Skip to main content Skip to search


tax efficient investing chandler arizona

Five Strategies for Tax-Efficient Investing

As just about every investor knows, it’s not what your investments earn, but what they earn after taxes that counts. After factoring in federal income and capital gains taxes, the alternative minimum tax, and any applicable state and local taxes,…

Read more
IRA's and taxes 2018 tax laws arizona

2018 Year-End Planning: Roth Conversions

What are the benefits of moving from a traditional IRA to a Roth IRA? Benefits of Roth IRAs include: tax-free withdrawals in retirement (as long as they are qualified), no required minimum distributions, and the option to leave an income-tax-free…

Read more
year-end tax planning 2018

2018 Year-End Checklist

To prepare for tax season, here are a few things you will need to keep in mind. Should any of these circumstances apply to you. Federal and State Voluntary Withholding – If you have had a change of address in…

Read more
tax preparation services in chandler

Moving Expenses

Moving Expenses Generally, you may be able to exclude from income the value of services and reimbursements received from an employer for moving expenses. If you were not reimbursed, you may be able to deduct expenses you incurred when you…

Read more
filing status taxes 2018

Filing Status in 2018

Single A taxpayer is unmarried in 2018 if: • The taxpayer has never married, • The taxpayer was legally separated, according to state law, under a decree of divorce or separate maintenance. • The taxpayer’s spouse died before January 1,…

Read more
credit and taxes in arizona

Consumer Credit

Victims of Credit Card Fraud or Identity Theft 1) Report the crime to the police immediately. Get a copy of the police report or case number. Credit card companies, the bank, or insurance companies may ask for the reference to…

Read more
crowdfunding and taxes


Crowdfunding Crowdfunding is used to solicit financial contributions from a large number of people, referred to as backers, over the internet. The financial contributions are used for a wide variety of projects including business ventures, social causes, and support for…

Read more
retirement and taxes

Saving for Retirement

Traditional IRA A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Any individual can set up a traditional IRA if he or she receives taxable compensation during the year and is not age…

Read more
social security and medicare arizona

Social Security and Medicare

Social Security Full Retirement Age If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. The following chart will guide you in determining your full retirement age. Year of Birth   Full Retirement Age…

Read more
llc's and taxes arizona

Limited Liability Companies (LLC’s)

Limited Liability Companies (LLCs) A limited liability company (LLC) is a business entity organized in the United States under state law. Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. An LLC…

Read more
business taxes chandler az

New Business Income Deduction

The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. Below is a significant change affecting qualified business income from a partnership, S corporation, LLC, or sole proprietorship. Note: Except where noted, the…

Read more
tax planning arizona

Why Tax Planning in Spring is Wise

Strategize now to position yourself for savings. Spring is the ideal time for tax planning. Consider these ideas for lowering your 2018 federal tax bill. How much can you direct into retirement accounts? Contributions to various employer-sponsored retirement plans are…

Read more

Early Retirement Distributions—SEPP

Early Retirement Distributions A taxpayer may choose, or be forced into choosing, early retirement. A retirement before age 59½ creates income challenges for the retiree. The retiree is not yet eligible to receive retirement benefits from Social Security. The retiree…

Read more
tax advisor chandler arizona

Itemized Deductions Taxes Paid

Limit on Taxes Paid Effective for 2018, the itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). State and Local Income or General Sales Taxes A taxpayer can elect to deduct either state and local sales…

Read more
tax preparation chandler az

Identity Theft and Your Taxes

Identity Theft and Your Taxes Your identity and money can be stolen in a tax-related scam via email (“phishing”), fax, phone, or letters. Some recent examples of identity theft scams are: Refund scam. A bogus email, claiming to come from…

Read more

Tax Cuts and Jobs Act: Individuals

The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. Below are some significant changes affecting individuals. Note: Except where noted, the changes are effective for tax years 2018– 2025. Tax Rates Income…

Read more
healthcare taxes in 2018

HealthCare Reform Individual Insurance Requirement

Requirement to Have Health Insurance Nonexempt U.S. citizens and legal residents are required to maintain minimum essential coverage. Minimum essential coverage can include government-sponsored programs, eligible employer-sponsored plans, plans in the individual market, grandfathered group health plans, and other coverage…

Read more
tax preparation chandler az

Fringe Benefits

Tax Treatment of Fringe Benefits The term “fringe benefit” refers to any benefit provided to an employee that is in addition to money. All benefits provided to an employee are taxable unless the law specifically excludes or defers tax on…

Read more
tax law changes arizona 2018

What does the New Tax Law Mean to You?

