This is not meant to be an all-in total tax guide, but rather some valuable high-level education on taxes to help you dig deeper and minimize your tax liability. As every situation is different, a tax expert should be consulted. The best place to start is to begin to educate yourself as to how may be the best way to reduce your tax liability. Do you feel that you overpay? Do you do any tax planning? What is the potential impact of taxes on retirement? Investing? Estate planning? Do you know … [Read more...] about How to Minimize Taxes
Taxes
Governor Ducey’s Budget Focuses On Education, Tax Relief
Governor Doug Ducey today released his fiscally responsible, recovery-focused budget for Fiscal Year 2022. With a resilient economy, the budget makes historic investments in K-12 education, public health, public safety, wildfire prevention, infrastructure, and more, while also providing tax relief to everyday Arizonans. “Arizona is resilient, and we continue to move forward in the face of hardship, loss and disruption,” said Governor Ducey. “Our budget will keep us moving in the right … [Read more...] about Governor Ducey’s Budget Focuses On Education, Tax Relief
Do Not Ignore Letters from the IRS
Every year, around one million new tax collection cases are put in motion by the IRS on people who owe money to the IRS. If you are one of these targets, you should not ignore the letters and attempts to contact by the IRS or any other taxing authority. Most people who go into collection status by the IRS have already ignored previous attempts by them to collect the tax debt they say you owe. On the first letter the IRS sends to a taxpayer, they should either respond to it by phone call or … [Read more...] about Do Not Ignore Letters from the IRS
Understanding the Value of an Enrolled Agent When Preparing Tax Returns
Most folks who have a business or work and pay taxes, we would hope, will choose a licensed tax practitioner to do their tax return. In some cases, where a taxpayer has a very simple tax situation, they can do it themselves or be somewhat confident in having someone else do their return. This does, however, have its risks. On a recent visit to Las Vegas, I met a young couple that last year went to one of these unlicensed tax preparers. There are a lot of these in Las Vegas. This paid preparer … [Read more...] about Understanding the Value of an Enrolled Agent When Preparing Tax Returns
Guarding Your Retirement From Taxes
In order to have the comfortable retirement you’ve hoped for, you need to start planning responsibly –and early – in your career. Over time, you can get closer to your retirement goals with money that is placed in accounts like an IRA or 401(k). Once you reach retirement, however, all the money you’ve worked hard for and saved over the course of decades may experience a fundamental shift. While many retirement accounts like 401(k)s allow money to be invested before taxes, all of this money … [Read more...] about Guarding Your Retirement From Taxes