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Nov
19
2020

2020 Arizona Tax Credits

Arizona Department of Revenue (AZDOR) sanctions various tax credits which support local nonprofits and (summarily) redirect what would be your Arizona tax dollars to these nonprofits. This article addresses the tax credits available to individual tax return filers, with dollar limits that vary based on your filing status. All credits are non-refundable and provide a dollar-for-dollar credit towards your Arizona income tax liability. If your total tax credit contributions exceed your tax liability, the unused portion for the first four (4) credits listed below can be carried forward for up to five (5) years.

Nov
17
2020

How the CARES Act changes deducting charitable contributions | Internal Revenue Service https://bit.ly/3f452rq

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Nov
09
2020

Reminder to all taxpayers: Gift cards are not used to make tax payments | Internal Revenue Service https://bit.ly/2UbLuIa

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Nov
05
2020

IRS provides tax inflation adjustments for tax year 2021 | Internal Revenue Service https://bit.ly/2HVREJi

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Nov
02
2020

2021 Federal gift and estate tax exemption

The 2021 federal gift and estate tax exemption will be increasing by $120,000 to $11,700,000. The amount currently is $11,580,000. The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million to $10 million, with the amount indexed for inflation. Be aware that although the doubled amount will continue to be adjusted annually for inflation, it expires after 2025. Without further legislation, the gift and estate tax exemption will return to an inflation-adjusted $5 million in 2026.