Insights
If someone else claims your dependent on their tax return and files before you do, your e-filed return will be rejected by IRS. Duplicate dependent returns can be the result of identity theft or a misunderstanding of who is entitled to the deduction. In the past, the second to file a duplicate dependent return would…
Read MoreIn 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) making significant changes to the existing tax code. Many of the provisions of the act were set to expire at the end of 2025 and most of the sunsetting provisions apply to individual taxpayers. Incoming president Donald Trump favors extending all the provisions, and…
Read MoreI don’t know about you, but paper represents a major problem for me at home and in the office. How long should I keep records of purchases like appliances, real estate, or assets used in a business? Should I keep copies of bills and invoices? Discarding records that should be kept poses a wide range…
Read MoreWhat 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…
Solar Tax Credits: What Residential and Rental Property Owners Need to Know
Solar tax incentives have been in place for years, but recent expansions have sparked a surge in solar installations across the country. Both residential and rental property owners are now benefitting from new federal tax credits designed to accelerate the adoption of clean energy and sustainable practices. The Inflation Reduction Act (IRA) of 2022 expanded…
How Trusted Employees Commit Fraud
Many small businesses are family-owned and operated with employees that have been with the company for years. Manager oversight can become lax. Staff and co-workers are like “family,” or they may actually be family. Long-term employees are trusted. But it is when owners and managers don’t maintain proper controls over their processes that those closest…
Estate Planning – What to Know
Thinking about one’s own mortality is no one’s favorite way to pass the time. Yet if you own any stuff or love anyone, it is something you will eventually have to consider. You work hard to provide a home, a living, a fulfilling present, and a secure future for yourself and your family, so it…
Access Retirement Funds in a Disaster
The SECURE 2.0 Act that went into effect in March 2022, makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. This is good information to have should you be affected by a disaster and need that access. The IRS provides the following important information. Who is…
Arizona Minimum Wage to Rise for 2025
Effective January 1, 2025, Arizona’s minimum wage will be increased by 35 cents from $14.35 to $14.70 per hour. Arizona law requires the minimum wage to increase yearly based on the percentage increase in the consumer price index as of August of each year. The federal minimum wage remains at $7.25 per hour, but Arizona…
What Business Owners Need to Know About Business Travel Deductions
When it comes to deducting business travel expenses, business owners and employers face a maze of rules that can be both complicated and prone to change. However, understanding these regulations can significantly help businesses maximize their tax write-offs and lower their annual tax bills. Following are some guidelines and tips to ensure compliance with IRS…