2022 Tax Year
Due to serious changes in Tax Law and preparation, we are recommending that as soon as possible clients contact us with year-to-date payroll information. With this information, we can run predictive calculations to ensure that the proper amount is being withheld to comply with new regulations. The withholding tables were released in February but other rules have changed that could adversely affect your taxable income.
Definitely Do Not Want to Discover in March or April of 2023 that you OWE the Internal Revenue Service money that you had not planned on.
We start in late summer by advising you on necessary steps that should be taken to minimize your tax obligation. Please call us (520-584-0014) for a consulting appointment or use our Contact Form and we will contact you as soon as possible.
DO A GOOD DEED, GET A RECEIPT!
To quote a commercial tag line, “The Rules Have Changed” (more specifically, the tax rules). President Trump’s TaX Reform has yet to be unveiled. Depending on Congress to responsibly implement his proposed programs will be a lot like what we here refer to as “Counting on the rain in Tucson.” Keeping ahead of the tax game is our job, and you benefit by being able to have knowledgeable professionals continually working to minimize your tax obligation.
Remember, as summer is upon us, Make those Non-cash charitable donations. Tis the season so clean out the closets, donate to food bank, donate that car that you were going to restore but is sitting there for several years. For all of these items we need a receipt from the charity. Most items you have to ascertain the value yourself. Use the thrift store pricing. (there is a link at the bottom of this page to a chart) You could always take a picture of the items to prove that you had them and to reflect condition.
If you donate cash, insure that the recipient is a 501(c) (3) organization. Not all are and you cannot deduct for ones that are not. Exceptions here are religious organizations. But you still need a receipt. Also, Look at all the Tax credits offered by Arizona. Private Tuition organizations, public schools, Working poor and others. Community Food bank, various rescue missions. there is certainly someplace to donate to that would be worthwhile and pay your Arizona Tax Bill. These credits have a varying amount of deductibility, from $400.00 to $2100.00.