Individual Tax

FDII: Tax Reform’s Overlooked Benefit of U.S. Exporters

In an effort to boost the production of U.S. goods, the 2017 Tax Act introduced a Foreign Derived Intangible Income (FDII) deduction for tax years 2018 and beyond. But despite the deduction representing a significant reduction in tax rates, the benefit remains under-utilized. If your corporation exports goods or sells services outside of the U.S.,…

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How The IRS Does and Does Not Contact Taxpayers

In order to help taxpayers avoid scams in which criminals impersonate IRS employees, IRS has issued a Fact Sheet in which it sets out the ways that it does and does not contact taxpayers. Here are various ways that legitimate IRS employees contact taxpayers. IRS initiates most contacts with taxpayers through regular mail delivered by…

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2017 Last-minute Year-end Moves in Light of Tax Cuts and Jobs Act

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a…

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Workers age 50 and up: Boost retirement savings before year end with catch-up contributions

Whether you didn’t save as much for retirement as you would have wished earlier in your career or you’d simply like to make the most of tax-advantaged savings opportunities, if you’ll be age 50 or older on December 31, consider making “catch-up” contributions to your employer-sponsored retirement plan by that date. These are additional contributions beyond the regular annual limits that can be made to certain retirement accounts.

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Does your CPA give you that Ooh La La?

Starting a good working relationship with a CPA is important for yourself and your business.  An accountant should interact with your investment advisors, lawyers and retirement planners to understand how all those pieces impact your current financial challenges and future financial goals.

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Your Roth IRA in 2016

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While no deduction is available for contributions made to a Roth IRA, you may be entitled to a credit (saver’s credit) against tax for your contribution. And earnings on the contributed amounts build up tax-free, and it’s fairly easy to qualify for tax-free distributions for retirement. Here’s how the Roth IRA works:

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Year-end Tax Planning Moves For Individuals

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014.

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Arizona Tax Credits 2015

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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.

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How Filing Your Taxes On Time Protects You from Identity Theft

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Identity theft is a serious concern for individuals and businesses alike. In 2012, the IRS reported that more than one million fraudulent tax returns were filed using stolen Social Security numbers. One of the simplest ways you can avoid becoming a victim of identity theft during tax season is to file your taxes promptly, rather than waiting or requesting an extension.

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