Changes to the mortgage interest deduction

The pandemic sparked a home purchasing hysteria when individuals underwent a shift in their workplace dynamics and young people began their journey as first-time home buyers. While it is not exactly clear when the housing market will come down, it is as good a time as any to jog our memories on the mortgage interest …

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Arizona rentals and taxation

Are you looking to purchase a residence to use as a rental property and are unsure if you need to report and pay sales taxes to the city it is located in? Do you have other questions regarding rentals and taxation? Here is a helpful tool on the Arizona Department of Revenue’s (ADOR) website. This …

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Odd things that happen during a busy season

If you are reaching out to your tax professional today, please note that we are taking the day off. It has been a long and grueling tax season, but will look better in our rear mirror view than while we are in the middle of it. Frequently we are asked how we do it. How …

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Tax benefits of hiring your kids

Hiring your kids can be very beneficial for many reasons, not the least of which includes tax benefits. So consider putting your kid to work (so long as you follow all child labor laws!) and reap the potential benefits. Don’t miss: 65 day rule useful for trustees Some of those benefits could include: Wages that …

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Business deductions to get you off the ground

When you start a business, it is natural to have a significant amount of expenses to get everything in order to actually operate the business. Before the business formally begins operations, rather than taking these deductions as an expense, they must be capitalized as start-up costs on the balance sheet. Here are some business deductions …

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Tax recovery for repayment of signing bonus

We are in unprecedented times and not entirely sure how we got here, but the job market is ‘hot’ ???? ???? ????!!! You may have heard or been a part of it or still are, but the Great Resignation is upon us, and it does not seem to be slowing down. As I write this …

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Calculating the California Millionaire’s Tax

Millionaire married California residents… this blog is for you! Technically, this blog is for everyone, but you specifically, could save money from this blog. California nonresidents with significant California source income may benefit as well. Have you heard of the California Millionaire’s Tax? Don’t miss: Business meals 100% deductible in 2022 Part of the Mental …

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Should you file a 2021 tax return?

If you do not normally file a tax return, you may be wondering if you need to file a 2021 return. From forgotten withholdings to credits you were unaware of; you could be missing out on potential refunds for 2021. Here are some things to consider when deciding whether to file a tax return. Don’t …

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Are you financially safe in a disaster?

Do you have a plan for your household in the event a disaster strikes? The recovery process can move along faster if your personal financial, insurance, medical and other records are accessible. Here are a handful of tips that can assist you in becoming financially safe in a disaster. Don’t miss: Arizona 2020 returns must …

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Custody and advanced child tax credits

Your custody situation may affect the advanced child tax credit credits. New legislation is allowing advance payments of the Child Tax Credit in 2021. Half of the total credit is being paid automatically (you can opt out) by the IRS in advance monthly payments while the other half can still be claimed when you file …

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