reporting requirements. What Changed Overtime wages are now exempt from federal income…
We’re Honored: The Royce CPA Firm Nominated for Tucson’s Reader’s Choice Awards!
We’re excited to share that The Royce CPA Firm has been nominated for Best CPA Firm in the 2025 Tucson Readers’ Choice Awards! You can text in your vote – Text 1527 to (520)-214-8683 Even more meaningful — Crystal Royce, our founder and CEO, has also been nominated for Best Owner/CEO. These nominations feel extra…
Royce CPAs Help You Learn About Arizona’s New Tax on Small Business Before It’s Too Late and You Risk Losing Out
What Happened? Your accountants here at Royce CPA Firm want to make all of you Arizona business owners aware of changing tax laws. We understand that business tax law can be complicated, and most small business owners simply do not have the time to be monitoring every new development. That is why we do our…
Discover New Secrets on How to Use Your HSA for Menstruation & Advil
Your Tucson accountants here at The Royce CPA Firm are committed to helping you get the most out of your Health Savings Account (HSA). Many people are confused by what they can and cannot use the funds for, especially when the rules change. However, a recent change in the rules actually works in your favor…
Help Us Support Angel Heart Pajama Project with The Royce CPA Firm Pajama Drive
Giving back to our community is a commitment we take seriously at The Royce CPA Firm. We’re thrilled to be holding a Pajama and Book Drive in the month of September. We will be taking donations from September 1 until October 1 and hope you’ll help us spread the word! What We’re Collecting for the…
Quarterly Tax Payments Are Due 9/15
If you submit your tax payments quarterly, the deadline may be sneaking up on you. Here is a friendly reminder that your third quarter estimated tax payment is due on the 15th of September. While the IRS may delay refunds owed to people, they will definitely impose additional penalties on you if you miss your…
PPP Forgiveness Deadline Now Approaching
If you’re a small business owner and you haven’t yet filed for forgiveness of your Paycheck Protection Program (PPP) loan, your time might be running out. The PPP loan program provided a means for small business owners to continue to pay their employees during the COVID-19 crisis. The program provided businesses with up to $100,000…
Yes, You Need a Mileage Log
Think you don’t need a log book to keep track of your business miles? Think again. If you want to be able to deduct those miles on your taxes, you absolutely need a written log book to track those miles. How one business owner learned the hard way why you need a mileage log In…
Major Changes to Arizona Income Taxes
On June 30, 2021, Governor Ducey signed new legislation that included significant overhauls to state tax laws. Arizona’s Budget Plan, or SB 1783, includes major changes to income tax filing rules that could have big impacts on small businesses. At The Royce CPA Firm, we are following these changes, which could still face challenges from…
Delayed Refunds
Are you still waiting for your income tax refund? If so, get comfortable, because refunds in 2021 are significantly delayed across the board. Millions of Americans have been waiting weeks—or months—to see their refunds come in. The delays are particularly bad for people who claim someone under the age of 18 on their returns, as…
ERC Success Stories
Employee Retention Credits—ERCs—have been a surprising silver lining during the pandemic. Businesses were faced with difficult decisions at the start of the pandemic. With shutdowns and reduced business, many wanted to keep their employees but didn’t know how. Fortunately, the CARES Act introduction of ERCs provided a way forward. Now, we know that not only…
2021 Child Tax Credits
Child tax credits are typically claimed when you file your tax returns. However, if you’re a parent, you’ll be happy to hear that, starting in 2021, child tax credits will be coming in the form of advance payments. The payments represent half of what you qualify for in terms of child tax credits, with the…
Business Meals Now 100% Deductible
Both small businesses and the restaurant industry took a serious plunge during the COVID-19 pandemic. But there seems to be a silver lining ahead. The government is taking steps to revive the economy, including making tax-payer friendly adjustments to business deductions. In 2021 and 2022, business meals will be 100% tax deductible. Read on for…
Tax Deadline is Now May 17th
If you were worried about filing your taxes on time this year, feel free to breathe a sigh of relief. The IRS announced an extension of the deadline for 2020 tax returns from April 15th to Monday, May 17th. But if you need more time to organize your documents, you can still get an extension,…
2021 Tax Strategies: Part 2
As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
2021 Tax Strategies: Part 1
The reverberations of the COVID-19 pandemic continue to be felt in most areas of life. These impacts will certainly influence how you file your 2021 taxes. Whether you’re a business owner trying to maximize the credits you receive for keeping employees on the payroll or an individual wondering how working from home over the past…
Balancing ERC and PPP Loan Forgiveness
As the pandemic continues to impact businesses, expanded Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) loan forgiveness options were passed in December 2020 as part of the Consolidated Appropriations Act. This new provision applies retroactively to the pandemic-impacted quarters of 2020 to allow PPP loan recipients to claim ERC for those periods. Further,…