Gifting your assets: give or keep

When faced with the question of gifting your assets, there are multiple variables to consider. Keeping an asset causes it to be included in the estate of the deceased for estate tax purposes, whereas gifting an asset allows its future appreciation to grow outside of the estate with its intended beneficiary, possibly saving large amounts …

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Checking your withholding just got easier

Easy peasy now takes on a whole new meaning. And stranger yet, it’s happening in the tax world. The IRS just launched a new IRS Tax Withholding Estimator. With efforts to improve services for taxpayers, the new Estimator replaces the old Withholding Calculator. I think we can all agree it was time for a facelift. …

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Importance of small business recordkeeping

An obvious goal of owning a business is to be successful. A key way to achieve this is through good recordkeeping. The idea behind recordingkeeping is being able to prepare accurate financial statements by keeping track of all income and expenses throughout the year. Now you may be asking what kinds of records should I …

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Contribution Schedule

An audit for an employee benefit plan, specifically a 401k plan, consists of many different tests and inquiries being performed. One schedule however, is always needed for the audit: a contribution remittance schedule. You might be wondering, “What exactly is a contribution schedule and why is it important enough to discuss in a standalone blog …

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How long do I need to keep my tax records?

You’ve filed your return, but now you have a pile of documents and you are wondering whether you really need to hang on to all of it. And if so, for how long? The answer is that there are some guidelines to follow, but it also depends on the types of documentation that you have. …

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While waiting on Arizona conformity I could have birthed an orca

Do you know that there is a stretch of freeway in Tempe that is slated to have an additional lane added in each of the north and the south bound directions? And this construction is expected to take 16 months. That seems like a long while – right? And it may be slightly annoying for …

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Jury duty: crime & taxes

Each day as you retrieve your mail from the mail box, you sort through the pile of letters noting which items are important and which are not. There is one letter in particular that most people dread opening. That letter is the Jury Duty Summons. As a resident of Arizona, more specifically Maricopa County, we …

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IRS installment agreements: how to pay your taxes

Have you been faced with a large tax bill and do not have the funds to pay the entire balance? Do you have prior tax returns that have not been filed and there are outstanding balances calculated by the IRS? There is a solution to this dilemma. The important thing to remember is that the …

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Estimated tax payments and you

Should you be making estimated tax payments? Estimated tax payments are made to pay tax on income that is not subject to withholding, such as earnings from self-employment, interest, dividends, rents and alimony. Basically, you’re paying 25% of your total estimated annual tax due (required annual payment) four times a year: April 15 June 15 …

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Estate planning: don’t forget your IRA

The IRA is often overlooked when clients meet with their attorney for estate planning. This may be because the IRA owners complete the beneficiary designation form themselves and are unaware of potential pitfalls. Often, the value of the IRA alone far exceeds the value of the planned for estate. Failing to have your attorney review …

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