Your Guide to State, Local, Federal, Estate + International Taxation

Recreational vehicle use tax

If you are thinking about purchasing a recreational vehicle there may be an additional tax liability when purchased from an out-of-state vendor, called use tax. Here’s what you need to know about the recreational vehicle use tax. Don’t miss: Child tax credits return to normal What is use tax? Use tax is a tax on …

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Changes to child tax credits return to normal

Pandemic era changes to child tax credits were not extended so levels are reverting back effective tax year 2022. The Advanced Child Tax payments were early payments made from the IRS that was about 50% of the estimated amount of Child Tax Credit you may have claimed on your 2021 tax return based on either …

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California cuts inflation relief checks

We all see on the news these days stories of rising prices. When it comes to gasoline, California is often singled out as having some of the highest prices in the nation. After weeks of talks between California Governor Gavin Newsom and California legislative leaders, on June 30 Newsom signed a tax relief package that …

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Student loan debt forgiveness comes to fruition

President Biden fulfilled a campaign promise yesterday when he announced the cancellation of up to $20,000 in student loan debt. While the exact details of how this will work are still being hammered out, here’s what we know about the process and the effect student loan debt forgiveness will have on your taxes. Don’t miss: …

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State taxes on NFTs are coming

While everyone may not know exactly what non-fungible tokens (NFTs) are or how they work, it has certainly become a hot button item to discuss, invest in and possibly even create and sell. And now, in a country-wide first, the state of Washington has issued guidance on the taxability of these NFTs. While Washington has …

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Could your SAFE be a tax trap?

A Simple Agreement for Future Equity (SAFE) is a debt-like agreement between an investor and a company, often a startup. The agreement provides the investor with equity rights in the company at a future point after certain events have occurred, called a triggering event. Triggering events depend on the agreement, but can include sales, mergers …

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Arizona offers film makers tax credits

Over the years, film makers have used Arizona as the backdrop for movies like Little Miss Sunshine (2006) and Jerry Maguire (1996). But in recent years we have seen many film producers use Arizona as the setting for their movies, but the filming was done in neighboring states such as California, New Mexico, Nevada and …

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Co-parenting and claiming dependents

It can be tricky for co-parents who share custody of a child to know which of them is eligible to claim that child on their tax return. There are specific rules that both parents should understand so that they know who should claim the dependent. It makes filing your taxes much easier. Here are some …

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Spending Arizona’s excess cash

Many states across the country have a good problem to deal with these days. Excess cash. And Arizona’s excess cash is a record $5 billion surplus. Whether it be from increased tax collections and/or federal funding for pandemic relief. The landmark Wayfair decision in 2018 is also a factor as it cleared the way for …

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Filing a final tax return

After a death, a final tax return will need to be filed. IRS Tax Tip 2022-96 outlines helpful reminders on how to file a tax return for the deceased. The IRS does not need special notification that the person has died, simply noting the death on the final tax return will do the trick. Don’t …

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