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Foreign Earned Income: The Tax Situation

  

If you live overseas, you will likely find yourself in a special tax situation and may need to file Form 2555, Foreign Earned Income. You may be eligible for an exclusion that allows you to exclude a certain amount of income from taxation ($107,600 in 2020 and $108,700 in 2021). Who qualifies for the foreign earned income exclusion?…

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Pros and Cons of Tax Extensions

  

In general, individual and trust income tax returns are due on April 15th of each year, while partnerships and corporations must file by March 15th. If your accountant thinks there is a reasonable chance that you will not be able to file your tax return on time, they will file an automatic request for extension with…

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Arizona Tax Credits

  

Contributions to Qualifying Charitable Organizations: An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single, head of household and married filing separately taxpayers or $800 for married filing jointly taxpayers. You have until April 15, 2021 to make cash contributions that can…

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Foreign Earned Income: The Tax Situation

March 31, 2021

If you live overseas, you will likely find yourself in a special tax situation and may need to file Form 2555, Foreign Earned Income. You may be eligible for an exclusion that allows you to exclude a certain amount of income from taxation ($107,600 in 2020 and $108,700 in 2021). Who qualifies for the foreign earned income exclusion?…

Pros and Cons of Tax Extensions

March 31, 2021

In general, individual and trust income tax returns are due on April 15th of each year, while partnerships and corporations must file by March 15th. If your accountant thinks there is a reasonable chance that you will not be able to file your tax return on time, they will file an automatic request for extension with…

Arizona Tax Credits

March 31, 2021

Contributions to Qualifying Charitable Organizations: An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single, head of household and married filing separately taxpayers or $800 for married filing jointly taxpayers. You have until April 15, 2021 to make cash contributions that can…

2021 Economic Impact Payment Status Available

March 19, 2021

The IRS has a new tool for checking when and how they have sent your 2021 Economic Impact Payment if you are eligible to receive one. Information about the tool, ‘Get My Payment,’ can be found at https://www.irs.gov/coronavirus/get-my-payment. Or, click this link https://sa.www4.irs.gov/irfof-wmsp/login to directly access the tool. Information provided through the tool updates once…

COVID Relief Bill Provides 100% COBRA Premium Subsidy and Enrollment Option for Involuntarily Terminated Employees

March 19, 2021

The Consolidated Omnibus Budget Reconciliation Act (COBRA), provides eligible employees and their dependents the option of continued health insurance coverage when an employee loses their job or experiences a reduction of work hours. One of the provisions of the American Rescue Plan Act of 2021 (ARPA) recently passed by Congress is a 100% COBRA premium…

R&A CPAs Named To Forbes Best Tax And Best Accounting Firms Lists 2021

March 11, 2021

Tucson, AZ – March 9, 2021 – R&A CPAs, one of Southern Arizona’s leading public accounting and business advisory firms, has been named by Forbes as one of the top firms of 2021 in their annual America’s Best Tax and Accounting firms lists. Forbes and Statista, a database company specializing in market and consumer data,…

IRS Issues Warning on Fraudulent Unemployment Forms

March 11, 2021

You may also contact R&A for assistance if you received Form 1099-G for unemployment income you did not receive.

Pros and Cons of Tax Extensions

March 11, 2021

In general, individual and trust income tax returns are due on April 15th of each year, while partnerships and corporations must file by March 15th. If your accountant thinks there is a reasonable chance that you will not be able to file your tax return on time, they will file an automatic request for extension with…

Arizona Tax Credits

March 11, 2021

Contributions to Qualifying Charitable Organizations:An individual who makes a cash donation to a qualifying charitable organization can receive a tax credit of up to $400 for single, head of household and married filing separately taxpayers or $800 for married filing jointly taxpayers. You have until April 15, 2021 to make cash contributions that can be…