Jan 15, 2015 | Arizona Individual Tax Credits, Business Taxes, Filing Taxes, Tax Reporting
Retailers in the state of Arizona have to collect a sales tax of 5.6 percent on all goods and services sold. However, this is only the beginning, as the issue of sales tax is notoriously complex and can create headaches for even the most conscientious business owners....
Jan 15, 2015 | Gift Planning, Tax Credits, Tax Planning, Taxable Income
After a suitable organization has been picked, we will work to structure tax planning strategies that are tax-efficient and then establish a trust, foundation, or fund. Once the plan has been implemented, we will continue working with you in order to ensure the...
Nov 14, 2014 | Individual Income Tax Returns, Non-Refundable Tax Credits, Tax Credits
These credits can reduce your tax liability to zero but do not provide you with a refund. Here are some examples: Child Tax Credit: There are seven tests to help determine if your child is eligible. These tests include age, relationship, support, and residence. If the...
Nov 14, 2014 | Individual Income Tax Returns, Refundable Tax Credits, Tax Credits
A refundable tax credit can reduce your tax liability below zero, which means you can receive a tax refund from this form of credit. Here are some examples:Earned Income Tax Credit: This credit is designed for lower-income individuals and families who are working. The...
Nov 14, 2014 | Arizona Individual Tax Credits, Individual Income Tax Returns, Tax Credits
These include the American Opportunity Credit and Lifetime Learning Credit. The full value of education credits is available to single taxpayers with a modified AGI of $63,000 a year or less and to married couples filing jointly with an income of $127,000 a year or...
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...
