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Income Tax Brackets

Income Tax Brackets for 2016

The income tax brackets are slightly more for 2016 due to inflation, though tax rates don’t change. Married Couples: If taxable income is not more than $18,550, the Tax (10%of taxable income) Over $18,550, but not more than $75,300 – $1,855.00 + 15% of excess over $18,550 Over $75,300, but not more than $151,900 – […]

AZ Tax Credits

Arizona Tax Credits for Clients

AZ Tax Credits for Clients There are a number of different Arizona credits available to taxpayers.  I will provide you with the form number, a description of the credit and the maximum amount of the credit.  I’m providing the form number so that you can use that when researching various organizations for credits.  They will […]

health-insurance-s-corp-shareholders

Health Insurance For S Corp Shareholders

For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. You can either pay the premiums yourself or the S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. However, if […]

Business Expense Tax Deduction Checklist

Business Expense Tax Deduction Checklist

100% Deductible Business Meals Dinner for employee working overtime if work is necessary Lunch ordered in for staff meeting Employee recreation (picnics, holiday parties, etc.) primarily for the benefit of employees other than highly compensated employees Travel Expenses Transportation to/from restaurant for business meal Transportation and lodging expenses for a business trip Gifts to Clients […]

Child Care Tax Credit Arizona

Changes to Child Care Credit in 2016

Congress gave taxpayers good news when it permanently extended various expired tax provisions at the end of last year (Consolidated Appropriations Act, 2016 (the Act), P.L. 114-113). This permanency gives taxpayers and practitioners a better ability to plan for these tax breaks without the annual worry of wondering whether they will be extended and for […]

Accelerate Taxable Income Postpone Deductions

Accelerating Taxable Income and Postponing Deductions

If you are expecting a substantial increase in income or anticipate using a less favorable tax filing status in future years, accelerating income into the current year may be an appropriate strategy to lessen your tax bill next year. This can be accomplished by moving up planned retirement distributions (assuming the 10% penalty tax does not apply), selling gain generating […]

Arizona Tax Accountant can help with Postponing Taxable Income

Postponing Taxable Income and Accelerating Deductions

Typically, if you are expected to be in a lower tax bracket in future years, it generally makes sense to defer income into later years and accelerate deductions (prepay property taxes and state income taxes, make charitable deductions, or sell loss-generating assets) into the current year. This strategy can help move a taxpayer into a lower tax […]