R&A CPAs blog

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…

Read More >>

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…

Read More >>

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…

Read More >>

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…

Read More >>

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.…

Read More >>

R&A CPAs Wins ClearlyRated’s 2022 Best Of Accounting Award for Service Excellence

Clients of winning firms are 60% more likely to be completely satisfied.  Tucson, AZ – February 2, 2022 – R&A CPAs, one of the Southern Arizona’s leading public accounting and…

Read More >>

What to Know About Tax Prep

The IRS is offering some help to taxpayers in getting organized so the filing season can be as easy as possible for everyone. “Having all needed documents on hand before…

Read More >>

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…

Read More >>

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…

Read More >>

IRS Announces Mileage Rates for 2022

The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan.…

Read More >>

I’ll Get Back to You

August 10, 2022

When I started my career as a CPA, I was surprised to discover how fluid the tax law is. I had always thought that tax laws were black and white – you did what the IRS said, end of story. What I’ve learned in practice is that taking a position on a tax return is…

R&A CPAs Promotes Adam Foard to Shareholder

August 10, 2022

Tucson, AZ, July 25, 2022—R&A CPAs, one of Southern Arizona’s leading public accounting and business advisory firms, announced today that Adam Foard, CPA, has been promoted to shareholder. Foard has more than 10 years of experience in tax planning and preparation for businesses and high-net-worth individuals. His focus is in both domestic and international tax.…

Employer Responsibilities Regarding 401(k) Plans

August 10, 2022

Offering a variety of competitive benefit plans (EBPs) has become a necessity for employers to attract and retain talent. Because of the cost and complexities of traditional pension plans, the 401(k) plan has become the most common type of employer-sponsored retirement plan. Sponsoring a 401(k) plan is straightforward, but employers need to be aware of…

IRS Offers More Time to Make Portability Election

August 10, 2022

Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Make the Election Revenue Procedure 2022-32 now grants a surviving…

July 2022 Newsletter

August 3, 2022

Current Bear Market Creates Opportunities for Roth Conversions, IRS Makes Rare Midyear Mileage Rate Adjustment, All About Quarterly Tax Returns, 529 Plans: Good for Parents and Grandparents

529 Plans: Good for Parents and Grandparents

July 28, 2022

For families trying to save for their children’s college education, 529 college savings plans, named for a section of the tax code, have always been hailed as a great option—perhaps the best. Let’s look more closely at what has always made them a good deal: Families invest through these accounts without earnings being taxed as…

R&A Client Appreciation Survey Coming Soon

July 28, 2022

R&A surveys our clients once a year to learn what we are doing well and, very importantly, where we could do better. We pride ourselves on providing the highest level of service possible, and client feedback is essential to ensure we are meeting or exceeding that vital goal. If you are an R&A client, we…

All About Quarterly Tax Returns

July 28, 2022

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report employee income taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous quarter, and the matching employer taxes. Filing deadlines are the last day of January, April, July, and October of any given…

IRS Makes Rare Midyear Mileage Rate Adjustment

July 28, 2022

The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel…