1040 Tax Forms – What Line Is It Anyway?

As I was reviewing a final 2020 individual tax return last week, I needed to go back and look at the client’s 2017 and 2018 1040 tax forms . I already had the 2019 return open, just to make sure all of the carryovers had come over correctly. And I said to myself – “what …

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2020 tax season comes to an end

During the 2020 tax season, the singular phrase that was overheard reminded me that I had not started a blog yet on the funny things heard towards the end of any filing season – whether it is the spring filing season (the main one) or this mini one here that deals with returns on extensions, …

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What educator expenses are tax deductible?

Teachers, here’s a pop quiz for you. What is the educator expense deduction? Are you an eligible educator? What educator expenses are tax deductible? How much can you deduct? Don’t miss: Identifying information to gather before calling the IRS The educator expense deduction allows teachers and administrators who qualify to deduct a portion of the …

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Arizona minimum wage increasing

When you’re budgeting for 2022 don’t forget the Arizona minimum wage is going up. Starting on January 1, 2022, the minimum hourly wage for the state will be $12.80. Don’t miss: Need an estate tax closing letter from the IRS? The pay bump is part of Proposition 206, passed in 2016. Prop 206 raised the …

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Education tax benefits in Arizona have changed

Getting educated solely from the School of Hard Knocks or the University of Life is something Uncle Sam would like to help us avoid.  To that end we have 529 plans and other education tax benefits. What are they? Simply put, a 529 plan is an investment account that offers tax benefits when used to …

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Multistate Tax Commission updates online commerce tax protection interpretation

As brick and mortar stores fall to online commerce sites routinely doing business across state lines, the Multistate Tax Commission moved to update their interpretation of Public Law 86-272, the federal statute that limits a states’ ability to levy net income taxes on out of state businesses and shields companies whose only activity in the state …

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Arizona Department of Revenue payment plans

Are you unable to pay your 2020 tax liability in full? Arizona taxpayers now have the ability to request a payment plan and review and manage their individual income tax liability on the Arizona Department of Revenue (AZDOR) aztaxes.gov website. This new feature will make it faster and easier to set up a payment plan …

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HSA caps adjusted for inflation

The Internal Revenue Service recently announced inflation adjusted amounts for Health Savings Accounts. These new numbers are maximum amounts for calendar year 2022. Here are the HSA caps adjusted for inflation. Don’t miss: Have you checked your tax withholding lately? The IRS adjusted annual limits on deductions for self-only coverage under a high deductible health …

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Have you checked your tax withholding lately?

You don’t need me to remind you that a lot has changed in the world in the last few years. We have had major tax law changes. People have changed jobs or seen many changes to the jobs they have kept. People have had new kids or had kids grow up and leave the house. …

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Closing a California business

During these challenging times, some business owners have had, or may face the difficult situation, to decide whether to close their business or continue operation. Closing a California business means a domestic corporation may legally dissolve, foreign corporations may legally surrender, and limited liability companies (LLC) and Partnerships (domestic and foreign) may legally cancel. Don’t …

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