Arizona offers film makers tax credits

Over the years, film makers have used Arizona as the backdrop for movies like Little Miss Sunshine (2006) and Jerry Maguire (1996). But in recent years we have seen many film producers use Arizona as the setting for their movies, but the filming was done in neighboring states such as California, New Mexico, Nevada and …

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Depreciation for small business owners

Depreciation is an annual tax deduction for small businesses. It allows you to recover the cost or other basis of a physical asset over the time you use the property. A small business is allowed to depreciate an asset when it is placed in service for business use or to produce income. It gives companies …

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New standard mileage rates for 2022

The IRS recently issued new standard mileage rates for 2022. These rates are used to figure the deductible costs of operating a vehicle for business, charitable mileage, medical or moving mileage. The following are the standard mileage rates for the use of a car, van, pickup, or panel truck that took effect January 1, 2022. …

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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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Charitable deduction opportunities for 2021

The Internal Revenue Service recently updated the tax benefits for both individuals and businesses who make charitable contributions before the end of the year. Here are the charitable deduction opportunities for 2021. Don’t miss: The new and improved social security statement Normally, individuals who do not itemize on their tax return and elect the standard …

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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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IRS announces standard mileage rates for 2021

On December 22, the Internal Revenue Service issued the standard mileage rates that will be in effect starting January 1, 2021. These rates are used to calculate the deductible costs per mile driven of operating an automobile for business, charitable, medical, or moving purposes. Don’t miss: Do social media influencers have to pay taxes? The …

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Substantiating Noncash Charitable Contributions

Giving to charity can be very rewarding. It not only helps the community but can also provide a benefit on your tax return. Charitable contributions are reported on Schedule A as itemized deductions on your individual tax return. The following might help clarify any information needed in order to claim noncash contributions. When asked to …

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COVID scammers texting promises of additional stimulus payments

We all know the saying about “death and taxes”, but sometimes it seems like scams should be added to that list. Every year, and probably even more frequently than that, scammers are coming up with clever new ways to trick taxpayers out of their personal information, money or both. In a year like 2020, the …

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Score a 2020 Arizona Tax Credit

Doing an Arizona tax credit donation is a great way to receive a dollar for dollar reduction on your Arizona state tax while also giving to charitable organizations you feel strongly about. Generally, any donation claimed as an Arizona tax credit is not deductible on the federal return. However, there is an exception if your …

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