Latest News & Events
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2019 Arizona Tax Credits
ARIZONA TAX CREDITS AVAILABLE IN 2019 1. A working poor credit is available for cash/check/credit card contributions you make to a Qualifying Charitable Organization. The charity has to meet some criteria related to supporting the working poor. Approved charities’ names …
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1099 Reporting
1099 REPORTING Last year we prepared Forms 1099 for your company. The returns are due to the recipients by January 31, 2020. As was the case in 2018, the date the Copy A is due to the Internal Revenue Service …
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Important Year End Tax Information
It’s that time of the year again for tax planning and projections. Please forward a summary of revenue and expenses for 2019 so we can calculate any necessary estimated payments and determine the appropriate amounts to report as wages. These …
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2019 Year-End Income Tax Planning For Businesses
2019 YEAR-END INCOME TAX PLANNING FOR BUSINESSES INTRODUCTION It’s that time of year when businesses should start developing year-end planning strategies. 2018 was the first year businesses and their owners filed tax returns reflecting major tax changes under the “Tax …
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2019 Year-End Income Tax Planning For Individuals
2019 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. 2018 was the first year individuals filed tax returns reflecting major tax changes under …
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2018 Arizona State Credits
ARIZONA TAX CREDITS AVAILABLE IN 2018 A working poor credit is available for cash/check/credit card contributions you make to a Qualifying Charitable Organization. The charity has to meet some criteria related to supporting the working poor. Approved charities’ …
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2018 YEAR-END INCOME TAX PLANNING FOR BUSINESSES
It’s that time of year when businesses should start developing year-end planning strategies. Late in 2017, Congress passed the “Tax Cuts and Jobs Act”(TCJA) which represents the most substantial tax reform legislation in over 30 years. Since the vast majority …
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2018 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
With year-end approaching, this is the time of year we “normally” suggest possible year-end tax strategies for our clients. However, from a tax-planning standpoint, 2018 is not a “normal” year. Late in 2017, Congress passed the “Tax Cuts and Jobs …
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2017 ARIZONA TAX CREDITS
ARIZONA TAX CREDITS AVAILABLE IN 2017 …
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2017 YEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE “BUSINESSES”
2017 YEAR-END INCOME TAX PLANNING FOR BUSINESSES INTRODUCTION It’s that time of year when businesses should start developing year-end planning strategies. Unfortunately, year-end planning this year is proving to be more challenging than ever because, for the first time in …
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2017 YEAR-END INCOME TAX PLANNING FOR “INDIVIDUALS”
2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this is the time we “normally” suggest possible year-end tax strategies for our clients. However, from a tax-planning standpoint, 2017 is not a “normal” year. For the first time …
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2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
It’s that time of year again. Time to focus on year-end planning strategies. Year-end planning is particularly important this year given the large number of recent tax law changes that offer new tax savings opportunities, in addition to the many …
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2016 YEAR-END INCOME TAX PLANNING FOR BUSINESSES
Year-end planning for businesses is particularly important this year given the large number of recent tax law changes that offer new tax savings opportunities, in addition to the “time-tested” tax savings techniques that continue to apply. Planning Alert! It seems …
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Arizona State 2016 Tax Credits
ARIZONA TAX CREDITS AVAILABLE IN 2016 azdor.gov/taxcredits.aspx 1. Working poor credit is available for cash/check/credit card contributions you make during 2016 to a Qualifying Charitable Organization. The charity has to meet some criteria related to supporting the working …
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2015 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
2015 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
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2015 YEAR-END INCOME TAX PLANNING FOR BUSINESSES
2015 YEAR-END INCOME TAX PLANNING FOR BUSINESSES
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2014 YEAR-END TAX PLANNING FOR “INDIVIDUALS”
With the end of the year rapidly approaching, it’s time to consider planning moves that could reduce your 2014 taxes. Just recently, many of the tax breaks that expired at the end of 2013 were extended through 2014. Here are …
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Transaction Privilege Tax changes starting January 1, 2015
There are big changes ahead for the transaction privilege tax (TPT) in Arizona that will become effective January 1, 2015. Business owners will need to make adjustments to make sure they are properly reporting their TPT. Under the current system, …
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NEW HEALTH CARE ACT REQUIREMENT DUE BY OCTOBER 1, 2013
Under the health care law, many employers must notify their employees about the Health Insurance Marketplace by October 1, 2013. Model notices are available. INFORMATION THAT MUST BE INCLUDED IN THE WRITTEN NOTICE TO YOUR EMPLOYEES If your company is …
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2013 Late-Breaking Tax Relief
AMERICAN TAX RELIEF ACT OF 2012 Waiting until the last minute to avoid the so-called “fiscal cliff,” Congress passed the American Tax Relief Act of 2012″ (“ATRA”) on January 1, 2013. This long-awaited tax legislation permanently retains the Bush-era …
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2012 Corporate and Non-Corporate “Businesses” Tax Planning
2012 YEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE “BUSINESSES” INTRODUCTION It’s that time of year when businesses should consider year-end planning strategies. Year-end planning for 2012 is a bigger challenge than in previous years because we are …
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2012 Individual Tax Planning
2012 YEAR-END INCOME TAX PLANNING FOR “INDIVIDUALS” INTRODUCTION It’s time to begin developing year-end planning strategies for 2012. Year-end planning for 2012 is a greater challenge than in previous years because we are facing the most significant tax uncertainty in …
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White House, Congress seek to avert “fiscal cliff”
All eyes are on Washington as the White House and the GOP seek to avoid the so-called “fiscal cliff” before the end of the year. President Obama and House Republicans are negotiating the fate of the Bush-era tax cuts, mandatory …
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Additional 0.9 percent Medicare tax on wages starts January 1st
President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. …
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Bonuses and year-end tax planning
As the end of the calendar year approaches, taxpayers ordinarily prefer to minimize current-year income by deferring the inclusion of taxable income to the following year, while accelerating deductions to the current year. However, as many taxpayers are aware, individual …
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FAQ: Should I convert to a Roth IRA before 2012 ends?
With 2013 bearing down on us, we hope you have a moment to spare from holiday preparation for some good old-fashioned year-end tax planning. By now you must be familiar with the term “fiscal cliff” and how the expiring provisions, …
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How do I? Use low interest rates to my tax advantage
Certain planning techniques involve the use of interest rates to value interests being transferred to charity or to private beneficiaries. While the use of these techniques does not necessarily depend on the interest rate, low interest rates may increase their …
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December 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of December …
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Arizona Jobs Bill has a Dirty Little Secret
HB 2001, called the “Jobs Bill” was signed by the governor in late February. With little fanfare or debate, the 214 page bill was approved that will give tax incentives to businesses to help them hire more employees. But, buried …
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The Tax Advocate
Standard mileage rates increase for last half of 2011. The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is increased 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July …
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Steps to qualify for bonus depreciation before year-end 2012
In 2011, bonus depreciation was 100 percent. There have been proposals to reinstate 100 percent bonus depreciation for 2012, but they have not been acted on. For 2012, 50 percent bonus depreciation is available. It expires at the end of …
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Retirement plan loans as a source of ready cash—the pros and cons
Although it is generally not considered prudent to withdraw funds from a retirement savings account until retirement, sometimes it may appear that life leaves no other option. However, borrowing from certain qualified retirement savings account rather than taking an outright …