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There are a handful of tax credits for Arizona residents that also qualify as charitable contributions on your federal return.
The Private School Tuition credit -- up to $1,031 for individuals and $2,062 for couples.
The Public School credit, The Working Poor Tax Credit and The Military Tax credit -- each up to $200/$400.
Together, these can add up. Assuming the maximum, filing singly you can offset as much as $1,631 in taxable income. Jointly, offset as much as $3,262.
Nearly 440 million dollars are needed to implement the new health care law, but in the wake of an ever deepening scandal, many in congress are questioning the wisdom of increased funding for the IRS. The chairman of the House appropriations committee said that, "The question is, based on their bad behavior, are they going to end up with less money?"
In the time honored tome of common sense, Poor Richard's Almanac, Ben Franklin wrote, "Beware little expenses: a small leak will sink a great ship." For small businesses, this exactly where accounting and bookkeeping come in.
We posted earlier this month about the simplified option for claiming the home office deduction. You can see that post here:
Thank You to all who have served or are now serving.
Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. - John F. Kennedy
Acting IRS commissioner Steven Miller was taken to task by members of both parties of congress as inquiries into the apparent discrimination against conservative groups applying for tax exempt status begins to focus on who knew what and when.
Accountants don't use the same cliches as everyone else...
Tea Party groups applying for tax exempt status have apparently come under greater scrutiny than is normal. The IRS acknowledged as much with their Friday apology for "inappropriate" targeting of conservative political groups.
The Justice department is now tasked with determining whether, as the IRS has claimed, the problem was limited to low-level workers in a Cincinnati office or if those with higher stations and in additional offices were also targeting conservative groups.
According to Yahoo! News:
“I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it.” – Benjamin Franklin
Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home. Revenue Procedure 2013-13 has full details.
Note that while this simplifies the calculation and recordkeeping requirements, it does not change the criteria for claiming the deduction.
The simplified option allows for a $5.00 deduction per square foot deduction (up to 300 square feet) of home used for business only.
Tax Preparation, Tax Planning and Accounting Services for Phoenix, Scottsdale & Surrounding Areas