Lifetime learning is a treasured core value here at The Royce CPA Firm. And so when TEDxTucson announced the 5th annual conference, [r]evolution, we jumped at the chance to attend! It took place at the Berger Theater on September 21st, and featured talks by 12 of Tucson’s most dynamic thought leaders. Here’s a snippet of…
Miscellaneous
Do You Know Your Net Worth Number?
Wealthy individuals are typically described as either millionaires or billionaires. But beyond these categories, there are significant variations in wealth. A person who has managed to save $1 million for retirement is different from someone with a $900 million dollar nest egg. And how can you quickly define someone who barely has $1 billion to…
Who is Jason? And why is he calling me?
Over the summer, we made some internal adjustments to better serve you. The most obvious change may be the new, male voice on the telephone. His name is Jason and he’s our new Client Advocate. Designated to work on your behalf, Jason’s typical day is spent answering your calls, emails and texts. Often, he’ll run…
Arizona Daily Star Reader’s Choice Awards
Thanks to you, and the Arizona Daily Star, we are one of Tucson’s top 3 favorite CPA firms for the second year in the row! Earlier this summer, your votes launched us to the top of the very long list of qualified firms. We took this opportunity to treat our staff to a beautiful evening…
You’re Running Out of Time to Install Solar Panels
Solar panel technology isn’t new any longer. In fact, it’s gotten quite advanced. When you install solar panels on your roof, you can look forward to greater energy independence and significant savings. However, if you’ve been hoping to take advantage of tax credits to defray the costs of your new solar panels, you’re running out…
It’s with Great Sadness That We Inform You of the Passing of Kay Groll
What Are the Tax Benefits of Employing Your Children?
Can employing your children at your business benefit you when it comes time to file your taxes? Thanks to recent changes in tax law, you can’t claim your child as a personal exemption anymore. However, it is still possible to enjoy tax benefits from employing your children. Here’s what you need to know about taking…
Pros and Cons of Using Bitcoin for Transactions
Have you ever thought about using bitcoins to make purchases? If you have, then you may be wondering if there are any benefits or disadvantages for using this popular virtual currency. To understand what those pros and cons might be, let’s use a simple example. Let’s say that Jane is a consultant who works as…
How Our Spreadsheets Can Help You Track Your Expenses
When tax time rolls around, you may find yourself rushing to gather all of the financial information you need. If this sounds all too familiar, then an experienced certified public accountant can help. This year, don’t let yourself get overwhelmed by the prospect of doing your taxes on your own—turn to a professional for the…
TCJA Tax Reform: Did It Affect Employee Recreation and Parties?
Employee outings and parties are commonly used to build a positive company culture and reduce employee turnover rates. They’re also opportunities for the boss to get a break from the daily grind, and for a CPA to claim additional deductions for the business. The tax savings for employee outings has indeed survived the Tax Cuts…
Partnership QBI: Calculating and Improving It
For the Section 199A 20% tax deduction, profit distributions from partnerships are considered to be qualified business income (QBI). General partners are taxed based on these profit distributions, as well as guaranteed payments. Although the tax code is quite complicated in this area, it is possible to increase one’s QBI by increasing the profit distributions,…
When Can You Shred Your Personal Tax Documents?
Springtime isn’t just tax time—for many people, it’s also time to do spring cleaning. If you’re looking to clean out your files and get a fresh start, you may be wondering if it’s OK to shred your old tax documents. How long do you have to hold on to your past tax returns and your…
A Look at Qualified Opportunity Funds
One of the tax planning strategies introduced by the Tax Cuts and Jobs Act of 2017 is qualified opportunity funds. By using these funds, you can defer any capital gains from the current year and then make the capital gains on your new investment tax-free. In order to do this, it’s important to understand how…
How the Recent Tax Changes Affect the Kiddie Tax
If your children have any unearned income, then your family may be affected by the so-called “kiddie tax.” How does the Tax Cuts and Jobs Act of 2017 affect you and your children? As you’ll see, tax planning can help you ensure that the impact on your family is minimal. First, it’s important to understand…
Crystal Royce Honored at 2018 Executive Excellence Awards
It’s always nice to be recognized for your hard work. That’s why Tucson Local Media and Inside Tucson Business have created the Executive Excellence Awards. The team here at the Royce CPA Firm recently attended the 2018 Executive Excellence Awards, and we had a wonderful time! This year’s Executive Excellence Awards took place at the…
A Look at Family Tax Deduction Strategies
How does having a family affect your end-of-the-year tax calculations? The answer is: It depends! Whether you’re married or divorced, have kids or are childless, or are supporting any of your relatives, here are some tax strategies to keep in mind for the coming year. If your children work for you, treat them as employees….
Stock Portfolio Tax Strategies for the End of 2018
Are you planning your year-end stock portfolio? If not, there’s a very good reason you might want to do so—it can end up paying off! As long as you know how to handle your stock portfolio wisely, you can come up with a smart year-end tax strategy. Your goals are to steer clear of the…
The Royce CPA Firm at QB Connect 2018
We headed to San Jose earlier this month to attend QB Connect and we had an incredible time! Our team enjoyed hearing featured speakers like Mindy Kaling and Alex Rodriguez share their knowledge, and we had a great time exploring, learning, and networking. You can read about this year’s conference and get a snapshot of…
IRS Changes Rule on Deductions for Business Meals
In a much-welcome development, the Internal Revenue Service has announced that both client and prospect business meals are now considered to qualify as tax deductions, in keeping with the Tax Cuts and Jobs Act of 2017. But what exactly does the new rule mean for you? Under the new guidelines from the IRS, you are…
Tax Time Bomb: Passive Foreign Investment Companies
Passive foreign investment companies, or PFICs, are subject to some of the most complex provisions of the tax law. You may own one and not even know it. A passive foreign investment company is any foreign corporation for which: 75 percent or more of its gross income for the tax year is from passive income,…