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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
As you may already know, on November 3, 2020, Arizona voted into law the “Smart and Safe Arizona Act” (Proposition 207), which the Secretary of State certified on November 30, 2020. With Katie Hobb’s approval, Proposition 207 has become effective to govern the possession, sale and taxation of adult use marijuana in Arizona. Licensing and …
The IRS released the draft form 5471 and instructions for 2020, which show a myriad of updates to the form. Don’t miss: Gift tax FAQs New Categories Categories 1 and 5 have been expanded to 1a, 1b, 1c, 5a, 5b and 5c in order to separate those filers who are under some relief and may …