2023

Your security is our top priority, and we want to ensure that you stay informed and protected against potential threats. The IRS has recently issued a critical warning about a wave of summer email, mail, and text scams targeting taxpayers like you. It’s crucial to be extra

The IRS is warning of a new scam mailing to mislead taxpayers into providing valuable personal information. As we always state, the IRS will not contact you via phone, email, or text without first mailing a letter. Therefore, scammers are now trying to mail a package to

With the increased standard deduction starting with tax year 2018, claiming a deduction for charitable contributions has been more challenging.  If you are charitably inclined to donate to 501(c)(3) organizations, there are different options for the best tax benefit. Donor Advised Funds – this allows for an

The AICPA Tax Advisor recently published the article below detailing the various benefits of a 529 college savings plan and looking at other investment accounts for education funding.  A few benefits are bulleted here, with the article going into more detail. Contributions are after-tax dollars, investment growth

he following article, recently issued by Kiplinger, details five excellent ideas to increase your savings for retirement. Take advantage of all benefits through your employer Increase savings by 1% Convert Traditional IRAs into a Roth IRA Consider where you will retire Make catch-up contributions Are you maximizing

The following article, recently issued by the AICPA Tax Advisor, is an excellent reminder of the rules surrounding the tax provisions for a “trade or business.” Various tax items do not apply if the activity is determined to be a hobby or investment. If an activity fails

For our clients who pay quarterly estimated tax payment vouchers, this is a friendly reminder the next payment is due on or before June 15, 2023.  If there has been any changes in your 2023 taxable income projections, let us know as soon as possible to determine

Here is a friendly reminder of the 3-year repayment rule on COVID 401(k) or IRA withdrawals.  In 2020, the CARES Act allowed taxpayers to withdraw up to $100,000 in coronavirus-related distributions from their 401(k) Plan or IRA accounts.  Many taxpayers withdrew these funds in the 2020 Tax

The IRS recently issued a Revenue Procedure outlining the revised 2024 maximum contributions to health savings accounts (HSA). The 2024 maximum contributions to an HSA will be $4,150 for individual self-coverage, an increase of $300.  For individual family coverage, the maximum 2024 contribution will be $8,300, a

The State of Arizona recently announced the corporate donation cap for the private school tax credit programs.  The 2023-2024 Fiscal Year Cap is approximately $158 Million for the low-income corporate tax credit and $6 Million for the Disabled/Displaced corporate tax credit. This program allows C or S