The new tax law, commonly called the “Tax Cuts and Jobs Act,” is the biggest federal tax law change in over 30 years. Below are some significant changes affecting individuals and businesses. Note: Except where noted, the changes are effective…

Read more
home business taxes arizona

Business Use of Home

Business Use of Home Expenses Some expenses are deductible whether or not a taxpayer uses his or her home for business. Others are deductible only if the home is used for business. Deductible Regardless*             …

Read more
business tax preparation chandler arizona

Business Owners—Taking Money Out of a Business

Business Owners—Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional…

Read more
personal tax preparation chandler

Business Financing— Don’t Intermingle Funds

Business Financing— Don’t Intermingle Funds Intermingling Funds A common problem with single-owner and other closely-held corporations is an intermingling of funds. This occurs when a corporate shareholder uses his or her personal checking account for corporate deposits or payment of…

Read more
personal tax preparation chandler az

Stock Options— Same Day Sales

Employee Stock Options A stock option allows (but does not obligate) an employee to buy a specified number of shares of stock from a company for a specified price during a specified period of time. There are two categories of…

Read more
ride sharing & taxes arizona

On-Demand Drivers

On-Demand Drivers On-demand drivers for ridesharing companies, such as Uber or Lyft, are not employees and are instead considered independent contractors for tax purposes. Being an independent contractor means you are self-employed. This means that the company is not withholding…

Read more
reverse mortgage and taxes arizona

Reverse Mortgages & Your Taxes

Reverse Mortgages Individuals who are unwilling or unable to sell their home, and need additional income during retirement, may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free income. A reverse…

Read more
rental property taxes arizona

Short-Term Rentals & Taxes

Short-Term Rentals Income received for the rental of your home, a room in your home, or a vacation home, must generally be reported on your federal income tax return. Related expenses may have to be divided between rental and personal…

Read more
same-sex married couples tax preparation

Tax Preparation Tips: Same-Sex Married Couples

Same-Sex Married Couples—Tax Filing Rules On June 26, 2013, the U.S. Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional because it violates the principles of equal protection (Windsor, U.S. Supreme Court, June 26,…

Read more
medical expenses tax preparation

Itemized Deductions: Medical Expenses

Itemized Deductions—Medical Expenses Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. Medical expenses include the costs of equipment, supplies, and diagnostic…

Read more
foreign accounts tax preparation

Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the…

Read more
education deductions and taxes

Itemized Deductions: Education Expenses

Expenses for education are deductible even if the education leads to a degree, if it meets at least one of the following tests. 1) The education maintains or improves skills required for the taxpayer’s present work. 2) The education is…

Read more

Itemized Deductions: Homeowners

The IRS defines a home as any house, condominium, cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities. Some homeowners qualify for these deductions. Real Estate Taxes You can deduct real estate taxes…

Read more
small business tax preparation

Hobby or Business?

If an individual, partnership, estate, trust, or an S corporation engages in an activity that is not conducted as a for-profit business, deductions are limited to the amount of income from the activity. This rule does not apply to corporations,…

Read more

Gift Tax in Arizona

Gift Tax There is no dollar limit on the amount that one person is allowed to give to another. Gift tax rules do not prohibit a donor from making gifts in excess of the annual exclu‑ sion ($14,000 for 2017)….

Read more
Newlyweds tax tips in arizona

Newlyweds Tax Tips

Tips for Newlyweds Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind…

Read more
Farm Inventory and Accounting Methods

Farm Inventory and Accounting Methods

Farm Inventory and Accounting Methods Farm Accounting Methods Most businesses use either the cash method or the accrual method of accounting. Most small farming businesses use the cash method of accounting. This handout covers farm inventory and accounting methods Farm…

Read more
can't pay your taxes

What To Do if You Can’t Pay Your Taxes

What To Do if You Can’t Pay Your Taxes So, you have realized you can’t pay your taxes…. now what! Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties. File your tax…

Read more
real estate and taxes arizona

Real Estate Professionals

Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits. Passive Loss Limits A passive activity is generally defined as a business activity without…

Read more
education tax benefits in Arizona

Education Tax Benefits

Education Tax Benefits If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax…

Read more
Tax audit Arizona


Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a danger-ous mistake. Although not officially stated, it is the job of an…

Read more
death of a taxpayer

Death of a Taxpayer

Death of a Taxpayer When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the per­sonal representative. Personal Representative Under state law, a personal representative is the person appointed by a…

Read more
selling your home and taxes in Arizona

Sale of a Principal Residence

Exclusion of Gain Principal residence defined: A principal residence is the taxpayer’s main home, which is the home where he or she ordinarily lives most of the time. A taxpayer can have only one main home at any one time. Individual…

Read more
multi state taxation

Multi-State Taxation

Tax Patterns for State Returns Resident Returns States that have an individual income tax follow one of four basic patterns for calculating tax liability on income tax returns for residents. 1) Federal AGI. The first, and most common, 1) Federal…

Read more
divorce and taxes Arizona

Divorce and Taxes

Divorce and Taxes Filing status: Filing status is based on your status as of December 31. If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and…

Read more
personal income tax preparation Arizona

Capital Gains and Losses

Capital Gains and Losses Capital Assets Most property an individual owns and uses for personal or investment purposes is a capital asset. For example, a house, furniture, car, stocks, and bonds are capital assets. Noncapital Assets A capital asset is…

Read more
child tax credit Arizona

Families With Children: Child Tax Credit

Child Tax Credit Maximum credit: $1,000 per qualifying child. Adjusted Gross Income (AGI) Phaseout The credit is reduced by $50 for each $1,000 of modified AGI above: $110,000 Married Filing Jointly. $75,000 Single, Head of Household, or Qualifying Widow(er). $55,000…

Read more