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. Many people like the tax credit because it allows them to keep their tax dollars in the local community. Below are some of the most…

The IRS recently announced that it will extend the new provision stemming from SECURE Act 2.0 that requires employees with annual income exceeding $145,000 to divert their 401(k) catch-up contributions into a Roth 401(k) account. This “administrative transition period” extension by two years to 2026 comes on the heels of widespread appeals to Congress to…

The Setting Every Community Up for Retirement Enhancement Act 2.0 (SECURE Act 2.0) has a new provision that speaks to the nature of auto-enrollment for new 401(k) plans. All eligible hires will be required to enroll at a pretax rate of three percent at the minimum. Furthermore, mandatory enrollment will come with an auto-escalation of…

If you have an IRA, you are required to take out a certain amount of money each year once you reach age 73, even if you don’t need the funds. This is known as a required minimum distribution and it can increase your taxable income, potentially pushing you into a higher tax bracket. How QCDs…

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 requirements: filed a full-year resident tax return for tax year 2021 and claimed a dependent tax credit on the tax return that meets one of the following…

With lifetime gift and estate tax exemptions at an all-time high in 2023, not as many taxpayers will be subject to federal gift taxes this year. However, that does not mean you will not have to file a gift tax return. Nontaxable Gifts There are a few scenarios that do not involve paying gift tax,…

Under the Inflation Reduction Act of 2022, tax credits are available for making homes more energy efficient, using clean energy sources and retrofitting heating and cooling systems. The energy-efficient home improvement credit has been raised to $1,200 from the $500 lifetime credit for installing new doors, windows, skylights, insulation, and heat pumps. This credit equals…

Every birthday is important in our book, but there are some key milestones to remember when planning for retirement. This age-by-age breakdown offers an overview of tax and financial planning tips for your 50s, 60s, and 70s to help you maximize retirement benefits and navigate deadlines. Age 50 – Taxpayers aged 50 and older are eligible…