Aug
30
2016
30
2016
New TPT-1 and TPT-2 forms
Beginning with Arizona Department of Revenue Transaction Privilege Tax (TPT) reports filed in July 2016 (for the 6/1-6/30/16 reporting period), the ADOR instituted new requirements for filing. For businesses that only have one physical location, the opportunity to paper file still exists. For businesses that have more than one physical location, it is now mandatory to file electronically on www.aztaxes.gov. There is currently no date set for requiring single locations to file electronically;
If you use your home for business purposes, you may be able to offset your business income with a portion of the costs incurred to maintain your home.
The most basic element of your business outside of what colors to use in your logo can be the most critical to your tax planning strategy. Your organizations entity structure affects not only your company’s taxability, but also its benefits, and risk exposure. It’s worth the time and effort to familiarize yourself with the three most common entities. However, it’s a good idea to consult your local CPA to ensure your making the right selection for your given circumstances.
