The IRS has very different rules for deducting foreign business travel and for deducting domestic business travel. This month, we’ll focus on FOREIGN business travel, and will follow up next month with the rules for deducting DOMESTIC business travel. First, in order to deduct the full cost of transportation to a foreign country, at least…
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Deducting Foreign Travel
Expanded Retirement Option
Effective January 1, 2020, a new law went into place called the SECURE Act (signed on December 20th, 2019). The SECURE Act made many changes to our current retirement laws. Here are some highlights: Under old law, you could not make contributions to a Traditional IRA once you turned 70 ½. Under new law, you…
Top Ways to Defend Against an Audit
Everyone should have a proactive audit defense strategy. Whether you are a business or an individual, you can ensure you have the proper documentation for all of your financial arrangements and transactions. With the right documentation, your certified public accountant (CPA) will have the information necessary to defend you in the event the IRS decides…
Does No 1099 Mean No Deduction for You?
It’s a common scenario: You neglected to issue a Form 1099 to your business’ contractors. As a result, you are now being audited. During the process, the IRS auditor tells you that you can no longer claim your deductions, because you failed to issue the Form 1099s. What should you do? Here are the answers…
Take a Look at Our New Office Space!
We are so pleased with how our new office is turning out. We know many of you won’t have the chance to see our place before the new year, so we’d like to invite you to follow along as we show you around! We’re now easier to find! Our road sign is (finally) in…
We’ve Moved to 3075 N Swan Rd!
After years of continued growth, we’re expanding! A wonderful opportunity presented itself in the form of an office building located just Northwest of our current location on Swan Road.It is a bittersweet departure as we’ll be moving away from the friends we’ve made in suite 209, including Laila Aussie, who will be staying with the…
Buying a Vehicle in 2019? Here’s How to Save on Taxes!
All sorts of businesses rely on four wheels to run their operations. If you need to buy a new pickup truck, SUV, van, or car, you could save on your taxes! It’s all thanks to the Tax Cuts and Jobs Act (TCJA). However, you’ll need to make the purchase before the end of the year…
Core Value Spotlight: Curiosity & Lifetime Learning
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…
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…
What Are Your Odds of Getting Audited?
The words “IRS audit” are enough to strike fear into countless U.S. taxpayers across the country. After all, the IRS has the power to put people in jail, issue fines, and initiate asset seizures. However, as long as you’re reporting your income correctly and not inappropriately taking deductions, an audit really is no big deal—especially…
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
Claiming Travel Expenses for Your S Corporation
Can you claim travel expenses when you run your business as an S corporation? There are a few things that you should keep in mind if you are considering doing this. You are an employee of your S corporation, and this entity is separate from you. Thus, you can acquire expenses and be reimbursed for…
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…
Understanding How the Home Office Deduction Applies to Your S Corporation
If you have gotten used to using the home office deduction, you may be wondering if you can still use it when you have an S corporation. In other words, how can you be sure that the IRS will still let you take advantage of this deduction? Here’s a quick look at some methods that…
What You Can Deduct with Oil and Gas Investments
Governments play a critical role in encouraging energy development, especially through incentives. For example, a government might try to encourage residents to utilize solar energy by offering special incentives for purchasing solar equipment. In the United States, you can take advantage of incentives for investing in the oil and gas industry. So, what happens when…
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…
Convert Your Stock Gains into Real Estate and Pay Zero Taxes!
New, with the Tax Cuts and Jobs Act, you can take your gains from stock sales, invest in local Tucson real estate, and pay ZERO taxes! These are called Qualified Opportunity Zones. Here are the basics: What is an Opportunity Zone? An Opportunity Zone is an economically-distressed community. There are several zones in Tucson. Why…