How Arizona Residents Claim Their Making Work Pay & Government Retiree Credit

Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits

Most eligible taxpayers meet the Making Work Pay credit of $800 for married couples filing a joint return and $400 for everyone else. The credit is 6.2 percent of earned income up to $190,000 per annum AGI for joint filers and $95,000 for everyone else. The Government...

How Arizona Residents Claim Their Child Tax Credits

Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits

Depending on your income, the child tax credit can be worth up to $1,000 per qualifying child under the age of 17. There are various criteria you need to meet: The child has to be claimed as a dependent on your tax return.The child must be a U.S. citizen.The child...

Standard Deductions Allowed in Arizona & Federal Tax Returns

Nov 14, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns

The amount of the standard deduction you will receive depends on the filing status you qualify for. In 2014, single taxpayers who file separate returns can claim a standard deduction of $6,200; this amount also applies to married couples who file separately. If you...

Personal Tax Deduction – Accounting for Miscellaneous Expenses

Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns

Each year, taxpayers miss miscellaneous deductions on Schedule A. In order to qualify, your miscellaneous deductions must be more than two percent of your adjusted gross income, and even then, you only receive any amount above two percent. So if your AGI is $100,000 a...

Personal Tax Deduction – Accounting for Gambling Losses

Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns

Losses incurred through gambling are tax-deductible but only to the extent of your winnings (you can only claim $5,000 if your winnings are $5,000 and your losses are $20,000, for example). You need to be eligible to itemize your deductions, and you can’t claim any...

Personal Tax Deduction – Accounting for Student Loan Interest

Nov 13, 2014 | Deductions, Individual Deductions, Individual Income Tax Returns

You could qualify for a deduction of up to $2,500 on your student loan interest. You must meet a number of criteria, including having a modified adjusted gross income of under $80,000 or $160,000 if filing jointly. Get Professional Accounting Help! For further...