Tax checkups are necessary. Just like a beloved vehicle, you need to periodically inspect your tax system to make sure it is operating properly. Knowing that there has been a significant tax reform this year, it is especially important that you are conducting tax checkups. Why is it important? One aspect of your taxes [...]
As you’ve probably heard by now, both the House and the Senate have passed their versions of a tax reform bill set to take effect for 2018. This does indicate that it is very likely that there will be some sort of tax reform coming. And the question everyone has is – how does this [...]
Military service members take many sacrifices and have special obligations in order to serve their country; naturally, their taxes are affected. There are a number of special tax breaks they are entitled to and this post will be to inform our service members of what exactly they entail. Residence or Domicile: Because there are times [...]
Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a home, including the potential for capital appreciation and the fact that many of the costs are tax deductible, while rent is [...]
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or [...]
As usual Congress has waited until the 9th hour to announce tax provisions that were extended into 2015 or made permanent. This is basically par for the course and is done every single year. Take a look at this long list of provisions that are pretty important to most taxpayers. INDIVIDUAL PROVISIONS: Child Credit [...]
If you are looking for last minute tax credits for Arizona state taxes you will be glad to see these! Take a quick look before December 31st BUT its not too late if you wait until April 15th! 1. Qualifying Charitable Organizations Maximum Credit: $400 for a married couple filing jointly Contribution Deadline: December 31 List [...]
More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax [...]
I find it interesting to learn about what our nation’s top leaders are proposing in regards to taxes. Many policies of the federal government are put into place to encourage people towards a particular social agenda. For example, child credits where working families with children qualify for a $1,000 tax credit (have children please and [...]
Happy back-to-school season! Did you get your checkbook ready yet for all those expensive books, tuition, parking fees, lab fees, etc., etc., etc.? Not so fast! There are lots of options out there that will help you decrease your expenses. First, let’s take a look at everyone’s favorite American Opportunity Credit. If you or your [...]