Category Archives: Prescott Accounting

S & H Client Wins SBA Small Business Persons of the Year!

SBA Awards Arizona Entrepreneurs as 2019 Small Business Persons of the Year

WASHINGTON – Today, the U.S. Small Business Administration recognized and awarded this year’s Small Business Person of the Year, Jennifer Herbert (CEO) and Jeff Herbert (CSO) of Superstition Meadery, LLC from Arizona, during the 2019 National Small Business Week ceremony in Washington, D.C.

“It is my honor to announce that Jennifer and Jeff Herbert of Superstition Meadery, LLC from Arizona are this year’s national Small Business Persons of the Year,” said Acting SBA Administrator Chris Pilkerton. “Thanks to SBA financial and counseling assistance, this outstanding firm successfully grew their business, increasing their revenue by more than 160% between 2015 and 2017, expanded their staff from nine to 20 employees and extended their reach into international markets. Jennifer and Jeff truly represent the best of our nation’s small businesses.”

Superstition Meadery, based in Prescott, Arizona, has been producing unique meads and cider since 2012.  Jeff Herbert got his first taste of the possibilities of creating new flavors of Mead, an alcoholic beverage made by fermenting honey, after taking a brewery course at Chicago’s Seibel Institute. Jeff and Jennifer founded Superstition Meadery in 2012, and that year they produced 300 gallons of mead and cider in a 20 square-foot space. Fruit, herbs, spices and barrel aging are the basics of mead production, a beverage that has been enjoyed across cultures around the world going back 4,000 years.

“I am pleased to see how the SBA assisted Jennifer and Jeff to expand on their idea and grow their business in a unique market,” Pilkerton said. “Entrepreneurs’ skills and creativity not only support their own families, but they also make our neighborhoods and cities vibrant places to live and work. Small businesses fuel our overall economic strength, and the SBA is proud to help empower their success. Congratulations to Jennifer and Jeff, and to our other finalists!”  

As part of the 2019 National Small Business Week events in Washington, D.C., Acting SBA Administrator Pilkerton recognized and awarded all the state and territorial winners, as well as small business owners and industry leadersfor excellence in entrepreneurship, exporting, federal contracting, lending and disaster recovery.

In addition to the national Small Business Person of the Year, two runners-up were recognized:


Arizona Minimum Wage Increase

As of January 1, 2019, Arizona has raised the hourly pay rate for minimum wage workers. Employers are required to pay employees at least the new minimum wage rate and post a notice in the workplace to inform employees of their right to the minimum wage.  Employers with employees who work in the City of Flagstaff, AZ have additional minimum wage requirements.

 

Arizona voters passed Proposition 206, or the Fair Wages and Healthy Families Act, in November of 2016. The law provides employees with earned paid sick leave and set up a series of scheduled increases to the minimum wage that began in January of 2017. Arizona will incrementally raise the state minimum wage to $12.00 per hour by 2020, after which it will rise relative to changes to the Consumer Price Index (CPI), which measures cost of living in the U.S.

 

Effective January 1, 2019, the minimum wage will increase to $11.00 per hour for non-tipped workers in the state of Arizona. The minimum wage for tipped workers is always set at $3.00 less than the general minimum wage, so in 2019 it will be set at $8.00 per hour.

 

Employers with one or more employees who work 25+ hours in the City of Flagstaff are required to pay a higher minimum wage and post the 2019 Flagstaff Minimum Wage Poster in addition to the state and federal minimum wage posters. Effective January 1, 2019, the municipal minimum wage for Flagstaff will increase to $12.00 per hour worked within the city.

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona.   With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting.  We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors).  Given our small size, we can still provide a personal touch with professional expertise. Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona or call us at 928-778-0079.

 

 

 

 

2019 Mileage Increase

 

As of January 1, 2019  for business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile in 2018. Click the link below to read more about the mileage increase.  

 

New Mileage Rate for 2019

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona.   With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting.  We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors).  Given our small size, we can still provide a personal touch with professional expertise. Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona or call us at 928-778-0079.

Schutte & Hilgendorf Individual Year End Letter

2018 Individual Year End Letter

 

 

With the end of the year fast approaching Schutte and Hilgendorf would like to remind you about tax matters and changes from the new tax law that you may want to consider in anticipation of tax season. Please click the title above in order to view the year end individual tax letter. Happy Holidays from everyone here at Schutte & Hilgendorf!

 

 

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona. With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting. We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors). Given our small size, we can still provide a personal touch with professional expertise. Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona or call us at 928-778-0079.

