Why do I want a cost segregation study?

Utilizing your real estate is a great way to accelerate tax depreciation expense to offset taxable income, and the method used to determine the tax deductions from the real estate is called a Cost Segregation Study. So what is it and why do you want one? Don’t miss: Get state tax proactive – SALT credits, …

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Get state tax proactive – SALT credits, incentives and property taxes

We’re mid-year, making now a great time to look at state tax items and take proactive steps to comply with and take full advantage of your state tax environment. Yesterday, we talked about reviewing income, net worth and gross receipts tax returns and indirect tax payments. Today, we’ll look at reviewing SALT credits, incentives and …

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Get state tax proactive – Net worth and indirect tax payments

Business returns have been filed (or at least the extension) and COVID has moved from a pandemic to an endemic, so now is the time to address these state tax items that may have been put on the back burner. These proactive measures are intended to help companies conserve cash and respond nimbly to an …

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IRS updates what you can expect status

Periodically, IRS will report on “What You Can Expect” when you interact with them for certain things. With COVID, worker shortages and other everyday life issues, the status of what you can expect from IRS changes from time to time and they report on that. Whether it be answering a letter or notice, requesting a …

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Classroom site fund changes

Proposition 301 was passed for the state of Arizona in 2000. Schools know this proposition as CSF, or Classroom Site Fund. It provides millions of dollars to public and charter schools each year to benefit the salaries and performance pay bonuses directly paid to teachers. As of March 18, 2021, Governor Ducey signed the Senate …

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What is a disaster recovery plan?

A disaster recovery plan identifies plans and instructions the personnel of an organization should take to respond to and mitigate any disruptive event such as cyber-attacks, natural disasters and power outages. Any of these disruptive events may result in the loss of authority over systems and even financial loss. Don’t miss: Are you at risk …

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What to do if you inherit an IRA

One of the hardest parts about losing a loved one is sorting out their finances during a time of grief. During those tough times, the last thing you want to worry about is making sense of the inherited IRA rules. However, if you are the beneficiary of their account, you’ll want to make decision on …

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Get your SSA-1099 online

Every January, the Social Security Administration (SSA) mails taxpayers a statement of their prior year benefits in the form of an SSA-1099 or SSA-1042. If anything happens to your original or you need another copy, you can go online and print or download one. Don’t miss: Arizona rentals and taxation As reported by SocialSecurity.gov, an …

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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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Tap into the educator expense deduction

Teachers provide so much of their time, money and energy to make sure their students are taken care of. Still, most teachers are not reimbursed for the money they spend on teaching materials and classroom supplies. This is why the educator expense deduction was put in place and made permanent in 2015. Don’t miss: Tax …

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