Jo Alenson, Author at R&A CPAs

R&A CPAs – Statement on Racial Equality

Like many Americans, watching multiple incidents of deadly violence against black people unfold before our eyes has left us feeling horrified, distraught, and angry. We have been forced to confront the truth that, despite gains made in past decades, inequality and racial division are still deeply rooted in our culture. James Baldwin said, “Not everything…

The CARES Act – Tax Relief for individual and Businesses

Tax Relief Provided by the CARES Act In addition to IRS actions and earlier-enacted federal tax law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020, contains numerous tax-related provisions. Tax Relief for Individuals Provided by the CARES Act Recovery…

Medical and Dental Expenses: What Can You Deduct?

Can you deduct medical and dental expenses? That’s a complicated question. To start with, your deductions must exceed 7.5 percent of your adjusted gross income. And they must fall into an IRS-approved category. Deductible medical expenses may include, but aren’t limited to, the following: Payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and…

IRS Clarifies Deductible Expenses

The IRS has updated some rules for deductible expenses, as guidance in areas that may have been murky as a result of the Tax Cuts and Jobs Act (TCJA). The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes, among…

R&A CPAs Promotes Laura Liewen and Jed Lightcap to Shareholder

FOR IMMEDIATE RELEASE Tucson, AZ, February 6, 2020—R&A CPAs, one of Southern Arizona’s leading public accounting and business advisory firms, announced today that Laura Liewen, CPA, and Jed Lightcap, CPA, have been promoted to shareholder. Laura Liewen has more than twenty years of experience in public accounting. She specializes in income tax return preparation, compliance,…

IRS Offers Identity Protection PIN

The IRS can now assign eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the IRS explains, this PIN helps the agency verify a taxpayer’s identity and accept his or her electronic or paper tax return. Not everyone can get…

Strategic Tax Planning and Itemizing

The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (1) the increase in the standard deduction, which significantly raised the threshold for claiming itemized deductions; (2) the elimination of some itemized deductions (e.g., moving expenses) and the…

It’s Never Too Early for Tax Planning

Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but are being phased out, whereas others will expire after a set time. This…

2019 Arizona Tax Credits

As you may know, there are a variety of different Arizona tax credits you may take advantage of. Listed below are some of the most common credits. Contributions to Qualifying Charitable Organizations An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single,…

November 2019 Newsletter

Basis: The Essential Tax and Investing Term First, let’s start with what “basis” means; your basis is usually what you paid for an asset. According to the IRS, a capital gain or loss is the difference between your basis and the amount you get when you sell an asset. So, if you sell an asset…