They said what? Funny tax season water cooler moments.

It’s the end of tax season…sort of. Since our world these days seems to be a mixture of online and in person, this annual blog on the things we have heard is along similar lines. A new IT guy when faced with the dilemma of the high powered scanner not working properly. “Why don’t you …

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Times running out on 2017 federal income tax refund

The IRS is sitting on an estimated $1.3 billion in unclaimed tax refunds from individuals who didn’t file a 2017 Form 1040 federal income tax return. If you haven’t filed your 2017 return and you think you might be due a refund, you have until May 17 to file or you forfeit the money. Don’t …

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Why should I file a 2020 tax return?

If you have gross income of $12,400 or more, you are typically required to file a tax return. If your income is lower, you should consider filing as you may be eligible for specific tax credits like the earned income tax credit and the recovery rebate credit. Don’t miss: Filing deadline extension pushes other tax …

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Filing deadline extension pushes other tax deadlines

You’ve probably already heard in response to the continuing pandemic the Internal Revenue Service and the state of Arizona extended the file date for individuals from April 15 to May 17, 2021. This filing deadline extension pushes deadlines for other tax issues, giving you an extra month to make any additional IRA contributions and bulk …

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Pandemic emergency financial aid grant not taxable

Did you receive a pandemic emergency financial aid grant due to the COVID-19 pandemic? Good news! Those grants aren’t included in your gross income. The IRS recently released FAQs on how to report pandemic related grants. While the grants aren’t taxable income, students shouldn’t reduce the amounts they paid in qualified tuition and expenses by …

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Two ways to save on Arizona taxes

Do you owe taxes to the state of Arizona that you would really like to avoid? Fortunately for you, there are a couple different ways that you can get the best use of your money spent. Here are some tips on how to save on Arizona taxes. Don’t miss: Temporary increase for disaster relief contributions …

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Temporary increase for disaster relief contributions limit

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020) temporarily increased the disaster relief contributions limit to up to 100% of a corporation’s taxable income, for contributions paid in cash for relief efforts in qualified disaster areas. Don’t miss: Why did I get a 1099-INT from the IRS? Qualified disaster areas …

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Why did I get a 1099-INT from the IRS?

You should have received all your 2020 tax forms. It is important to know what each form means, why you received it, and if you need to report it to the IRS. One form you may have received this year is a Form 1099-INT from the IRS. This form is reporting interest income paid to …

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Update on paid sick and family leave tax credit

The pandemic has lasted much longer than anyone originally thought it would, which is why the paid sick and leave family credit in March 2020 by the Families First Coronavirus Response Act (FFCRA), were originally set to expire at the end of 2020. To provide additional relief through September 30, 2021, these credits were extended …

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