Arizona Tax Credits Available for 2011

For those of you that are required to file Arizona Individual Income tax returns for 2011, there is still time to make charitable contributions that will qualify for credits on your 2011 Arizona Individual Income Tax Return. As a reminder, Arizona credits are a dollar for dollar reduction to your Arizona income tax liability while at the same time allow you a certain amount of discretion as to how a portion of your tax dollars are used.


Home Energy Credits Still Available for 2011

The IRS reminds homeowners that they still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.
The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces. The credit is more limited than in the past years, but can still provide substantial tax savings.

  • The 2011 credit rate is 10 percent of the cost of qualified energy efficiency improvements.


Tax Deductions Related to Business Use of Automobiles

In general, if you use your vehicle in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, “car” includes a passenger vehicle, van, pickup or panel truck.

Personal vs. business miles – Business use of your car can include traveling from one work location to another work location within your tax home area;


Tax Tips for Newlywed Taxpayers

Seven Tax Tips for Recently Married Taxpayers

The Internal Revenue Service advises the soon-to-be married and the just married to review their changing tax status. If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time. Here are seven tips for newlyweds.

1. Notify the Social Security Administration Report any name change to the Social Security Administration so your name and Social Security number will match when you file your next tax return.


Plan Now For Tax Record Keeping to Reduce Tax-Time Stress

You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice, or substantiate items on your return if you are selected for an audit.

Here are a few things the IRS wants you to know about recordkeeping.


Back-to-School Tips for Students and Parents Paying College Expenses

Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service reminds students or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs.

Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.


Tax Tips for Moving Expenses

Ten Tax Tips for Individuals Who Are Moving

Summertime is a popular time for people with children to move since school is out.
Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location.

1. Move must be closely related to start of work Generally, you can consider moving expenses incurred within one year from the date you first reported to a new location,


Arizona State Income Tax Amnesty Program

As a reminder, the tax amnesty program will run from September 1 through October 1, 2011, and apply to:

(1) any taxable period beginning from and after December 31, 2003, and ending before January 1, 2010, for taxpayers who file annually, and

(2) any taxable period beginning from and after January 14, 2004, and ending before January 1, 2010, for taxpayers having a 52-53-week tax year. For all other taxpayers, the program applies to any taxable period beginning from and after December 31,


Tax Tips for Job Seekers

Seven Tax Tips for Job Seekers

Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers that you may be able to deduct some of the expenses on your tax return.

Here are seven things the IRS wants you to know about deducting costs related to your job search.

1. To qualify for a deduction, the expenses must be spent on a job search in your current occupation.


How to Prepare Before a Disaster Strikes

A home disaster can be stressful enough without reconstructing important records and accounting for belongings. The Internal Revenue Service encourages taxpayers to safeguard their financial and tax records before disaster strikes. Listed below are four simple tips for individuals on preparing for a disaster.

1. Take advantage of paperless record keeping for financial and tax records. Many people receive bank statements and documents electronically and important documents like W-2s and tax returns can be scanned into an electronic format and stored on a flash drive or CD in a safe place.