Schutte & Hilgendorf Business Year End Letter

2018 Business Year End Letter

 

 

With the end of the year fast approaching Schutte and Hilgendorf would like to remind you about tax matters and changes from the new tax law that you may want to consider in anticipation of tax season. Please click the title above in order to view the year end business tax letter. Happy Holidays from everyone here at Schutte & Hilgendorf!

 

 

 

 

 

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona. With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting. We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors). Given our small size, we can still provide a personal touch with professional expertise. Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona or call us at 928-778-0079.

Tax Tuesday with Inek Contreras

Video: What are Qualified Charitable Distributions and Why Should I Care?

 

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona.   With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting.  We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors).  Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona, call us at 928-778-0079 or check out our website at www.prescottaccountants.com.

 

NEW IRS PROPOSED REGULATIONS DISALLOW FEDERAL DEDUCTION FOR ARIZONA TAX CREDIT DONATIONS

 

 

NEW IRS PROPOSED REGULATIONS DISALLOW FEDERAL DEDUCTION

FOR ARIZONA TAX CREDIT DONATIONS

 

The IRS issued proposed regulations (REG-112176-18) on August 23rd that will no longer allow a charitable deduction on the Federal tax return for the Arizona state tax credit donations made after August 27, 2018. This will apply to the Qualifying Charitable Organization, Qualifying Foster Care Organization, Public School, Private School Tuition Organization, Military Family Relief Fund and other tax credits in Arizona.

 

If you do not expect to itemize deductions under the new tax law, this will not have any tax effect on the contributions you would make. Thresholds for itemized deductions for 2018 are $24,000 for married couples filing jointly, $18,000 for head of house hold filers and $12,000 for single filers.

 

If you expect to itemize under the new tax law, the proposed regulations will reduce the deductions you are allowed to claim. We recommend making your Arizona tax credit donation payment before August 28, 2018 to be able to claim the charitable deduction on your 2018 Federal tax return. If you make donations in excess of your 2018 taxes, you are able to carryover the credits on your Arizona tax return for up to 5 years. Depending on your tax situation, it could be beneficial to make donations before August 28th in excess of your expected 2018 tax liability and carryover the remaining credit to future years, to be able to claim the maximum deduction for those donations on your 2018 Federal tax return.

 

In light of this new regulation, the tax credits can still be a great opportunity to redirect your tax dollars and possibly receive a dollar for dollar offset for your contributions. But you will no longer receive the double benefit of the Arizona tax credit and the Federal tax deduction after August 27, 2018.

 

If you have questions, please talk to your tax advisor, or Schutte & Hilgendorf, CPAs.

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona.   With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting.  We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors).  Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona, call us at 928-778-0079 or check out our website at www.prescottaccountants.com.

 

 

 

CITY OF PRESCOTT BUSINESS LICENSE REGISTRATION – MANDATORY AS OF 1/1/17

CITY OF PRESCOTT BUSINESS LICENSE REGISTRATION – MANDATORY AS OF 1/1/17

(passed May 2016)

Effective January 1, 2017, the City of Prescott is requiring anyone who engages in any business, occupation, or profession within the City to obtain an annual city business license.  This new requirement includes:  For-profit and nonprofit, home-based businesses, residential and commercial rentals, special event vendors and promoter/sponsors.  This also includes businesses located within the municipal limits of Prescott, and those that may be physically located outside of the limits but enter the city to engage in business activity.  If you have multiple locations, in the city limits, you will also need a separate license for each location.

The annual business license fee is $35 dollars with no proration. In addition, a $40 annual fire inspection will be required for all businesses located inside the Prescott City limits with the exception of home occupations and residential rental properties with less than three (3) dwelling units on one lot or parcel. License fees are paid online at the time of application.

There are additional fees for vacation rental and structured sober living homes which will be paid in conjunction with the business license application.

There are a few exemptions from the new ordinance that include schools, churches, governments, and employees of licensed businesses.

     For more information and to apply online, please visit the city’s  website at:

                     http://www.prescott-az.gov/business/license.

 

Schutte & Hilgendorf offers a broad range of professional accounting, tax, and audit services to individuals and businesses throughout Yavapai County and Northern Arizona.   With over 40 years combined certified public accounting experience, we specialize in providing services to numerous industry specific areas, including non-profit organizations, homeowner’s associations and construction contracting.  We also provide tax planning and preparation, sales tax and payroll tax return preparation, ongoing accounting/bookkeeping, live payroll, and QuickBooks setup and training (QuickBooks Proadvisors).  Given our small size, we can still provide a personal touch with professional expertise. Come in and see us anytime at 2086 Willow Creek Road, Prescott, Arizona or call us at 928-778-0079. www.prescottaccountants.com