R&A CPAs blog
January 2024 Newsletter
Click through for important information to take advantage of this credit and support qualified local organizations.
Less Than Two Weeks to Renew Transaction Privilege Tax License
You have likely received notices from Arizona Department of Revenue and the City of Tucson that it is time to renew your TPT license. License renewals apply and are valid…
IRS Changes Mileage Rates for New Year
According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile…
Year-End Tax Readiness: A Checklist for Businesses
Now is a good time to begin preparing to file your business taxes for 2023. Accurate and organized financial statements will make that process easier and help ensure you optimize deductions.…
Arizona Tax Credits for Individuals – 2023
The 2023 Arizona Tax Credit programs for individuals allow you to make a positive charitable impact while receiving a credit that reduces your Arizona income tax liability dollar for dollar.…
Budgeting For Small Businesses
In this first in a series of three articles, we share information for small business owners about budgeting and how the right platform can help. R&A CPAs recommends QuickBooks Online…
Arizona One-Time General Welfare Rebate
The Arizona Department of Revenue (DOR) will be issuing a one-time individual income tax general welfare rebate, entitled the Arizona Families Tax Rebate to Arizona taxpayers who meet the following…
IRS Announces 401(k) and IRA Limits for New Year
The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That’s just the…
December 2023 Newsletter
In its usual late-year announcement, the IRS has presented the retirement plan limits and other adjustments for the new year.
November 2023 Newsletter
Are you curious about the clean vehicle tax credit? Luckily for you, the IRS has plenty of answers to questions about clean vehicle credits,
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Categories
What to Know About Social Security Now and in Retirement
Social Security provides nearly 97% of older adults with a foundation of retirement protection in their later years. For many, it serves as a major source of income, supplementing 40% of their pre-retirement earnings or providing disability or survivor benefits for eligible individuals. For others, it’s a spoke in a broader retirement strategy, one of…
Preparing for an Audit
The word ‘audit’ can invoke images of piles of paperwork, discovery of horrible mistakes, and endless email chains in our mind’s eye. For auditees, exhaustion can creep in before the audit even begins. Prior experience with external audit can provide some relief in terms of familiarity, but for a first-time auditee, the process can be…
Tax Planning Strategies for Multi-State Real Estate Investors
In today’s market, investing in real estate across state lines has become an increasingly accessible and effective way to build a diversified portfolio and tap into areas that show strong demand and potential for appreciation. Real estate investors now own about 20 percent of the 86 million single-family homes and townhomes across the country. Of…
How Do You Know When Your Business Is Ready for a CFO?
One of the biggest challenges in running a successful company is managing growth. Not having the right skill set in place is like having the bat boy fill in as catcher. Your team can have a phenomenal pitcher, but each ball that gets past the catcher increases the likelihood of a loss. Many growing companies…
Tax Harvesting Strategies: How to Make Gains and Losses Work in Your Favor
Learn tax-gain and tax-loss harvesting strategies for 2025. Maximize investments, reduce tax liability, and plan year-end tax positions with proven tactics.
Arizona Tax Credits for Individuals – 2025
Discover Arizona tax credits for 2025: charitable donations, foster care, school tuition, and military family relief. Learn limits and filing deadlines for maximum savings.
Can I Claim a Tax Deduction for that Donation?
Clarify which donations are tax-deductible. Understand 501(c)(3), churches, schools, and other exempt organizations. Know what qualifies for your tax deduction.
Taxpayer Right to Representation in IRS Matters
Understand your right to IRS representation. Learn how CPAs and authorized representatives help with audits, negotiations, and IRS compliance to protect your interests.