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January 21, 2021

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Phony IRS Collections This may be old news but the scary phone calls continue to keep coming. The scenario is something like this: incoming phone call with a recorded message indicating that it is from Internal Revenue Service, there is a warrant out for your arrest due to unpaid taxes, please call this number (usually an 800 or similar number) to make payment arrangements. The IRS has posted information about this tax scam earlier this year as it continues to be problem. IRS Newsroom-Phone Scams Continue to be Serious Threat and Remain on IRS Dirty Dozen List of Tax Scams As our offices and other professionals have told clients and taxpayers, the IRS does not make first contact via a phone call. If you receive a phone call that purports to be from the IRS, do not share personally identifying information or provide payment information (debit or credit card information, pre-paid VISA card information, etc.). It also appears that the scammers have...

2012 Popular AZ Tax Credits

With year-end approaching it is time to be looking at tax moves that can be taken to put you in a better position. This is a reminder of the tax credits available for charitable contributions to certain causes (available to those indviduals that file and pay Arizona income taxes). Arizona tax credits are available to reduce your tax liability, but are not refundable. Unused contribution credits roll forward to future years. A taxpayer who makes $1,800 of eligible contributions but has only a $400 liability will reduce their liability to $0 and have $1,200 available for future years. You will find your 2011 State of Arizona tax liability on Form 140 Line 24. If you have any questions, please contact the office. Working Poor Tax Credit - $200/$400 Single/Married Qualifying Organizations - http://bit.ly/TqAFfB The Working Poor Credit contributions are reserved for charitable organizations that spend at least 50% of their budge...

Year End Tax Steps to Consider

This week brings Thanksgiving and heralds the end of the year is quickly approaching. Knowing that attention is turned to the myriad of activities that occur this time of year for the holidays, it is important to be reminded to not neglect reviewing your tax situation and taking action, as needed to improve the situation. For individual taxpayers the following are a few actionable areas to consider before year end. 1. Capital Gains/Losses - Review investment portfolios and determine the character of income derived in these accounts. Did you know that Qualified Dividends and Long Term Capital Gains receive preferential tax treatment, being taxed as lower than ordinary income tax rates? Review to see if this income will be able to remain in the lower 0 or 15% tax rate for Capital Gains. - Consider Capital Loss Harvesting. This is selling stocks at a loss that can be used to offset losses and excess losses over gains can offset up to $3,000 in ord...

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