R&A CPAs blog
Cryptocurrency Basics
Cryptocurrency has been in the news a lot lately as it continues to gain traction as an alternative currency. Many are considering whether this is the time to invest in…
Should I Itemize My Deductions?
When filing your individual income tax returns, you are allowed to deduct certain expenses from your taxable income, thus reducing the amount of income tax you must pay. There are…
Small Business Owners May Qualify to Deduct Their Home Office Expenses
If you own a small business and “exclusively and regularly” use part of your home as your primary place of doing business, you may be able to deduct some of…
Can You Claim the Credit for Other Dependents?
If you’re taking care of adult children, relatives or parents, you know that this can create an additional financial strain. To ease it, the IRS offers a credit for dependents…
Credits vs. Deductions: What’s the Difference?
Tax deductions and tax credits can both help you, but that doesn’t mean they’re the same thing. Knowing how they work can help you understand your tax situation. Tax credits…
R&A CPAs Promotes Nathaniel K. Eggman to Shareholder
Tucson, AZ, January 26, 2022—R&A CPAs, one of Southern Arizona’s leading public accounting and business advisory firms, announced today that Nathaniel K. Eggman, CPA, PFS has been promoted to shareholder.…
Taxable and Nontaxable Employee Benefits
As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around…
What’s the Tax Deal on IRAs?
IRAs—individual retirement arrangements—are among the most popular retirement savings vehicles. They can be used to reduce taxes on retirement savings, but how do they work? If you create a traditional…
Did You Know? R&A Can Assist Your Business with Human Resources Services
Human resources management is a complex and ever-evolving aspect of running a business. Our clients often look to us to assist them in their human resource decisions. In addition to…
Do You Need a Forensic Accountant?
If you discover money missing from your business, you may need a forensic accountant. Forensic accountants are qualified to investigate the source of missing money and determine whether you were…
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Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…
Should I Get an IP PIN?
In recent years, tax-related identity theft has been a growing problem and has evolved into a major enterprise run by well-funded, technically sophisticated national and international criminal syndicates. In the 2024 filing season, the IRS flagged more than 2.1 million tax returns for identity fraud. There are many ways to safeguard your personal tax information,…
New USPS Regulations: Don’t Run Afoul of the Mailbox Rule!
The Internal Revenue Code provides that a mailed tax document or payment is deemed to be filed timely if it is properly addressed, has sufficient postage, and is postmarked by the US Postal Service (USPS) on or before the deadline, even if the IRS receives it later than the due date. In other words, when…
What Documents Do I Need to File My Individual Income Tax Returns?
Seems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
The Essentials of Payroll Tax Recordkeeping
Federal agencies such as the IRS and the Department of Labor require employers to maintain detailed information on wages, hours and taxes; state laws often impose additional regulations. Some records, such as payroll tax filings, must be retained for several years for IRS review, while the Fair Labor Standards Act sets separate timelines for payroll…