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

Tax season prep tips you should know

Are you ready for the next tax season? Here are a few helpful tips to get you prepared for the next filing season. Don’t miss: 2019 year-end tax planning  Be sure your tax documents & records are organized. Figure out a recordkeeping system that works for you. Keep all your tax documents and supporting statements …

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2019 year-end tax planning

Although it seems like we just wrapped up 2018 returns, it is already time to start thinking about the next tax season! Be sure you’re ready for the upcoming filing season by ensuring your withholdings or estimated tax payments are up to date. Don’t miss: Court finds car award to teen for good grades is …

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Court finds car awarded to teenager for good grades was taxable

According to the tax law, prizes and awards are generally included in taxable income. There are specific prizes that can be excluded from income in areas such as religion, science, education, arts, literature or civic achievement. To be excludable, the prize must be given without any action on the recipient’s part, the recipient must not …

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2020 Changes to Social Security

It’s that time of year when we start to see less money in the bank account and more food in our bellies! For those of you who are at the golden age of retirement, your bank account may not be as empty because the Social Security Administration has announced the increases to benefits for 2020. …

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Car dealership pleads guilty to tax fraud

Most people have something they enjoy shopping for. And when it comes time to pay for the item, what’s the best part? Paying the sales tax of course! Okay okay, maybe that’s not the best part. If you’re anything like me, you pay it because you have to, not because you want to. And then …

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How to claim a refund or credit for paying property taxes

Did you know it is possible to receive a partial refund or Arizona income tax credit for paying Arizona property taxes? Even if you do not directly pay your Arizona county assessor? That’s right, it is even possible to qualify if only paying rent. For 2019, this amount is up to $502, based on your …

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2019 Arizona Tax Credit Update

Luckily, there isn’t another brand-new tax law this year to worry about. However, one of the most important changes from 2018 to keep in mind for 2019 is that in most circumstances, you can no longer receive a federal tax deduction for donations that qualify for the Arizona Tax credit. Don’t miss: IRS releases 2019 …

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IRS releases 2019 instructions for gift tax returns

On October 29th the IRS released the instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This Form, updated for 2019, has changes that show inflation adjustments as well as new mailing instructions for completed Forms. Don’t miss: New deduction for qualified educators What’s New: The annual gift exclusion for 2019 is …

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New deduction for qualified educators

With the new year quickly approaching, it is time to start thinking about taxes for 2019. If you are a teacher that spends out of pocket money for your classroom, good news! Some of those expenses may be deductible on your tax return. Don’t miss: IRS adds new option in private debt collection program Educators …

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IRS adds new option in private debt collection program

In 2017, the IRS resurrected its private debt collection program. IRS then selected four private debt collection agencies (PCAs) to collect certain outstanding tax debts. The cases assigned to the collection agencies needed to meet certain requirements under federal law for inclusion in the private debt collection program. Through June of 2019, the four PCAs …

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